A quick peek into the report
Table of Contents
1.1 Product Definition
1.1.1 Inclusion and Exclusion
1.1.2 Key Questions Answered in the Report
1.2 Research Methodology
1.2.1 Primary Data Sources
1.2.2 Secondary Data Sources
1.3 Market Estimation Model
2.1 Market Definition
2.2 Precision Medicine: A Frontier in the Genesis of Patient-Centric Medicine
2.3 Precision Medicine: Remodeling the One-Size-Fits-All Theory to Individually Tailored Therapy
2.4 Precision Medicine: Enabling Technologies and Applications
2.4.1 Innovators
2.4.1.1 3D DNA Printing
2.4.1.1.1 Introduction
2.4.1.1.2 Role of 3D DNA Printing
2.4.1.2 RNA-Seq
2.4.1.2.1 Introduction
2.4.1.2.2 Role of RNA-Seq in Precision Medicine
2.4.1.2.3 Key Players
2.4.1.3 4D Molecular Imaging
2.4.1.3.1 Introduction
2.4.1.3.2 Role of 4D Molecular Imaging in Precision Medicine
2.4.1.3.3 Key Players
2.4.2 Early Adopters
2.4.2.1 Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)
2.4.2.1.1 Introduction
2.4.2.1.2 Role of CRISPR in Precision Medicine
2.4.2.1.3 Key Players
2.4.2.2 Blockchain
2.4.2.2.1 Introduction
2.4.2.2.2 Role of Blockchain in Precision Medicine
2.4.2.2.3 Key Players
2.4.2.3 Imaging Informatics
2.4.2.3.1 Introduction
2.4.2.3.2 Role of Imaging Informatics in Precision Medicine
2.4.2.3.3 Key Players
2.4.3 Early Majority
2.4.3.1 Artificial Intelligence (AI)
2.4.3.1.1 Introduction
2.4.3.1.2 Role of Artificial Intelligence in Precision Medicine
2.4.3.1.3 Key Players
2.4.3.2 Circulating Free DNA (cfDNA)
2.4.3.2.1 Introduction
2.4.3.2.2 Role of cfDNA in Precision Medicine
2.4.3.2.3 Key Players
2.4.3.3 Big Data
2.4.3.3.1 Introduction
2.4.3.3.2 Role of Big Data in Precision Medicine
2.4.3.3.3 Key Players
2.4.3.4 Next-Generation Sequencing (NGS)
2.4.3.4.1 Introduction
2.4.3.4.2 Role of NGS in Precision Medicine
2.4.3.4.3 Key Players
2.4.3.5 Health Informatics
2.4.3.5.1 Introduction
2.4.3.5.2 Role of Health Informatics in Precision Medicine
2.4.3.5.3 Key players
2.4.3.6 Bioinformatics
2.4.3.6.1 Introduction
2.4.3.6.2 Role of Bioinformatics in Precision Medicine
2.4.3.6.3 Key Players
2.4.4 Late Majority
2.4.4.1 Polymerase Chain Reactions (PCR)
2.4.4.1.1 Introduction
2.4.4.1.2 Role of PCR in Precision Medicine
2.4.4.1.3 Key players
2.4.4.2 Microarray
2.4.4.2.1 Role of Microarray in Precision Medicine
2.4.4.2.2 Key Players
2.5 COVID-19 Impact on the Middle East Precision Medicine Market
3.1 Patent Analysis
3.2 Legal Requirements and Regulations
4.1 Synergistic Activities
4.2 Product Launches, Enhancements, and Upgradation
4.3 Mergers and Acquisitions
4.4 Business Expansion
5.1 Market Drivers
5.1.1 Advancement of Sequencing Technologies
5.1.2 Rising Prevalence of Chronic Diseases
5.1.3 Shifting the Significance in Medicine from Reaction to Prevention
5.1.4 Reducing Adverse Drug Reactions through Pharmacogenomics Test
5.1.5 Potential to Reduce the Overall Healthcare Cost Across the Globe
5.2 Market Restraints
5.2.1 Unified Framework for Data Integration
5.2.2 Limited Knowledge about Molecular Mechanism/Interaction
5.2.3 Lack of Robust Reimbursement Landscape
5.3 Market Opportunities
