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North America Precision Medicine Market Forecast 2027 By Application (Oncology, CNS, Immunology, Respiratory), By Product Type (Diagnostics {Genetic Tests, Biomarker Based Tests}, Therapeutics), By End-use (Hospitals, Diagnostic Centers, Research & Academic Institutes), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: September 2021 | Publisher: Graphical Research Report ID: GR1954 | Delivery : PDF  Request Free Sample

North America Precision Medicine Market size surpassed USD 23.2 billion in 2020 and is anticipated to witness 11.5% CAGR from 2021 to 2027.

The burden of cancer is on the rise due to sedentary lifestyle and changing dietary habits. Most of the demises by chronic conditions are attributable to cancer and other disorders. Therefore, to cure such deadly disorders the demand for personalized medications is on the rise. Moreover, implementation of structural biology methods has allowed scientists to depict the mutant proteins structures involved in cancer, such as RAS, and other molecules in more detail than earlier. Additionally, precision medicine aids in understanding the drug mechanism allowing health care practitioners to take accurate decisions for patients.

North America Precision Medicine Market

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North America Market, By Product Type

The diagnostic segment accounted for more than USD 10 billion market revenue in 2020. Rising demand for diagnostic testing for genetic diseases and cancer among others coupled with technological advancements in diagnostic techniques are few factors augmenting the segment expansion.

The diagnostic segment is further categorized into genetic tests, biomarker-based tests, and others. The biomarker testing is a vital part of precision medicine. For numerous cancer treatments usage of biomarker and other tests is most likely to help patients effectively and precisely. 

North America Market, By Application

North America Precision Medicine Market, By Application

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The oncology segment dominated around 55% market share in 2020. The application of precision medicine in oncology is a novel approach for identifying patients for targeted cancer treatment specifically designed for the patient using specific compatible drugs. In addition, in North America large number of people suffer from cancer including breast cancer and colorectal cancer that surges the demand for advance precision medicine.

North America Market, By End-use

The hospital segment size was over USD 10 billion in 2020. Increasing preference towards hospital settings owing to the presence of skilled physicians delivering appropriate patient care, and well-established hospital infrastructure will boost the segment demand. Furthermore, growing healthcare expenditure and rising awareness towards better treatment as well as care are some of the factors contributing to the segment revenue.

North America Market, By Country

The U.S. precision medicine market revenue will observe around 11% growth rate during the forecast timeframe. Technological advancements and rising number of approvals for novel therapeutics in U.S. will impel the market growth. For instance, in January 2020, the U.S. FDA approved novel drug avapritinib to treat metastatic Gastrointestinal Stromal Tumor (GIST). It is the first therapy approved for patients with GIST having PDGFRA exon 18 mutation.

Competitive Industry Landscape

Some of the leaders operating in the market include Qiagen, Medtronic, Pfizer, Quest Diagnostics, Novartis, Abbott Laboratories, Laboratory Corporation of America Holdings, F. Hoffmann-La Roche AG, bioMérieux, Eli Lilly & Company, AstraZeneca, Glaxosmithkline, Cancer Genetics, Cepheid, Thermo Fisher Scientific, Foundation Medicine, Bristol-Myers Squibb, Myriad Genetics, and others.

These industry participants have undertaken numerous strategies including new product launches and acquisitions that have helped them to gain competitive advantage over others. For instance, in November 2020, AstraZeneca announced 5-year agreement with the University of Cambridge and GlaxoSmithKline to invest in the Cambridge Centre for AI in Medicine (CCAIM). This strategic move assisted the company in accelerating medical discoveries and development of novel therapeutics in precision medicine.
 

Frequently Asked Question(FAQ) :

Precision medicine can be termed as a targeted approach for disease treatment as well as prevention that considers the variability in genes, lifestyle, and environment for every person.
The industry size for precision medicine in North America had reached around USD 23.2 billion in 2020 and will observe an 11.5% CAGR up to 2027 driven by the rising prevalence of cancer and the changing dietary habits of consumers leading to other chronic disorders.
The market share for precision medicine in North America from the diagnostic product segment was valued at over USD 10 billion in 2020 owing to the demand for testing for genetic diseases and cancer, along with technological advancements in diagnostic techniques.
The oncology application segment held close to 55% of the overall North America market in 2020 owing to the increasing instances of breast and colorectal cancer in the region.
The industry for precision medicine in the U.S. is poised to observe a growth rate of 11% through 2027 driven by rising technological advancements and a surging number of approvals for novel therapeutics.

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