Dublin, June 22, 2022 (GLOBE NEWSWIRE) — The “Middle East Precision Medicine Market – Country Analysis: Focus on Ecosystem, Technology, Application, End User, and Country Data – Analysis and Forecast, 2022-2032” report has been added to ResearchAndMarkets.com’s offering.
The Middle East precision medicine market was estimated to be at $3,942.6 million in 2021, which is expected to grow with a CAGR of 7.37% and reach $8,620.0 million by 2032.
The Middle East precision medicine market is expected to witness high growth, attributed to the rising prevalence of chronic disease, advancement of sequencing technologies, reducing adverse drug reactions through pharmacogenomics tests, and potential to reduce the overall healthcare cost across the globe.
The continued significant investments by healthcare companies to meet industry demand and the growing adoption of precision medicine among major end users are the major factors propelling the growth of the Middle East precision medicine market.
Market Lifecycle Stage
Precision medicine refers to the medicine developed as per an individual’s genetic profile. It provides guidance regarding the prevention, diagnosis, and treatment of diseases.
The segmentation of the population is done depending on the genome structure of individuals and their compatibility with a specific drug molecule. In the precision medicine market, the application of molecular biology is to study the cause of a patient’s disease at the molecular level so that target-based therapies or individualized therapies can be applied to cure the patient’s health-related problems.
This industry is gaining traction owing to the growing awareness about healthcare among individuals, the integration of smart devices such as smartphones and tablets into healthcare, and the increasing collaborations and agreements of information technology (IT) firms with the diagnostics and biopharmaceutical companies for the development of precision diagnostic tools.
The growth of the precision medicine market over the last few years has been monumental. New technologies are rapidly being introduced, expanding the arsenal of tools accessible to support the development and adoption of precision medicine solutions over “one-size-fits-all” therapies.
Advancements in gene therapies, cell therapies, molecular biomarker analysis, and companion diagnostics have the potential to transform medicine and increase the ability to treat and cure several intractable diseases. Advances in sequencing technologies and non-invasive diagnostics, such as liquid biopsy and non-invasive prenatal testing (NIPT), have facilitated the acquisition of real-time data and gained interest for their usage in acquiring the data by exhibiting the biology of tumors and metastatic tissues.
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Growth/Marketing Strategy: The Middle East precision medicine market has been dominated significantly by companies such as QIAGEN N.V., PerkinElmer, Inc., F. Thermo Fisher Scientific Inc, and Hoffmann-La Roche Ltd., due to their expansive portfolio and strong presence across the world.
The following figure represents the growth-share matrix for some of the major players in the Middle East precision medicine market based on their activities till the end of 2020. Many companies such as Agilent Technologies, Inc., Thermo Fisher Scientific Inc., PerkinElmer, Inc., Beckman Coulter, Inc. (Danaher Corporation), Illumina, Inc., Norgen Biotek Corp., and Omega Bio-tek, Inc. lie in the low growth and low market share segment.
Most of the key market players in the Middle East precision medicine market are categorized under the low growth and low market share segment. The low market share of these companies is primarily due to limited products with respect to the Middle East precision medicine market in comparison to other segments of these companies. Also, the lack of synergistic activities with respect to the market is responsible for the low growth of these companies.
The presence of major service providers of precision medicine products in Middle East regions has a major impact on the market. For instance, Illumina, Inc. provides NovaSeq 6000 S2, Reagent Kit, NovaSeq 6000 S4 reagent kit, and NovaSeq Xp 4-lane kit in the Middle East.
Companies such as F. Hoffmann-La Roche Ltd provide foundation one liquid. The services are a reliable and convenient way to expand in-house resources with expertise and perfectly tailored bioinformatics services that ensure quality results. The presence of these companies has a positive impact on market growth.
Impact of COVID-19
The current Middle East precision medicine market study comprises products and applications utilized to provide beneficial effects to specific health benefits and treatments. Since the market is primarily application and ecosystem-dominated, the COVID-19 pandemic had a low impact on the growth or the revenue generated from the market.
