Selbyville, DE -- (SBWIRE) -- 01/02/2019 -- The Precision Medicine Market is set to exceed USD 96.6 billion by 2024; according to a new research report by Global Market Insights, Inc.

The rising emphasis on targeted therapeutics has undoubtedly taken precision medicine market to brew a storm in the healthcare sector. Several healthcare experts are expecting precision medicine to completely bridge the gap between the potential and reality of delivering healthcare. For the record, precision medicine aims to treat diseases with special consideration for the individual's biological variability.

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Industry analysts further state the increasing rate of cancer, tumors, and other chronic diseases to be pivotal factors demanding for more personalized treatments and practices that can be tailored according to individual variability in genes, lifestyles, and environment. Precision medicine industry has been touted to be one of the paramount pillars of the future of healthcare, and stands to gain substantial remuneration in the ensuing years. A report compiled by Global Market Insights, Inc., state the worldwide precision medicine market to attain a valuation of USD 96 billion in coming seven years, expanding at a CAGR of 10.5% over 2017-2024.

Oncology segment will experience 11.1% CAGR during the forecast timeframe. High segmental growth can be attributed to the increasing prevalence of cancer globally. According to Globocan 2018, the number of new cancer cases are estimated to be 18.1 million cases. Development of target novel therapies and precision medicines has drastically reduced the mortality rates and hence, high demand for precision medicine in cancer treatment will drive the segmental growth in foreseeable future.

With favorable regulatory scenario in the country, it is quite overt that U.S. will be lucrative growth ground for precision medicine industry expansion. In fact, reports claim that in 2016, U.S. accounted for largest share in global precision medicine industry. Reports claim that, several U.S. based industry leaders are betting big on precision medicine as the future of healthcare. Recently in July, renowned social media tycoon Mark Zuckerberg and his wife Dr. Priscilla Chan donated USD 10 million to the University of California-San Francisco's precision medicine laboratory. With such growing support toward development of new technologies across the region, U.S. precision medicine industry is expected to witness remarkable gains in the coming years.

Prominent Players are:
- Teva Pharmaceuticals
- Biocrates Life Sciences AG
- Menarini Silicon Biosystems
- Tepnel Pharma Services
- Eagle Genomics Ltd.
- Ferrer inCode
- Novartis
- Pfizer
- NanoString Technologies, Inc.
- QIAGEN
- Quest Diagnostics

Underpinning the shift to value-based and patient-centric care in the healthcare sector, precision medicine is thriving as a novel treatment method that has gained a massive government and public backing. Citing an instance, back in January 2015, the former U.S. President Barack Obama, launched the Precision medicine initiative (PMI) to extend precision medicine approach for all diseases by building a research unit of nearly 1 million Americans.

Now called as the All of Us program, the PMI was initiated to collect genetic and environmental information to create precision medicines. Reportedly, the initiative received a government funding of USD 215 million, of which, USD 130 million was allocated to the National Institutes of Health for building national research unit and USD 70 million to National Cancer Institute to support the studies related to cancer genomics. According to a recent update on the PMI bulletin, the government is handing out over 10,000 Fitbits to the research institute to gain more insight into daily activities. Industry analysts predict such favorable government initiatives and funding to significantly propel precision medicine market size, especially in the United States.

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Precision Medicine Market by Technology
o Big data analytics
o Bioinformatics
o Gene sequencing
o Drug discovery
o Companion diagnostics

Precision Medicine Market by Application
o Oncology
o Respiratory
o CNS
o Immunology