Global Precision Medicine Market to Reach $141.70 Billion by 2026, Reports BIS Research

BLOOMINGTON, Minnesota, December 15, 2017 /PRNewswire/ --

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.

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Browse 60 market Data Tables and 278 Figures spread through 580 Pages and in-depth TOC on "Global Precision Medicine Market"

Precision medicine is an emerging approach which enables the investigation of various diseases by evaluating the genetic makeup of an individual subject, thereby, providing a tailored therapeutic treatment to each patient. According to the Personalized Medicine Coalition, the market value of the targeted therapeutic drugs dependent on companion diagnostics was valued to be $25 billion in 2015. Also, the number of precision medicine or personalized medicine drugs that point to specific biomarker has steadily increased from 5 in 2008 to 132 in 2016. A recent survey conducted by the Tufts Centre for Drug Development showed that 42% of the drugs in the development pipeline include biomarkers in their design. The survey also suggested that several biopharmaceutical companies have doubled their investments over the last five years in precision medicine, and are expected to increase their investments by additional 33% over the next five years. Thus, precision medicine holds an immense potential for improving patient health outcomes and is rapidly becoming an integral component of patient care.

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.