Market Insights
As per recent research by MarkNtel Advisors, The Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30.
Global Precision Medicine Market Driver:
Rising Demand for Personalized Therapies to Boost Market Growth – Over the past few years, research by academic institutions, non-profit organizations, etc. has revealed that every individual responds differently to medicine due to genetic, physiological, environmental, and lifestyle factors. According to Stanford Medicine, in 2021, it was revealed that almost 99.5% of individuals have an abnormal or atypical response to at least one therapeutic drug. This variability in medication response slows down the efficacy of the treatments. As a result, healthcare facilities are adopting a personalized therapeutic approach, including tailored treatments based on patient characteristics. These tailored approaches optimize therapeutic outcomes and minimize the risk of adverse drug reactions.
Moreover, these personalized approaches also offer therapies based on the patient’s disease analysis, which helps in the early detection of disease risk, identification of high-risk individuals, and implementation of preventive measures. Therefore, individuals are seeking personalized therapies to mitigate disease progression and improve long-term health outcomes, driving the Precision Medicine Market.
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Market Segmentation and Consumer Behavior:
By Technology
- Big Data Analytics- Market Size & Forecast 2019-2030F, USD Million
- Bioinformatics- Market Size & Forecast 2019-2030F, USD Million
- Whole Genome Sequencing- Market Size & Forecast 2019-2030F, USD Million
- Companion Diagnostics- Market Size & Forecast 2019-2030F, USD Million
- Molecular Imaging- Market Size & Forecast 2019-2030F, USD Million
- Artificial Intelligence- Market Size & Forecast 2019-2030F, USD Million
- Others (Pharmacogenomics, Genetic Testing, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Solution Offering
- Consumables- Market Size & Forecast 2019-2030F, USD Million
- Reagents- Market Size & Forecast 2019-2030F, USD Million
- Assay Kits- Market Size & Forecast 2019-2030F, USD Million
- Instruments- Market Size & Forecast 2019-2030F, USD Million
- Real-Time PCR Machines- Market Size & Forecast 2019-2030F, USD Million
- Next-Generation Sequencing (NGS) Systems- Market Size & Forecast 2019-2030F, USD Million
- Microarray Scanners- Market Size & Forecast 2019-2030F, USD Million
- Others (Flow Cytometers, Imaging Systems, etc.) – Market Size & Forecast 2019-2030F, USD Million
- Services- Market Size & Forecast 2019-2030F, USD Million
- Genetic Testing and Counseling- Market Size & Forecast 2019-2030F, USD Million
- Pharmacogenomics Testing- Market Size & Forecast 2019-2030F, USD Million
- Cancer Genomic Profiling- Market Size & Forecast 2019-2030F, USD Million
By End User
- Pharmaceutical & Biotechnology Company- Market Size & Forecast 2019-2030F, USD Million
- Diagnostic Laboratories- Market Size & Forecast 2019-2030F, USD Million
- Healthcare IT- Market Size & Forecast 2019-2030F, USD Million
- Research Centers- Market Size & Forecast 2019-2030F, USD Million
- Healthcare Providers- Market Size & Forecast 2019-2030F, USD Million
- Others (Academic Institutes, Non-Profit Organization, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Application
- Oncology- Market Size & Forecast 2019-2030F, USD Million
- Immunology- Market Size & Forecast 2019-2030F, USD Million
- Central Nervous System (CNS) – Market Size & Forecast 2019-2030F, USD Million
- Respiratory- Market Size & Forecast 2019-2030F, USD Million
- Gastroenterology- Market Size & Forecast 2019-2030F, USD Million
- Others (Endocrinology, Neurology, etc.)- Market Size & Forecast 2019-2030F, USD Million
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Precision Medicine Market Geographical Analysis:
By Region:
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Key Players and Competitive Strategies in the Precision Medicine Market
Several prominent players dominate the Precision Medicine Market, including:
- Hoffmann-La Roche Ltd.
- Astra Zeneca
- Qiagen
- Thermo Fisher Scientific Inc.
- Amgen Inc.
- Bayer AG
- Biogen Inc.
- Illumina Inc.
- Medtronic Plc
- Novartis Pharmaceutical Corporation
- Kailos Genetics, LLC.
- C2i Genomics
- Astarte Medical
- PerkinElmer Inc.
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Questions Addressed in this Study
1.What factors are driving the Precision Medicine Market growth?
2.How is the Precision Medicine Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Precision Medicine Market?
4.What is the current size of the Precision Medicine Market, and how is it projected to change in the future?
5.What is the future outlook for the Precision Medicine Market in terms of technological advancements and market expansion?
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