According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person." This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals.

Although the term "precision medicine" is relatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a randomly selected donor; instead, the donor’s blood type is matched to the recipient to reduce the risk of complications. Although examples can be found in several areas of medicine, the role of precision medicine in day-to-day healthcare is relatively limited. Researchers hope that this approach will expand to many areas of health in coming years.
The classification of precision medicine includes diagnostics and therapies, and the proportion of diagnostics in 2016 is about 68%.
Market Analysis and Insights: Global Precision Medicine Market
In 2019, the global Precision Medicine market size was US$ xx million and it is expected to reach US$ xx million by the end of 2026, with a CAGR of xx% during 2021-2026.
Global Precision Medicine Scope and Market Size
Precision Medicine market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global Precision Medicine market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2015-2026.
Segment by Type, the Precision Medicine market is segmented into Diagnostics, Therapies, etc.
Segment by Application, the Precision Medicine market is segmented into Oncology, Neurosciences, Immunology, Respiratory, Others, etc.
Regional and Country-level Analysis
The Precision Medicine market is analysed and market size information is provided by regions (countries).
The key regions covered in the Precision Medicine market report are North America, Europe, China, Japan, Southeast Asia, India and Central & South America, etc.
The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type, and by Application segment in terms of revenue for the period 2015-2026.

Competitive Landscape

and Precision Medicine Market Share Analysis
Precision Medicine market competitive landscape provides details and data information by vendors. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020. It also offers detailed analysis supported by reliable statistics on revenue (global and regional level) by player for the period 2015-2020. Details included are company description, major business, company total revenue and the revenue generated in Precision Medicine business, the date to enter into the Precision Medicine market, Precision Medicine product introduction, recent developments, etc.
The major vendors include Johnson & Johnson, IBM, GE Healthcare, Illumina, Roche, Laboratory Corporation of America Holdings, Thermo Fisher Scientific, Novartis, Abbott Laboratories, Almac Group, Intel Corporation, Biomrieux Sa, Cepheid, Qiagen, Randox Laboratories, Healthcore, etc.

This report focuses on the global Precision Medicine status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Precision Medicine development in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.

The key players covered in this study

Johnson & Johnson
IBM
GE Healthcare
Illumina
Roche
Laboratory Corporation of America Holdings
Thermo Fisher Scientific
Novartis
Abbott Laboratories
Almac Group
Intel Corporation
Biomrieux Sa
Cepheid
Qiagen
Randox Laboratories
Healthcore

Market segment by Type, the product can be split into

Diagnostics
Therapies

Market segment by Application, split into

Oncology
Neurosciences
Immunology
Respiratory
Others

Market segment by Regions/Countries, this report covers

North America
Europe
China
Japan
Southeast Asia
India
Central & South America

The study objectives of this report are:

To analyze global Precision Medicine status, future forecast, growth opportunity, key market and key players.
To present the Precision Medicine development in North America, Europe, China, Japan, Southeast Asia, India and Central & South America.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by type, market and key regions.

In this study, the years considered to estimate the market size of Precision Medicine are as follows:
History Year: 2015-2019

Base Year:

2019

Estimated Year:

2020
Forecast Year 2020 to 2026
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.