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The segmentation of the market for precision medicine is done based on technology( big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and others), and application( oncology, CNS, immunology, respiratory medicine, infections and others). The oncology segment holds the largest market share of USD XX million, followed by the CNS and immunology segments.
The drug discovery market holds the largest share of USD XX million, followed by gene sequencing and companion diagnostics. In August 2014, UK Prime Minister David Cameron announced EUR 300 million funding for a four-year project to map 100,000 peoplegenomes by 2017. Big data analytics is expected to grow at the highest CAGR during the forecast period.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American market dominates the global precision medicine market with the USA contributing the highest share of revenue, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The market in the APAC region is growing at a fast pace. This can be attributed to the developments in China and India.
Many players in this market are trying to expand their product portfolio in order to top the global market. While some companies are entering the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market. The major French drug company Sanofi has recently announced that their drug Praluent, which can significantly reduce low-density lipoprotein cholesterol, has received approval from the European Commission for treating adult patients suffering from hypercholesterolemia and LDL cholesterol.
Some of the key players in the market are: Covance Ferrer InCode Intomics Nanostring Technologies Pfizer Silicon Biosystems Tepnel Pharma Services
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What the Report Offers Market analysis for the precision medicine market, with region-specific assessments and competition analysis on the global and regional scale. Market definition along with the identification of key drivers and restraints. Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
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