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(MoneyNewsWire.Net, October 11, 2017 ) According to the report North America Precision Medicine Market, published by Market Data Forecast, the Market has been estimated at USD 13.37 Billion in 2016 and is projected to reach USD 22.62 Billion by 2021, at a CAGR of 11.10% during the forecast period from 2016 to 2021. Precision Medicine involves the application of panoramic analysis and systems biology to analyze the cause of an individual patient's disease at the molecular level and then to utilize targeted treatments to address that individual patient's disease process.
The market for Precision Medicine is mainly driven due to increasing demand for personalized treatment, technological innovations, government initiatives, and advancement in cancer biology. But, the market growth is restrained due to decline in FDA drug approval rates which has reduced the number of innovative drugs that are being manufactured despite large investments.
Browse market data tables and in-depth TOC of the North America Precision Medicine Industry to 2021 @ http://www.marketdataforecast.com/market-reports/north-america-precision-medicine-market-1476/
North America market for Precision Medicine is segmented based on Technology and Application. By Technology, the market is further sub-segmented into Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics and Others. By Application, the market is further sub-segmented into Oncology, CNS, Immunology, Respiratory and Others. By Application, oncology segment holds the largest market share, followed by the CNS and immunology segments. By Technology, drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics. Big data analytics is expected to grow at the highest CAGR.
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Geographically, North America market for Precision Medicine is segmented into U.S. and Canada. North America is the biggest market in terms of market share across the globe. The market in North America is highly driven due to higher acceptance rate and patient affordability. With the improved understanding of how cancers outwit the immune system, new therapeutic targets have been identified over the last few years in North America, due to which there is a wide range of opportunities for market growth.
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Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of North America Precision Medicine market.
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