5.3.1 Targeted Gene Therapy
5.3.2 Expansion into Emerging Markets
5.3.3 Collaborations and Partnerships across Value Chain to Accelerate Market Entry
6.1 Overview
6.2 Applied Sciences
6.3 Precision Therapeutics
6.4 Digital Health and Information Technology
6.5 Precision Diagnostics
7.1 Overview
7.2 Oncology
7.3 Infectious Diseases
7.4 Neurology
7.5 Endocrinology
7.6 Cardiology
7.7 Gastroenterology
7.8 Other Applications
8.1 Overview
8.2 Biopharmaceutical Companies
8.3 Diagnostic Companies
8.4 Other End Users
9.1 Overview
9.1.1 K.S.A.
9.1.2 Israel
9.1.3 U.A.E.
9.1.4 Egypt
9.1.5 Iran
9.1.6 Qatar
9.1.7 Other Countries
10.1 Overview
10.2 Abbott.
10.2.1 Company Overview
10.2.2 Role of Abbott. in the Middle East Precision Medicine Market
10.2.3 Key Competitors of the Company
10.2.4 Key Customers of the Company
10.2.5 Financials
10.2.6 Key Insights about the Financial Health of the Company
10.2.7 SWOT Analysis
10.3 Bio-Rad Laboratories, Inc.
10.3.1 Company Overview
10.3.2 Role of Bio-Rad Laboratories, Inc. in the Middle East Precision Medicine Market
10.3.3 Key Competitors of the Company
10.3.4 Key Customers of the Company
10.3.5 Business Strategies
10.3.6 Financials
10.3.7 Key Insights about the Financial Health of the Company
10.3.8 SWOT Analysis
10.4 ASURAGEN, INC.
10.4.1 Company Overview
10.4.2 Role of ASURAGEN, INC. in the Middle East Precision Medicine Market
10.4.3 Key Competitors of the Company
10.4.4 Key Customers of the Company
10.4.5 SWOT Analysis
10.5 bioMérieux SA
10.5.1 Company Overview
10.5.2 Role of bioMérieux SA in the Middle East Precision Medicine Market
10.5.3 Key Competitors of the Company
10.5.4 Key Customers of the Company
10.5.5 Financials
10.5.6 Key Insights about the Financial Health of the Company
10.5.7 SWOT Analysis
10.6 Diginova Health Solutions Ltd.
10.6.1 Company Overview
10.6.2 Role of Diginova Health Solutions Ltd. in the Middle East Precision Medicine Market
10.6.3 Key Competitors of the Company
10.6.4 Key Customers of the Company
10.6.5 Corporate Strategies
10.6.5.1 Product Launches and Upgradation
10.6.6 SWOT Analysis
10.7 F. Hoffmann-La Roche Ltd
10.7.1 Company Overview
10.7.2 Role of F. Hoffmann-La Roche Ltd in the Middle East Precision Medicine Market
10.7.3 Key Competitors of the Company
10.7.4 Key Customers of the Company
10.7.5 Business Strategies
10.7.6 Corporate Strategies
10.7.7 Key Insights about the Financial Health of the Company
10.7.8 SWOT Analysis
10.8 GlaxoSmithKline plc.
10.8.1 Company Overview
10.8.2 Role of GlaxoSmithKline plc. in the Middle East Precision Medicine Market
10.8.3 Key Competitors of the Company
10.8.4 Key Customers of the Company
10.8.5 Financials
10.8.6 Key Insights about the Financial Health of the Company
10.8.7 SWOT Analysis
10.9 Illumina, Inc.
10.9.1 Company Overview
10.9.2 Role of Illumina, Inc. in the Middle East Precision Medicine Market
10.9.3 Key Competitors of the Company
10.9.4 Key Customers of the Company
10.9.5 Financials
10.9.6 Key Insights about the Financial Health of the Company
10.9.7 SWOT Analysis
10.10 Intomics
10.10.1 Company Overview
