Precision Medicine Market Is Likely to Experience Tremendous Growth in the near Future Till 2030
Research Reports
Apr 21, 2023
Precision Medicine Market Research Report Information By Ecosystem Players (Pharmaceuticals and Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialists/Big Data Companies, and Clinical Laboratories), By Sub-Markets (Biomarker-Based Test, Companion Diagnostics, Targeted Therapeutics, Pharmacogenomics (PGX), and Molecular Diagnostics), By Therapeutics (Cancer/Oncology, Cardiovascular Disease (CVD), Central Nervous System, and Infectious Diseases), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market till 2030
Precision medicine is an approach to medical treatment that takes into account individual variability in genes, environment, and lifestyle. The goal of precision medicine is to provide more targeted and effective treatments for individuals based on their unique characteristics. The precision medicine market includes a range of products and services, including diagnostic tests, targeted therapies, and personalized medicine.
The precision medicine market is expected to grow significantly in the coming years, driven by factors such as the increasing prevalence of chronic diseases, advancements in genomic technologies, and the growing demand for personalized healthcare. The global precision medicine market was valued at USD 49.2 billion in 2021 and is expected to reach USD 126.24 billion at a compound annual growth rate (CAGR) of 12.50% from 2022 to 2030.
Key Players
Some of the key players in the precision medicine market include Illumina Inc., Thermo Fisher Scientific, Roche Holding AG, Novartis AG, Qiagen N.V., Pfizer Inc., Biocrates Life Sciences AG, Eagle Genomics Ltd, Nanostring Technologies Inc., and Laboratory Corporation of America Holdings (LabCorp).
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Market Segmentation
The precision medicine market can be segmented on the basis of technology, application, end-user, and region. Here’s a brief overview of each of these segments:
Technology: The precision medicine market can be segmented on the basis of technology into genomics, proteomics, metabolomics, and others. Genomics, which involves the study of an individual’s DNA, is the largest segment within the precision medicine market.
Application: The precision medicine market can be segmented on the basis of application into oncology, neurology, cardiology, infectious diseases, and others. Oncology is the largest segment within the precision medicine market, due to the high prevalence of cancer and the increasing use of targeted therapies in cancer treatment.
End-user: The precision medicine market can be segmented on the basis of end-user into hospitals, diagnostic laboratories, academic and research institutes, and others. Hospitals are the largest segment within the precision medicine market, due to the increasing adoption of precision medicine in clinical settings.
Region: The precision medicine market can be segmented on the basis of region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Overall, the precision medicine market is a diverse market with multiple segments, each of which is expected to see growth in the coming years. The largest segments within the market include genomics, oncology, and hospitals, although other segments such as proteomics and neurology are also expected to see significant growth in the coming years.
Regional Analysis
The precision medicine market is a global market that is expected to see growth in all regions, although the rate of growth may vary between regions. Here is a brief overview of the regional analysis of the precision medicine market:
North America: North America is the largest market for precision medicine, accounting for the largest share of the global market. The presence of a well-established healthcare infrastructure, high awareness among patients and healthcare providers, and favorable government initiatives are some of the factors driving the growth of the precision medicine market in this region.
Europe: Europe is the second-largest market for precision medicine, with a significant contribution from countries such as Germany, France, and the UK. The region has a well-developed healthcare system and a strong focus on research and development, which are expected to drive the growth of the precision medicine market in this region.
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Asia-Pacific: The Asia-Pacific region is expected to see significant growth in the precision medicine market in the coming years, driven by factors such as the increasing prevalence of chronic diseases, a growing population, and rising healthcare expenditure. Countries such as China, India, and Japan are expected to be major contributors to the growth of the precision medicine market in this region.
Latin America: Latin America is expected to see moderate growth in the precision medicine market, with Brazil being a major contributor to the growth of the market in this region.
Middle East and Africa: The Middle East and Africa region is expected to see limited growth in the precision medicine market, due to factors such as limited healthcare infrastructure and low awareness among patients and healthcare providers.
Overall, the precision medicine market is a global market that is expected to see growth in all regions, with North America and Europe being the largest markets, and Asia-Pacific expected to see the fastest growth in the coming years.
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