Precision Medicine vertical includes products and services that leverage the science of genomics, proteomics, pharmacogenomics, diagnostic technologies, and information technologies and capitalize on the trends toward disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle.
The NGS based monitoring and diagnostic test Industry analysis by BIS Research projects the market to grow at a significant CAGR of 18.08% during the forecast period, 2019-2028. The NGS based monitoring and diagnostic test market generated $3,354.8 million revenue in 2018, in terms of value.
The aim of the population genomic initiatives implemented across the globe is to develop the biobank of genomic datasets facilitating the understanding of interaction between the gene and the phenotypic expression.
The global pharmacogenomics market has been witnessing a steady growth since the end of the Human Genome Project in 2003. The market is expected to continue to grow with a double digit CAGR of 6.98% during the forecast period, 2019-2028.
The global molecular diagnostics market has been witnessing a steady growth since the end of the Human Genome Project in 2003. The market is expected to continue to grow with a double digit CAGR of 10.89% during the forecast period, 2018-2028.
The global companion diagnostics market is expected to reach $4.1 billion by 2025. With increasing demand for NGS-based companion diagnostics, the global CDx market is expected to witness double digit growth rate during the forecast period 2018-2025.
The global cell free DNA isolation and extraction market is anticipated to grow over $442.8 Million with 14,638.3 Thousand units by 2026, aided by the rising demand for non-invasive prenatal testing among high risk pregnant women and increased demand for liquid biopsy.
Genetic diseases have been responsible for approximately 25% of the global economic burden for diseases. The advent of CRISPR technology has transformed the field of genome editing and paved pathways for development of several gene therapies for the treatment of various genetic diseases. The global CRISPR technology market is expected to reach $10.55 billion by 2027.
The global precision medicine market was dominated by the oncology segment in 2016. The oncology market is expected to grow with a CAGR of 10.4% from 2017 to 2026. The rise in the number of cancer cases has significantly increased the global economic burden and is estimated to be approximately $4 trillion in 2025.
The global next generation market was estimated at $4.14 billion in 2016 and is estimated to grow over $11.92 billion by 2024. The global next generation sequencing market is expected to grow with a double digit compound annual growth rate between the years 2017 and 2024.
The global liquid biopsy market is anticipated to grow over $4,434 million by 2025. With the growing prominence for non-invasive diagnostic procedures, the global liquid biopsy market is expected to register an impressive double digit growth rate in the forecast period 2016-2025.
North America was the largest market for NIPT in 2016 in terms of revenue and volume. The region is expected to retain its leadership position throughout the forecast period as major players in the NIPT market are based in the U.S. (the largest shareholder in North America).
Advancement and innovation of new healthcare technologies such as next generation sequencing, high throughput screening (HTS), and Digital PCR are developing the platform for the growth of Pharmacogenomics (PGx) market. The global PGx market is expected to grow over $14.85 billion by 2022.
Precision medicine is becoming one of the most modernized trends in the healthcare industry showing an incredible growth in the recent years. According to the report put forward by the market research experts of BIS Research, the global precision medicine market is expected to grow over $88 billion by 2022 at an estimated CAGR of 12.60% from 2015 to 2022.