10.10.2 Role Intomics in the Middle East Precision Medicine Market
10.10.3 Key Competitors of the Company
10.10.4 Key Customers of the Company
10.10.5 SWOT Analysis
10.11 Merck KGaA
10.11.1 Company Overview
10.11.2 Role of Merck KGaA in the Middle East Precision Medicine Market
10.11.3 Key Competitors of the Company
10.11.4 Key Customers of the Company
10.11.5 Financials
10.11.6 Key Insights about the Financial Health of the Company
10.11.7 SWOT Analysis
10.12 Novartis AG
10.12.1 Company Overview
10.12.2 Role of Novartis AG in the Middle East Precision Medicine Market
10.12.3 Key Competitors of the Company
10.12.4 Key Customers of the Company
10.12.5 Financials
10.12.6 Key Insights about the Financial Health of the Company
10.12.7 SWOT Analysis
10.13 Thermo Fisher Scientific Inc.
10.13.1 Company Overview
10.13.2 Role of Thermo Fisher Scientific Inc. in the Middle East Precision Medicine Market
10.13.3 Key Competitors of the Company
10.13.4 Key Customers of the Company
10.13.5 Financials
10.13.6 Key Insights about the Financial Health of the Company
10.13.7 SWOT Analysis
Table 1: Estimated Number of Cancer Incident Cases, 2018 and 2040
Figure 1: Decreasing Cost and Increasing Output (TB) of Genome Sequencing, 2009-2025
Figure 2: Middle East Precision Medicine Market Segmentation
Figure 3: Primary Research Methodology
Figure 4: Bottom-Up Approach (Segment-Wise Analysis)
Figure 5: COVID-19 Impact on the Middle East Precision Medicine Market
Figure 6: Patent Analysis
Figure 7: Role of FDA in Advancing Precision Medicine
Figure 8: Synergistic Activities Share (by Company), January 2012-July 2020
Figure 9: Product Launches, Enhancements, and Upgradation Share (by Company), January 2012-July 2020
Figure 10: Mergers and Acquisitions Share (by Company), January 2012-July 2020
Figure 11: Business Expansion Share (by Company), January 2012-July 2020
Figure 12: Precision Medicine Ecosystem
Figure 13: Middle East Precision Medicine Market (Applied Sciences)
Figure 14: Middle East Precision Medicine Market (Applied Sciences), $Million, 2021-2032
Figure 15: Middle East Precision Medicine Market (by Applied Sciences), $Million, 2021-2032
Figure 16: Middle East Precision Medicine Market (Precision Therapeutics), $Million, 2021-2032
Figure 17: Middle East Precision Medicine Market (by Precision Therapeutics), $Million, 2021 and 2032
Figure 18: Middle East Precision Medicine Market (Digital Health and Information Technology), $Million, 2021-2032
Figure 19: Middle East Precision Medicine Market (by Digital Health and Information Technology), $Million, 2021 and 2032
Figure 20: Middle East Precision Medicine Market (Precision Diagnostics)
Figure 21: Middle East Precision Medicine Market (Precision Diagnostics), $Million, 2021-2032
Figure 22: Middle East Precision Medicine Diagnostics Market (by Precision Diagnostics), $Million, 2021-2032
Figure 23: Middle East Precision Medicine Market (by Application)
Figure 24: Middle East Precision Medicine Market (by Application), $Million, 2021 and 2032
Figure 25: Types of Cancer
