OCEAN VIEW, Delware, November 1, 2016 /PRNewswire/ -- " Global Precision medicine market size worth USD 39 billion in 2015, is forecast to grow at a CAGR of 10.5% over the period of 2016-2023, hitting USD 87.7 billion by 2023," according to a recent study on Global Precision Medicine Market - Estimations & forecast (2016-2023) by Global Market Insights Inc. (Logo: http://photos.prnewswire.com/prnh/20160418/799556-a ) Technological advancements like next generation sequencing, demand for customized medical solutions, growth in healthcare technologies, and favorable government norms are the vital factors to drive the industry growth over the coming seven years, says the report. Moreover, increasing geriatric population and prevailing cancer rates are also boosting the precision medicines market share. Request for a sample of this research report @https://www.gminsights.com/request-sample/detail/671 The approach has gained high significance due to its customized treatment methods which has enabled better assessment of disease risks and optimal therapies considering the variability in genes, environment, and lifestyle of each individual. The government backing for the precision medicine market is also a vital industry revenue driver. The need to build a public health database is well met with the precision medicine approach. In 2015, President Barack Obama announced the concept of PMI (Precision medicine initiative) which enables providers, researchers, and patients to work together towards developing individualized care. However, lack of data confidentiality (the risks associated with sharing of patients' genetic data) and lesser investments on customized and innovative drugs by pharmaceutical companies are factors likely to hinder the market growth over the coming timeframe. Browse key industry insights spread across 94 pages with 85 market data tables & 62 figures & charts from the report, "Precision Medicine Market Size By Technology (Big Data Analytics, Gene Sequencing, Drug Discovery, Bioinformatics, Companion Diagnostics), By Application (Oncology, CNS, Immunology, Respiratory), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Scandinavia, Italy, Japan, China, India, Singapore, Mexico, Brazil, South Africa, UAE, Qatar, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023"in detail along with the table of contents:https://www.gminsights.com/industry-analysis/precision-medicine-market The report analyses the industry in terms of technologies, application, regions, and competition.