Precision Medicine Market Projected to Hit USD 159.77 billion at a 12.5% CAGR by 2032 | Report by Market Research Future
Research Reports
Sep 28, 2023
Market Overview
The precision medicine market size is projected to grow from USD 55.35 Billion in 2022 to USD 159.77 billion by 2032, exhibiting a CAGR of 12.5% during the forecast period (2023 – 2032).
Market Dynamics
The rising prevalence of cancer and other diseases throughout the world is one reason fueling the demand for innovative medication discovery, which in turn is driving market expansion. In addition, many partnerships between academics and industry leaders are likely to have a constructive effect on the development of the market. Furthermore, the combination of AI and technical breakthroughs is transforming the healthcare sector by facilitating the recording and monitoring of clinical data with less effort and mistake.
Competitive Dynamics
Key Companies in the Precision Medicine market include 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), among others.
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Significant discoveries and therapies that have been authorized by the FDA have also been made possible by the development of precision medicine. These therapies offer significant potential for treating a wide range of disorders since they are customized to each patient based on factors like their genetic composition or the genetic profile of their tumor. Patients with many types of cancer routinely receive molecular testing as part of their treatment. In addition, this facilitates the selection of cancer treatments that boost survival rates while minimizing adverse effects. Therefore, the CAGR of the precision medicine market worldwide has increased as a result of such medical progress in the last few years.
However, the number of companies and public and private research institutions in the sector has been on the rise. Consistent, unwavering work by scientists has led to the discovery of genetic biomarkers and an understanding of the human genome. The income from the precision medicine business has grown substantially thanks to government programs.
Market Segmentation
The precision medicine market segmentation, based on ecosystem players, includes pharmaceuticals and biotechnology companies, diagnostic companies, healthcare IT specialists/big data companies, and clinical laboratories.
The precision medicine market data has been bifurcated by therapeutics into cancer/oncology, cardiovascular disease (CVD), central nervous system, and infectious diseases.
Regional Analysis
In 2021, the North American precision medicine market was valued at USD 21.25 billion, and it is projected to rise at a healthy CAGR over the course of the forecast period. This is because of the increased investment in healthcare infrastructure, and growth in the precision medicine industry is also anticipated to be supported by increased financing for research and development.
Because of developments in areas like genome sequencing and diagnostic testing, Europe’s precision medicine market is second only to that of the United States. As a result, advances in information gathering, storage, and analysis, as well as in contextualizing, integrating, interpreting, and providing rapid and accurate decision support in clinical and public health contexts, are essential to the success of the customized, individualized approach. Additionally, the market share for precision medicine was highest in Germany, while the greatest growth was seen in the United Kingdom.
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The market for precision medicine in Asia is projected to expand at the highest compound annual growth rate (CAGR) between 2022 and 2030. This is because of massive expenditures in healthcare infrastructure, which have made possible low-cost clinical trials of innovative precision medicine. Additionally, the precision medicine market in China accounted for the greatest part of the overall industry, while the precision medicine market in India grew at the quickest rate in the Asia-Pacific region.
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