Figure 26: Middle East Precision Medicine Market (Oncology), $Million, 2021-2032
Figure 27: Middle East Precision Medicine Market (Infectious Diseases), $Million, 2021-2032
Figure 28: Clinical Trials Number in the Middle East, 2010 and 2020
Figure 29: Middle East Precision Medicine Market (Neurology), $Million, 2021-2032
Figure 30: Middle East Precision Medicine Market (Endocrinology), $Million, 2021-2032
Figure 31: Middle East Precision Medicine Market (Cardiology), $Million, 2021-2032
Figure 32: Middle East Precision Medicine Market (Gastroenterology), $Million, 2021-2032
Figure 33: Middle East Precision Medicine Market (Other Applications), $Million, 2021-2032
Figure 34: Middle East Precision Medicine Market (by End User)
Figure 35: Middle East Precision Medicine Market (by End User), $Million, 2021 and 2032
Figure 36: Middle East Precision Medicine Market, (Biopharmaceutical Companies), $Million, 2021-2032
Figure 37: Middle East Precision Medicine Market (Diagnostic Companies), $Million, 2021-2032
Figure 38: Middle East Precision Medicine Market (Other End Users), $Million, 2021-2032
Figure 39: Middle East Precision Medicine Market (by Country), $Million, 2021-2032
Figure 40: Middle East Precision Medicine Market (by Country), $Million, 2021 and 2032
Figure 41: Middle East Precision Medicine Market (K.S.A.), $Million, 2021-2032
Figure 42: Middle East Precision Medicine Market (Israel), $Million, 2021-2032
Figure 43: Middle East Precision Medicine Market (U.A.E.), $Million, 2021-2032
Figure 44: Middle East Precision Medicine Market (Egypt), $Million, 2021-2032
Figure 45: Middle East Precision Medicine Market (Iran), $Million, 2021-2032
Figure 46: Middle East Precision Medicine Market (Qatar), $Million, 2021-2032
Figure 47: Middle East Precision Medicine Market (Other Countries), $Million, 2021-2032
Figure 48: Total Number of Companies Profiled
Figure 49: Abbott.: Overall Product Portfolio
Figure 50: Abbott.: Overall Financials, $Million, 2019-2021
Figure 51: Abbott.: Revenue (by Segment), $Million, 2019-2021
Figure 52: Abbott.: Revenue (by Region), $Million, 2019-2021
Figure 53: Abbott.: R&D Expenditure, $Million, 2019-2021
Figure 54: Abbott.: SWOT Analysis
Figure 55: Bio-Rad Laboratories, Inc.: Overall Product Portfolio
Figure 56: Bio-Rad Laboratories, Inc.: Overall Financials, $Million, 2019-2021
Figure 57: Bio-Rad Laboratories, Inc.: Revenue (by Segment), $Million, 2019-2021
Figure 58: Bio-Rad Laboratories, Inc.: Revenue (by Region), $Million, 2019-2021
Figure 59: Bio-Rad Laboratories, Inc.: R&D Expenditure, $Million, 2019-2021
Figure 60: Bio-Rad Laboratories, Inc.: SWOT Analysis
Figure 61: ASURAGEN, INC.: Overall Product Portfolio
Figure 62: ASURAGEN, INC.: SWOT Analysis
Figure 63: bioMérieux SA: Product Portfolio
Figure 64: bioMérieux SA: Overall Financials, $Million, 2019-2021
Figure 65: bioMérieux SA: Revenue (by Segment), $Million, 2019-2021
Figure 66: bioMérieux SA: Revenue (by Region), $Million, 2019-2021
Figure 67: bioMérieux SA: R&D Expenditure, $Million, 2019-2021
Figure 68: bioMérieux SA: SWOT Analysis
Figure 69: Diginova Health Solutions Ltd.: Product Portfolio
