Precision Medicine Market is Expected to Reach USD 157.46 Billion and to Register a CAGR of 11.9% by 2030
Research Reports
Nov 24, 2022
A medicine that is created based on a person’s unique genetic profile and serves as a guide for the early detection, diagnosis, and treatment of diseases is known as precision medicine. The Precision Medicine Market was valued USD 65.93 billion in 2021 and is expected to reach USD 157.46 Billion by 2030 at 11.9% CAGR during the forecast period 2022-2030.
This research studies the strategies of the major market participants while keeping an eye on the market’s structure to determine the market’s potential for future growth. Additionally, it tracks market joint ventures, new product innovations, mergers and acquisitions, and new product developments (R & D). The main market-driving drivers, according to this analysis, are the rise in genetic illnesses, the incorporation of wireless technology into portable healthcare devices, and patient involvement in self-care.
The ecosystem, submarket, therapeutics, and region have all been used to segment the worldwide market for precision medicine. The market has been divided into clinical laboratories, diagnostic tool providers, healthcare IT/big data firms, and pharma & biotech firms based on the ecosystem. The paper claims that the industry for precision medicine is dominated by companies that make ecosystem diagnostic tools. It is anticipated that it would reach US $ 27.56 bn in cash by 2022.
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According to the sub-market-based segmentation, the market is divided into targeted medicines, companion diagnostics, molecular diagnostics, pharmacogenomics, and biomarker-based tests. Company diagnostics has the biggest market share in the sub-sector. By 2022, it’s projected to reach US $ 21.32 billion. The market has been divided into treatments for cancer/oncology, cardiovascular disease, neurological disorders, infectious diseases, and other conditions.
Market Segmentation:
The precision medicine market is segmented by ecosystem players, submarkets and therapeutics.
By Ecosystem Players
Pharmaceuticals And Biotechnology Companies
Diagnostic Companies
Healthcare It Specialists/Big Data Companies
Clinical Laboratories
By Sub-Markets
Companion Diagnostics
Biomarker Based Test
Targeted Therapeutics
Pharmacogenomics (Pgx)
Molecular Diagnostics
By Therapeutics
Cancer/Oncology
Cardiovascular Disease (Cvd)
Central Nervous System
Infectious Diseases
Regional Analysis:
The regional segmentation of the global precision medicine market divides the market into the Middle East and Africa, Europe, Asia Pacific, and the Americas (North and South America) (MEA). North America has a larger market than South America because of its stronger medical facilities and technology improvements. The United States of America dominates this region in terms of significant players, investment in pharmaceutical R&D, and medical facilities. As a result, it produces the most income. Even in Europe, the market is expanding as a result of developments in technology and investments in R & D as a result of numerous government programmes. The majority of Europe’s major market participants are headquartered in countries with robust economies like France, Germany, and the United Kingdom (UK). The Asia Pacific region is also anticipated to become the fastest expanding market during the projected period as a result of rising per capita income, high population density, bettering healthcare facilities, and increasing medical tourism. Due to a lack of knowledge about precision medicine, a lack of education, a lack of technical advancement, inadequate healthcare, and the fact that most governments do not prioritise healthcare, the MEA region has a tiny market.
Key Players:
The leading companies in the world’s market for precision medicine are Abbott Laboratories (USA), Ab-Biotics Sa (USA), Almac Group Ltd. (UK), Asuragen Inc. (USA), Biobase Gmbh (Germany), Biomérieux Sa (France), Caris Life Sciences (USA), Cepheid Inc. (USA), Cetics Healthcare Technologies Gmbh (Germany), Ge Healthcare (USA), Glaxosmithkline PLC (UK), Healthcore Inc. (Israel).
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