(PharmaNewsWire.Com, January 25, 2017 ) According to the report Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), by Application (Oncology, CNS, Immunology, Respiratory, Others) and by Region - Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)", published by Market Data Forecast, the global market is projected to reach USD 68.11 billion by 2021, at a CAGR of 5.75% from 2016 to 2021.
Precision Medicine refers to the tailoring of medical treatment to the individual characteristics of each patient. This new approach enables doctors to better assess disease risk, and predict the optimal therapy.
The market for Precision Medicine is mainly driven due to increasing demand for personalized treatment, technological innovation and advancements and increased global incidence of cancer and rise in cancer susceptible aging population. But, the market growth can be restrained due to governmental regulations and standards, and decline in FDA drug approval rates.
Global market for Precision Medicine is segmented based on and Technology and Application into further sub-segments as follows:
By Technology • Big Data Analytics • Bioinformatics • Gene Sequencing • Drug Discovery • Companion Diagnostics • Others By Application • Oncology • CNS • Immunology • Respiratory • Others Geographically, the market for Precision Medicine is segmented as below: • North America • Europe • Asia-Pacific • Latin America • Middle-East and Africa
Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of Global Precision Medicine market.
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