According to a new market intelligence report by BIS Research, titled "Global Precision Medicine Market- Analysis and Forecast, 2017-2026", the global precision medicine market accounted for $43.59 billion in 2016 and is estimated to reach $141.70 billion by 2026. The market is expected to grow at a compound annual growth rate (CAGR) of 11.23% between the years 2017 and 2026, aided by the adoption of early diagnosis, increased number of adverse drug reactions cases, high prevalence of chronic diseases, and advancements in genetic science, among others.

Business Intelligence and Strategy Research

The completion of the first human genome project in the 1990s created the essential platform for the development of precision medicine. Since its introduction in the early 21st century, the precision medicine market has exhibited promising growth. The merits of precision medicine have their roots in the Human Genome Project, a 13-year long, $3 billion dollar effort, for the sequencing, and mapping of complete human genome. This project further enabled the scientists to research extensively on the gene variants to specific diseases, and develop targeted therapeutics depending on the genetic profile of an individual.

Precision medicine involves a detailed study on patient specific information to diagnose, and characterize the diseases. The concept of precision medicine is rapidly growing in the medical community through tremendous expansion in various advanced technologies such as next generation sequencing, molecular biomarker analysis, bioinformatics, and big data analytics, among others. Comprising of these advanced technologies, precision medicine holds a promising potential to prevent, and treat various diseases such as cancer, cardiovascular, neurology, diabetes, and other diseases, which are burdening the present healthcare system.

BIS Research Report:

According to Pushplata, analyst at BIS Research "Next generation sequencing provides an opportunity to transform disease management in various therapeutic areas such as cancer, immunology, cardiology, and neurology, among others, to identify new targeted therapies and the gene sequencing market is estimated to grow at a CAGR of 12.13% from 2017 to 2026. Considerable investments are being made by the key players to develop the best and efficient technologies with the ability to provide targeted therapy with great accuracy to the right patient at the right time. New technologies such as gene therapies, cell therapies, molecular biomarker analysis, and companion diagnostics have the potential to transform medicine, and increase the ability to treat and cure several intractable diseases. The best precision medicine solution would be the one with precise, predictive, and preventive ability to detect, diagnose, and treat a disease. Therefore, developing precise technologies, and making them available to the customers at an affordable price will be a promising and convenient way to cater the needs of the market."

Research Highlights:

• Diagnostic tool companies & clinical laboratories is dominating the ecosystem segment and expected to reach $49.50 billion by 2026

• Technologies such as gene sequencing, companion diagnostics, pharmacogenomics, bioinformatics, and big data analytics are foreseen to drive the market growth during the forecast periodOncology is the dominating therapeutic application segment and is expected to grow with a CAGR of 10.44% from 2017 to 2026; it is currently the prime focus in the research and development of precision medicine

• Cardiovascular segment by region is dominated by North America and is anticipated to grow at a CAGR of 9.93% in the forecast period 2017-2026

• The North America market is expected to grow over $64.32 billion by 2026 and the market is exceedingly driven by various technological innovations, which has further aided in understanding the biology of various types of cancer. Further, North America majorly comprises of the U.S. and the Canadian market.

• In Europe, contribution of pharmaceuticals and biotech companies is expected to witness the highest CAGR of 12.53% in the forecast period of 2017-2026 and is expected to outperform diagnostic tools companies and clinical laboratories

• The Asia Pacific (APAC) precision medicine market, by technology, is currently dominated by molecular diagnostics, and is expected to witness a CAGR of 12.04% in the forecast period 2017-2026