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The market for precision medicine is expanding is set to reach $96 billion by the year 2024.
The market for precision medicine is expanding. The reach of medical diagnostics and treatments has been following a trend of personalized medicine. With these types of treatments, patients can get deeper into their ailments and focus on what works best for them individually.
New research from Global Market Insights, indicates the precision medicine market will reach a high mark of $96 billion by the year 2024. The report highlights that a big push for cancer biology and funding for cancer research will boost this projection.
The report continues, stating the US takes the lead when it comes to this market with the most funding and a “favorable regulatory scenario.” Behind the US the report points to Germany and China as leaders in Europe and the Asia Pacific region respectively.
Rising government focus on reducing disease burden costs owing to increasing prevalence of cancer across the world will drive global precision medicine industry, the report indicated.
The report outlines Roche (VTX:ROG), Medtronic (NYSE:MDT) Laboratory Corporation of America Holdings (NYSE:LH), Quest Diagnostics (NYSE:DGX), Pfizer (NYSE:PFE), Novartis (VTX:NOVN) as leaders in the industry when it comes to public companies. NanoString Technologies and Intomics round up the list.
The report sees gene sequencing experiencing a revenue growth thanks in part to favorable regulatory guidelines from the US Food and Drug Administration (FDA)
“Availability of next generation sequencing based genetic tests for rapid sequencing and identification of large human genome…is a major advancement in precision medicine accelerating gene sequencing revenue growth,” the report indicated.
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Securities Disclosure: I, Bryan Mc Govern, hold no investment interest in any of the companies mentioned.