Middle East Precision Medicine Market is Expected to Reach $8.6

• Posted by BIS Reports May 12, 2022 - Filed in Business - #Middle East Precision Medicine Market  #Middle East Precision Medicine Market report  #Middle East Precision Medicine industry  - 657 views

  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.
  
  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.

  

  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.

  Market Segmentation:

  

  Segmentation 1: by Ecosystem
  • Applied Sciences
  • Precision Therapeutics
  • Digital Health and Information Technology
  • Precision Diagnostics

  The Middle East precision medicine market is expected to be dominated by the precision therapeutics segment. This is due to an increasing number of drugs or therapeutics offered to their end users.

  Segmentation 2: by Application
  • Oncology
  • Infectious Diseases
  • Neurology
  • Endocrinology
  • Cardiology
  • Gastroenterology
  • Others

  The Middle East precision medicine market is dominated by the oncology segment owing to an increasing number of patients suffering from cancer. According to the data published by World Health Organization, cancer is a leading cause of deaths, with nearly 10 million deaths reported in 2020.

  Segmentation 3: by End User
  • Biopharmaceutical Companies
  • Diagnostic Companies
  • Others

  Segmentation 4: by Region
  • Middle East - K.S.A., Israel, Egypt, United Arab Emirates (U.A.E.), Iran, Qatar, Other Countries

  Kingdom of Saudi Arabia (K.S.A.) generated the highest revenue of $1059.7 million in 2021, which is attributed to the RD advancements in the field of single-cell analysis and the presence of dominating players operating in the precision medicine 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:

  • Abbott
  • Bio-Rad Laboratories, Inc.
  • ASURAGEN, INC.
  • bioMérieux SA
  • Diginova Health Solutions Ltd.
  • F. Hoffmann-La Roche Ltd
  • Diginova Health Solutions Ltd.
  • GlaxoSmithKline plc.
  • Illumina, Inc.
  • Intomics
  • Merck KGaA
  • Novartis AG
  • Thermo Fisher Scientific Inc.

  Companies that are not a part of the above-mentioned pool have been well represented across different sections of the report (wherever applicable).

   

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  How Can This Report Add Value to an Organization?

  Ecosystem/Innovation Strategy: The ecosystem segment helps the reader understand the four types of products, i.e., applied sciences, precision therapeutics, digital health and information technology, and precision diagnostics. These ecosystems are the major focus of the study as these are the target of market players in terms of revenue generation. Moreover, the study provides the reader with a detailed understanding of the different applications such as oncology, immunology, NIPT, microbiology, and others.

  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.

  Competitive Strategy: Key players in the Middle East precision medicine market analyzed and profiled in the study have involved the precision medicine application-based product manufacturers that provide precision therapeutics and diagnostics. Moreover, a detailed competitive benchmarking of the players operating in the Middle East precision medicine market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

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