Figure 70: Diginova Health Solutions Ltd.: SWOT Analysis
Figure 71: F. Hoffmann-La Roche Ltd: Overall Product Portfolio
Figure 72: F. Hoffmann-La Roche Ltd: Overall Financials, $Million, 2019-2021
Figure 73: F. Hoffmann-La Roche Ltd: Revenue (by Segment), $Million, 2019-2021
Figure 74: F. Hoffmann-La Roche Ltd: Revenue (by Region), $Million, 2019-2021
Figure 75: F. Hoffmann-La Roche Ltd: R&D Expenditure, $Million, 2019-2021
Figure 76: F. Hoffmann-La Roche Ltd: SWOT Analysis
Figure 77: GlaxoSmithKline plc.: Overall Product Portfolio
Figure 78: GlaxoSmithKline plc.: Overall Financials, $Million, 2019-2021
Figure 79: GlaxoSmithKline plc.: Revenue (by Segment), $Million, 2019-2021
Figure 80: GlaxoSmithKline plc.: Revenue (by Region), $Million, 2019-2021
Figure 81: GlaxoSmithKline plc.: R&D Expenditure, $Million, 2019-2021
Figure 82: GlaxoSmithKline plc.: SWOT Analysis
Figure 83: Illumina, Inc.: Product Portfolio
Figure 84: Illumina, Inc.: Overall Financials, $Million, 2019-2021
Figure 85: Illumina, Inc.: Revenue (by Segment), $Million, 2019-2021
Figure 86: Illumina, Inc.: Revenue (by Region), $Million, 2019-2021
Figure 87: Illumina, Inc.: R&D Expenditure, $Million, 2019-2021
Figure 88: Illumina, Inc.: SWOT Analysis
Figure 89: Intomics: SWOT Analysis
Figure 90: Merck KGaA: Product Portfolio
Figure 91: Merck KGaA: Overall Financials, $Million, 2019-2021
Figure 92: Merck KGaA: Revenue (by Segment), $Million, 2019-2021
Figure 93: Merck KGaA: Revenue (by Region), $Million, 2019-2021
Figure 94: Merck KGaA: R&D Expenditure, $Million, 2019-2021
Figure 95: Merck KGaA: SWOT Analysis
Figure 96: Novartis AG: Overall Product Portfolio
Figure 97: Novartis AG: Overall Financials, $Million, 2019-2021
Figure 98: Novartis AG: Revenue (by Segment), $Million, 2019-2021
Figure 99: Novartis AG: Revenue (by Region), $Million, 2019-2021
Figure 100: Novartis AG: R&D Expenditure, $Million, 2019-2021
Figure 101: Novartis AG: SWOT Analysis
Figure 102: Thermo Fisher Scientific Inc.: Product Portfolio
Figure 103: Thermo Fisher Scientific Inc.: Overall Financials, $Million, 2019-2021
Figure 104: Thermo Fisher Scientific Inc.: Revenue (by Segment), $Million, 2019-2021
Figure 105: Thermo Fisher Scientific Inc.: Revenue (by Region), $Million, 2019-2021
Figure 106: Thermo Fisher Scientific Inc.: R&D Expenditure, $Million, 2019-2021
Figure 107: Thermo Fisher Scientific Inc.: SWOT Analysis
Market Report Coverage
Middle East Precision Medicine Market |
|||
Base Year |
2021 |
Market Size in 2021 |
$3,942.6 Million |
Forecast Period |
2022-2032 |
Value Projection and Estimation by 2032 |
$8,620.0 Million |
CAGR During Forecast Period |
7.37% |
Number of Tables |
01 |
Number of Pages |
156 |
Number of Figures |
107 |
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
• Abbott
• Bio-Rad Laboratories, Inc.
• ASURAGEN, INC.
• bioMérieux SA
• Diginova Health Solutions Ltd.
• F. Hoffmann-La Roche Ltd
• Diginova Health Solutions Ltd.
• GlaxoSmithKline plc.
• Illumina, Inc.
• Intomics
• Merck KGaA
• Novartis AG
• Thermo Fisher Scientific Inc.