The current market assessment has considered information provided by key opinion leaders in the market, from the supply side as well as the demand side. A majority of the products, such as kits and assays in the market, are used for infectious disease applications. In addition, infectious diseases are playing an important role in the growth of the market.
Recent Developments in Middle East Precision Medicine Market
- In October 2020, Bio-Rad Laboratories launched the CFX Opus 96 Dx System and CFX Opus 384 Dx System. The product can multiplex near about five samples to offer effective in-vitro diagnostics (IVD) assay development and testing. The product has been commercialized in the Middle East region.
- In March 2021, F. Hoffmann-La Roche Ltd released the AVENIO Tumor Tissue CGP Kit, which enables laboratories to extend their oncology research in-house.
- In June 2019, F. Hoffmann-La Roche Ltd partnered with the Health Authority and an international health insurer, AXA, in Dubai. This partnership would develop funding for diagnostic and treatment for breast, colorectal, and cervical cancers.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- Bio-Rad Laboratories, Inc.
- ASURAGEN, INC.
- bioMerieux SA
- Diginova Health Solutions Ltd.
- F. Hoffmann-La Roche Ltd
- Diginova Health Solutions Ltd.
- GlaxoSmithKline plc.
- Illumina, Inc.
- Merck KGaA
- Novartis AG
- Thermo Fisher Scientific Inc.
Key Topics Covered:
1 Middle East Precision Medicine Market
2 Market Overview
2.1 Market Definition
2.2 Precision Medicine: A Frontier in the Genesis of Patient-Centric Medicine
2.3 Precision Medicine: Remodeling the One-Size-Fits-All Theory to Individually Tailored Therapy
2.4 Precision Medicine: Enabling Technologies and Applications
22.214.171.124 3D DNA Printing
126.96.36.199 4D Molecular Imaging
2.4.2 Early Adopters
188.8.131.52 Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)
184.108.40.206 Imaging Informatics
2.4.3 Early Majority
220.127.116.11 Artificial Intelligence (AI)
18.104.22.168 Circulating Free DNA (cfDNA)
22.214.171.124 Big Data
126.96.36.199 Next-Generation Sequencing (NGS)
188.8.131.52 Health Informatics
2.4.4 Late Majority
184.108.40.206 Polymerase Chain Reactions (PCR)
2.5 COVID-19 Impact on the Middle East Precision Medicine Market
3 Industry Insights
3.1 Patent Analysis
3.2 Legal Requirements and Regulations
4 Competitive Landscape
4.1 Synergistic Activities
4.2 Product Launches, Enhancements, and Upgradation
4.3 Mergers and Acquisitions
4.4 Business Expansion
5 Market Dynamics
5.1 Market Drivers
5.1.1 Advancement of Sequencing Technologies
5.1.2 Rising Prevalence of Chronic Diseases
5.1.3 Shifting the Significance in Medicine from Reaction to Prevention
5.1.4 Reducing Adverse Drug Reactions through Pharmacogenomics Test
5.1.5 Potential to Reduce the Overall Healthcare Cost Across the Globe
5.2 Market Restraints
5.2.1 Unified Framework for Data Integration
5.2.2 Limited Knowledge about Molecular Mechanism/Interaction
5.2.3 Lack of Robust Reimbursement Landscape
5.3 Market Opportunities
5.3.1 Targeted Gene Therapy
5.3.2 Expansion into Emerging Markets
5.3.3 Collaborations and Partnerships across Value Chain to Accelerate Market Entry
6 Middle East Precision Medicine Market, by Ecosystem, $Million, 2021 – 2032
6.2 Applied Sciences
6.3 Precision Therapeutics
6.4 Digital Health and Information Technology
6.5 Precision Diagnostics
7 Middle East Precision Medicine Market, by Application, $Million, 2021 – 2032
7.3 Infectious Diseases
7.8 Other Applications
8 Middle East Precision Medicine Market, by End-User, $Million, 2021 – 2032
8.2 Biopharmaceutical Companies
8.3 Diagnostic Companies
8.4 Other End Users
9 Middle East Precision Medicine Market, by Country, $Million, 2021-2032
9.1.7 Other Countries
10 Market – Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ysqm3s