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Global Market Study on Precision Medicine: Drug
Discovery Technology Segment Estimate to
Witness 0.1% Decline in Market Share between
2016 and 2024
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Report Media Releases
Global Precision Medicine Market Anticipated to Be Valued
at US$ 172.95 Bn by 2024 End; Oncology Application
Segment Projected to Hold Major Market Share Through
2024
The latest report published by Persistence Market Research titled “Global Market Study on
Precision Medicine: Drug Discovery Technology Segment Estimated to Witness 0.1% Decline in
Market Share Between 2016 and 2024". projects some of the crucial aspects of the
global precision medicine market after an in-depth research. The report assures that the
market will grow manifold and it will register a 14.7% CAGR between 2016 and 2024.
The global expansion of the medicine industry will expand the canvas of the global precision
market. Larger investments, better infrastructure, simplified approval process of drugs along with
companion diagnostics will impact the structure of the entire climate of the global precision
medicine market. The affordable DNA profiling, the bloating cancer population of the globe will
create a favorable condition of growth for the global precision medicine market. The proper
storage of genome data plays a crucial part in this segment. The emergence of data backed
medicare will also drive the global precision market ahead.
But the market is combating acute data storage and data privacy issues and it also lacks in
systematic approach towards funding and soaring prices of personalized drugs is also creating a
blockade in the expansion of the global precision medicine market.
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The global precision medicine market is bifurcated into multiple parent segments which are
further sub-categorized. The primary division of the market is an assimilation of three, region,
technology and application. The major technologies which will define the market character in the
forthcoming years are bioinformatics, next-gen sequencing and drug discovery technology. The
applications segment will showcase fruitful results and oncology will act as the showstopper. The
market prediction shows that this segment will bloom and will touch an approximate value of US$
69 Bn by the end of the assessment period. The approximate registered CAGR of this segment
within the assessed period will be above 13.5%. The global population is struggling with some of
the acute diseases such as arthritis. A large slice of the aged population is an easy prey of this
crippling ailment. The immunology segment will reap maximum benefits from the population
affected by arthritis. The immunology segment will gain revenue from the market and the market
worth will cross US$ 34 Mn by the end of 2024.
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The regional market arena has penetrated through different key regions of the globe. The global
precision medicine market has extended its boundaries in the last few years. The product has a
Global Precision Medicine Market 2016-2024
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massive global presence and it is expanding steadily. Apart from North America, Europe, MEA,
Latin America and Asia Pacific regions are other major pockets which are expected to show
fruitful outcome in the forthcoming years. The global precision medicine market is expected to
perform well in the North American region and it will occupy more than 35% of the market share
within the period of prediction. The global precision market in North America will flourish and will
probably touch the approximate market value of more than US$ 60 Mn by 2024 end. With a
stupendous performance the US and Canada will conquer a lion share of the global precision
medicine market of this region predicts the report. The Europe is a consistent market and will
crawl up the revenue chart within the forecast period. The global precision market in Europe will
ride an estimated CAGR of more than 13% to sew up an average worth of more than US$ 40 Mn
by the end of 2024. In Europe the markets spread across Germany and France will shape the
destiny of this market. Apart from this the countries such as Spain, UK and Italy will also follow
the leading pack during the period of assessment. The APAC region is the rising star of the
global precision medicine market. The region will project a CAGR of more than 14% during the
period of projection. The market will witness a staggering hike and will touch approximately US$
35 Mn by the end of 2024. In the APAC region Japan will spearhead the market, China and India
will lock horns to accumulate maximum market share during the projected period. The region of
Latin America will score considerable revenue during this period. MEA will be a sulking market
as less of research activities will dampen the spirit of the precision medicine market.
The market is evolving fast with the better and bigger market tie-ups. The bonhomie between IT
and healthcare is also expediting the market and providing a bigger playground to the
stakeholders. Novartis AG, Laboratory Corporation of America Holdings, Eli Lilly And Company,
AstraZeneca are contributing massively in the overall development of the global precision
medicine market.
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Global Precision Medicine Market 2016-2024
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Global Precision Medicine Market 2016-2024