Companies that are not a part of the above-mentioned pool have been well represented across different sections of the report (wherever applicable).
How Can This Report Add Value to an Organization?
Ecosystem/Innovation Strategy: The ecosystem segment helps the reader understand the four types of products, i.e., applied sciences, precision therapeutics, digital health and information technology, and precision diagnostics. These ecosystems are the major focus of the study as these are the target of market players in terms of revenue generation. Moreover, the study provides the reader with a detailed understanding of the different applications such as oncology, immunology, NIPT, microbiology, and others.
Growth/Marketing Strategy: The Middle East precision medicine market has been dominated significantly by companies such as QIAGEN N.V., PerkinElmer, Inc., F. Thermo Fisher Scientific Inc, and Hoffmann-La Roche Ltd., due to their expansive portfolio and strong presence across the world. The following figure represents the growth-share matrix for some of the major players in the Middle East precision medicine market based on their activities till the end of 2020. Many companies such as Agilent Technologies, Inc., Thermo Fisher Scientific Inc., PerkinElmer, Inc., Beckman Coulter, Inc. (Danaher Corporation), Illumina, Inc., Norgen Biotek Corp., and Omega Bio-tek, Inc. lie in the low growth and low market share segment. Most of the key market players in the Middle East precision medicine market are categorized under the low growth and low market share segment. The low market share of these companies is primarily due to limited products with respect to the Middle East precision medicine market in comparison to other segments of these companies. Also, the lack of synergistic activities with respect to the market is responsible for the low growth of these companies.
Competitive Strategy: Key players in the Middle East precision medicine market analyzed and profiled in the study have involved the precision medicine application-based product manufacturers that provide precision therapeutics and diagnostics. Moreover, a detailed competitive benchmarking of the players operating in the Middle East precision medicine market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Industry & Technology Overview
Middle East Precision Medicine Market Industry Overview
The Middle East precision medicine market was estimated to be at $3,942.6 million in 2021, which is expected to grow with a CAGR of 7.37% and reach $8,620.0 million by 2032. The Middle East precision medicine market is expected to witness high growth, attributed to the rising prevalence of chronic disease, advancement of sequencing technologies, reducing adverse drug reactions through pharmacogenomics tests, and potential to reduce the overall healthcare cost across the globe. The continued significant investments by healthcare companies to meet industry demand and the growing adoption of precision medicine among major end users are the major factors propelling the growth of the Middle East precision medicine market.
Market Lifecycle Stage
Precision medicine refers to the medicine developed as per an individual’s genetic profile. It provides guidance regarding the prevention, diagnosis, and treatment of diseases. The segmentation of the population is done depending on the genome structure of individuals and their compatibility with a specific drug molecule. In the precision medicine market, the application of molecular biology is to study the cause of a patient's disease at the molecular level so that target-based therapies or individualized therapies can be applied to cure the patient's health-related problems. This industry is gaining traction owing to the growing awareness about healthcare among individuals, the integration of smart devices such as smartphones and tablets into healthcare, and the increasing collaborations and agreements of information technology (IT) firms with the diagnostics and biopharmaceutical companies for the development of precision diagnostic tools. The growth of the precision medicine market over the last few years has been monumental. New technologies are rapidly being introduced, expanding the arsenal of tools accessible to support the development and adoption of precision medicine solutions over “one-size-fits-all” therapies. Advancements in 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. Advances in sequencing technologies and non-invasive diagnostics, such as liquid biopsy and non-invasive prenatal testing (NIPT), have facilitated the acquisition of real-time data and gained interest for their usage in acquiring the data by exhibiting the biology of tumors and metastatic tissues.
Figure: Middle East Precision Medicine Market Snapshot
Source: BIS Research Analysis
Impact
• The presence of major service providers of precision medicine products in Middle East regions has a major impact on the market. For instance, Illumina, Inc. provides NovaSeq 6000 S2, Reagent Kit, NovaSeq 6000 S4 reagent kit, and NovaSeq Xp 4-lane kit in the Middle East.
