Precision Medicine Market Share is Anticipated to Surpass USD 126.24 Billion Rising at a 12.50% CAGR by 2030
Jul 12, 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 Forecast Till 2030
According to MRFR analysis, the global precision medicine market is expected to register a CAGR of 12.50% from 2022to 2030 and hold a value of over USD 126.24 billion by 2030.
The Global Precision Medicine Market refers to the market for healthcare solutions and technologies that aim to tailor medical treatments and interventions to individual patients based on their unique genetic makeup, lifestyle, and environmental factors. Precision medicine, also known as personalized medicine, involves the use of advanced diagnostic tools, genomic sequencing, data analytics, and targeted therapies to provide precise and effective treatments for various diseases.
The market is driven by factors such as the growing prevalence of chronic diseases, increasing adoption of genomic sequencing technologies, rising investments in research and development, and the shift towards value-based healthcare.
The pandemic has highlighted the importance of genomics in understanding the virus and its impact on individuals. Genomic sequencing has played a crucial role in tracking the spread of the virus, studying its variants, and identifying potential treatment targets. This increased adoption of genomic sequencing has benefited the precision medicine market, as it has reinforced the significance of personalized approaches in healthcare.
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Precision Medicine Market Competitive Analysis
Some of the key market players 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)
- Celtics Healthcare Technologies Gmbh (Germany)
- GE Healthcare (USA)
Precision Medicine Market Segmentation
The Global Precision Medicine Market has been segmented into type and application.
Based on the type, the market has been segmented into Pharmaceuticals and Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialists/Big Data Companies and Clinical Laboratories.
Based on the application, the market has been segmented into Companion Diagnostics, Biomarker-Based Test, Targeted Therapeutics, Pharmacogenomics (PGX) and Molecular Diagnostics.
Precision Medicine Market Regional Analysis
North America is currently the largest region in the Global Precision Medicine Market. The United States, in particular, has been a major contributor to the growth of the precision medicine market in North America.
Browse In-depth Market Research Report (313 Pages) on Precision Medicine: https://www.marketresearchfuture.com/reports/precision-medicine-market-925
North America has been at the forefront of technological advancements in genomics, molecular diagnostics, and targeted therapies. The region has a robust ecosystem of research institutions, biotechnology companies, and pharmaceutical firms that drive innovation and the development of precision medicine technologies.
The regulatory environment in North America, particularly in the United States, supports the development and commercialization of precision medicine solutions. Regulatory agencies such as the U.S. Food and Drug Administration (FDA) have established frameworks for the approval of companion diagnostics and targeted therapies, facilitating market growth.
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