The Rise in Online Collaborative Firms Drive the Global Precision Medicine Market

The market report titled ‘Global Precision Medicine Market - Size, Share and Forecast (2019 - 2026)’ produced by DataM Intelligence analyses the industry dynamics in this competitive space to provide a comprehensive analysis of the market opportunities.

Precision Medicine Market Dynamics

The rise in online collaborative firms for precision medicines is driving the global precision medicine market.

In October 2018, LabCorp and Definiens developed a strategic collaboration to improve global development of precision medicine. This collaboration, Covance drug development business that will enable the seamless integration of digital pathology with clinical-trial design and tissue-based testing solutions, resulting in a faster and more rigorous approach to biomarker validation and companion diagnostic co-development.

The high cost of precision medicine and peril of data sharing might hamper the global precision medicine market.

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Precision Medicine Market Size Analysis

By Drug type

The global precision medicine market is segmented based on application, which includes the central nervous system (CNS), oncology, hematology, immunology, and others.

Cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.

Approximately 70% of deaths from cancer occur in low and middle-income countries.

Precision Medicine Market Regional Share

North America held the dominant market share for precision medicine in 2018, and it is expected to maintain the growth over the forecast period, due to the increasing government initiative for the development of precision medicine in the U.S.

Asia-Pacific has shown significant growth in 2018, due to the government investment for the development of Precision Medicine in this region.

In June 2016, the central government of China had introduced a 15-year project for Precision Medicine and have funded USD 9.2 billion aiming to build up the country’s credentials as a global leader in precision medicine.

Precision Medicine Competitive Analysis

The increase in strategic collaboration and production sites for the development of Precision Medicine is driving the global precision medicine market.

IN June 2018, Thermo Fisher Scientific Inc., opened its U.S. Precision Medicine Science Center (PMSC) in Cambridge, Mass. The centre offers access to advanced "omics" technologies and expertise to help collaborators develop analytical workflows that generate precise molecular profiles of patients.

In December 2017, Roche acquired Ignyta for a total transaction value of USD 1.7 billion on a fully diluted basis. Ignyta is a precision medicine company focused on oncology.

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Table of contents overview - 1. Precision Medicine Market – Methodology and Scope2. Precision Medicine Market – Industry Trends3. Precision Medicine Market – Outlook4. Precision Medicine Market – Product-based Analysis

4.1 By Technology

4.2 By Application

4.3 By Product

4.4 By End-Users

5. Precision Medicine Market – Regional, Country-level Analysis

5.1 Global Precision Medicine Market- Geographic Overview (Share of the regions)

5.2. North America

5.3. Europe

5.4. Asia Pacific

5.5 South America

6. Precision Medicine Market – Competitive Analysis7. Precision Medicine Market – Company Profiles8. Precision Medicine Market – Appendix

The author of this article is a content marketer for DataM Intelligence.