Precision Medicine Market:Global Opportunities & Forecast (2018-2025) Precision Medicine Market Global Opportunities & | Page 2

and disease prevention strategies as against standard therapies that may not be
effective for entire population.
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Precision medicine is being eyed upon as lucrative business investment
opportunity by the major pharmaceutical companies owing to the rising patient
preference for personalized treatment, advancements in wireless technologies
and big data analytics, and tremendous increase in genetic diseases such as
cancer. Moreover, there has been a remarkable increase in the research areas
pertaining to precision medicine over past few years suggesting a positive
growth in the future.
Favourable government initiatives are likely to positively influence the precision
medicine market growth. For instance, the UK government has devoted USD
212.8 million for developing technologically advanced infrastructure to
manufacture innovative medicine such as precision medicine through its
Industrial Strategy Challenge Fund initiated in December 2017. While in U.S., in
2015, President Obama launched the Precision Medicine Initiative to encourage
research in the field.
Various notable players operating in the precision medicine market include
Illumina, Inc., GE Healthcare, Roche Group, bioMerieux SA, IBM Corporation,
Novartis AG, and Abbott Laboratories among others.
The global precision medicine market is categorized into technology,
application, and key geographies segments. On the basis of technology, the
market has been segmented into Gene Sequencing, Big Data Analytics,
Companion Diagnostics, Bioinformatics, and Drug Discovery. On the basis of