Middle East Precision Medicine Market Emerging Trends, Industry Growth and Forecast to 2032

Middle East Precision Medicine Market , Middle East Precision Medicine Market report, Middle East Precision Medicine industry, Precision Medicine Market

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.

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.

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.

Demand – Drivers and Limitations

Following are the demand drivers for Middle East precision medicine market:

•    Advancement of Sequencing Technologies
•    Rising Prevalence of Chronic Diseases
•    Shifting the Significance in Medicine from Reaction to Prevention
•    Reducing Adverse Drug Reactions through Pharmacogenomics Test
•    Potential to Reduce the Overall Healthcare Cost Across the Globe

The market is expected to face some limitations too due to the following challenges:

•    Unified Framework for Data Integration
•    Limited Knowledge about Molecular Mechanism/Interaction
•    Lack of Robust Reimbursement Landscape

Analyst Thoughts

According to Nitish Kumar, Principal Analyst, BIS Research, “Precision medicine market” is a broad market comprising overall therapeutics and diagnostics ecosystem. Precision medicine is an approach to the prevention and treatment of disease which considers individual variability in genes, environment, and lifestyle for each person. The precision medicine approach allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work and in which groups of people.”

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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