Kenneth Research has evaluated the current market opportunities in North America Precision Medicine Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America Precision Medicine Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
North America precision medicine market
Precision medicine is a highly effective, modern process of medical diagnosis and treatment of diseases using relevant data around a patient’s genetic make-up, supported by environmental and behavioral data. North America is the pioneer in adopting technological innovations and advancements in the healthcare sector, which will aid the growth of the market in this region. North America is the highest revenue generating region for the precision medicine market. The increasing adoption of Internet of Medical Things (IoMT) and the use of technologies like gene sequencing, diagnostics, etc., have fueled the growth of precision medicine in this region and the market is at a mature stage in countries like the U.S. and Canada. According to Netscribes, the North American market is projected to expand at a compound annual growth rate (CAGR) of 11.04%, leading to a revenue of USD 36.25 Bn by 2023.
The North America precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
The diagnostic tools companies are expected to grow at the highest CAGR during the forecasted period of 2018-2023, owing to a rise in the demand for precision medicine. Diagnostic tools and treatments play an important role in the development of precision solutions to determine whether a drug is appropriate for a patient or not.
In the therapeutics segments, cancer therapeutics is expected to show a high growth rate through the forecast period 2018-2023.
Key growth factors
Due to technological advancements in the healthcare sector in North America, the precision medicine market is going to emerge in the coming years. In 2015, the then-President of the United States, Barrack Obama, announced the launch of the Precision Medicine Initiative for a bold new research effort to revolutionize methods to improve health and treat diseases. Therefore, the precision medicine market is going to grow during the forecast period due government initiatives and policies that encourage such technologies.
Threats and key players
Threat to personal information like genetic data, DNA and RNA data, etc., is considered to be a barrier to the growth of the precision medicine market. Thus, the adoption of precision medicine can hit roadblocks due to concerns regarding consumer privacy and data protection. Moreover, the approvals required by pharmaceutical companies from the U.S. Food & Drug Administration (FDA) for a particular drug or treatment is a time-consuming factor, which might be challenging and hinder the growth of the market.
The major players operating in the North America precision medicine market are Abbott, GE Healthcare, Johnson & Johnson, etc.
What’s covered in the report?
1. Overview of the North America precision medicine market.
2. Market drivers and challenges in the North America precision medicine market.
3. Market trends in the North America precision medicine market.
4. Historical, current and forecasted market size data for the North America precision medicine market segmentation by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies) – by revenue (USD Bn).
5. Historical, current and forecasted market size data for the North America precision medicine market segmentation by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases) – by revenue (USD Bn).
6. Historical, current and forecasted market size data for the North America precision medicine market segmentation by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics) – by revenue (USD Bn).
7. Historical, current and forecasted country- wise (U.S. and Canada) market size data (USD Bn) for the North America precision medicine market and its segmentations by ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies), by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases), and by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
Why buy?
1. Understand the demand for precision medicine market to determine the viability of the market.
2. Determine the developed and emerging markets where precision medicine market is provided.
3. Identify the challenge areas and address them.
4. Develop strategies based on the drivers and trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
6. Recognize the key competitors of the market and respond accordingly.
7. Knowledge of the initiatives and growth strategies taken up by the major companies and decide the direction for further growth.
8. Define the competitive positioning by comparing the products and services with the key players in the market.
Customizations available
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The Market report answers the following questions:
What is the aim of the report?
- The North America Precision Medicine Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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