• Companies such as F. Hoffmann-La Roche Ltd provide foundation one liquid. The services are a reliable and convenient way to expand in-house resources with expertise and perfectly tailored bioinformatics services that ensure quality results. The presence of these companies has a positive impact on market growth.
Impact of COVID-19
The current Middle East precision medicine market study comprises products and applications utilized to provide beneficial effects to specific health benefits and treatments. Since the market is primarily application and ecosystem-dominated, the COVID-19 pandemic had a low impact on the growth or the revenue generated from the market. The current market assessment has considered information provided by key opinion leaders in the market, from the supply side as well as the demand side. A majority of the products, such as kits and assays in the market, are used for infectious disease applications. In addition, infectious diseases are playing an important role in the growth of the market.
Market Segmentation:
Segmentation 1: by Ecosystem
• Applied Sciences
• Precision Therapeutics
• Digital Health and Information Technology
• Precision Diagnostics
The Middle East precision medicine market is expected to be dominated by the precision therapeutics segment. This is due to an increasing number of drugs or therapeutics offered to their end users.
Segmentation 2: by Application
• Oncology
• Infectious Diseases
• Neurology
• Endocrinology
• Cardiology
• Gastroenterology
• Others
The Middle East precision medicine market is dominated by the oncology segment owing to an increasing number of patients suffering from cancer. According to the data published by World Health Organization, cancer is a leading cause of deaths, with nearly 10 million deaths reported in 2020.
Segmentation 3: by End User
• Biopharmaceutical Companies
• Diagnostic Companies
• Others
Segmentation 4: by Region
• Middle East - K.S.A., Israel, Egypt, United Arab Emirates (U.A.E.), Iran, Qatar, Other Countries
Kingdom of Saudi Arabia (K.S.A.) generated the highest revenue of $1059.7 million in 2021, which is attributed to the R&D advancements in the field of single-cell analysis and the presence of dominating players operating in the precision medicine market.
Recent Developments in Middle East Precision Medicine Market
• In October 2020, Bio-Rad Laboratories launched the CFX Opus 96 Dx System and CFX Opus 384 Dx System. The product can multiplex near about five samples to offer effective in-vitro diagnostics (IVD) assay development and testing. The product has been commercialized in the Middle East region.
• In March 2021, F. Hoffmann-La Roche Ltd released the AVENIO Tumor Tissue CGP Kit, which enables laboratories to extend their oncology research in-house.
• In June 2019, F. Hoffmann-La Roche Ltd partnered with the Health Authority and an international health insurer, AXA, in Dubai. This partnership would develop funding for diagnostic and treatment for breast, colorectal, and cervical cancers.
Demand – Drivers and Limitations
Following are the demand drivers for Middle East precision medicine market:
• Advancement of Sequencing Technologies
• Rising Prevalence of Chronic Diseases
• Shifting the Significance in Medicine from Reaction to Prevention
• Reducing Adverse Drug Reactions through Pharmacogenomics Test
• Potential to Reduce the Overall Healthcare Cost Across the Globe
The market is expected to face some limitations too due to the following challenges:
• Unified Framework for Data Integration
• Limited Knowledge about Molecular Mechanism/Interaction
• Lack of Robust Reimbursement Landscape
Analyst Thoughts
According to Nitish Kumar, Principal Analyst, BIS Research, “Precision medicine market” is a broad market comprising overall therapeutics and diagnostics ecosystem. Precision medicine is an approach to the prevention and treatment of disease which considers individual variability in genes, environment, and lifestyle for each person. The precision medicine approach allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work and in which groups of people.”
Middle East Precision Medicine Market - Country Analysis
Focus on Ecosystem, Technology, Application, End User, and Country Data - Analysis and Forecast, 2022-2032