New York, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Precision Medicine Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Precision Medicine Market Information Ecosystem Players, Sub-Markets, Therapeutics, and Region - Forecast till 2030”, the 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.
Market Synopsis
Precision medicine works on the concept that states, any two individuals affected by the same disorder or disease do not necessarily physically respond to it the same way. It does however depend on the patient's symptoms as well as their surrounding environment, along with the impact of genes. Other than this, it depends on the patient’s ability to respond to that particular condition, allowing physicians as well as researchers to decide on the required therapy.
Making use of system biology as well as pan omics to decide on the cause of the person’s sickness right at the molecular level is common in precision medicine. After this step, concentrated medicines are utilized for treating every patient's disease.
Precision medicine offers multiple benefits, such as effective therapy tailored to the person’s requirements as well as the illness category. Also, precision medicine can potentially reduce treatment costs while minimizing pharmaceutical administration.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 157.46 Billion |
| CAGR | 11.9% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Ecosystem Players, Sub-Markets and Therapeutics |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The integration of biotech and pharma industries with bigdata health care companies will provide extensive support for the growth |
| Rising rate of diseases required personalized medicines |
Precision Medicine Market Competitive Landscape:
The affluent firms in the precision medicine industry 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. (USA)
- IBM (USA)
- Innventis (Israel)
- Intel Corporation (USA)
- Johnson & Johnson (USA)
- Laboratory Corporation Of America Holdings (USA)
- Medtronic (USA)
- Molecular Health Gmbh (Germany)
- Novartis (Switzerland)
- Pfizer Inc. (USA)
- Qiagen (Germany)
- Quest Diagnostics Inc (USA)
- Randox Laboratories Ltd. (UK)
- Sanofi Pharma (France)
- Takeda Pharmaceutical Company Limited (Japan)
- Teva Pharmaceutical Industries Ltd. (Israel)
Precision Medicine Market Dynamics:
Market Drivers:
Rising approvals of new drugs and their companion diagnostic assays accelerated cases of cancer and the rapid surge in data-driven healthcare could favor the precision medicine industry in the following years. The extensive utilization of “multi-omics” in various research activities coupled with the increasing prevalence of high-throughput sequencing platforms would also foster the business scenario in the future.
Mounting costs associated with drug discovery and the rise in regulatory demands have raised the need for individualized products. The emergence of companion diagnostics seems to provide a series of tools along with relevant biological and clinical insights to cater to pharmaceutical companies. This is touted to be a highly favorable factor for the precision medicine industry in subsequent years.
Technological advances including next-generation sequencing and ultra-high-throughput sequencing have paved the way for highly targeted and specific therapies for patients. The significant burden of genetic disorders worldwide has further created an urgent need for personalized medicines, thereby boosting market growth.
Market Restraints:
The substantial costs with respect to precision medicine combined with the challenges associated with reimbursement policies could slow down the expansion rate of the worldwide market.
The use of high-end calculation methodology as well as innovative computational techniques add to the cost of the treatment procedure, in turn making precision medicine highly expensive. This discourages its demand to a large extent.
Browse In-depth Market Research Report (313 Pages) on Precision Medicine: https://www.marketresearchfuture.com/reports/precision-medicine-market-925
COVID 19 Analysis
The COVID-19 outbreak’s notable impact has led to various repercussions on the health status of people across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets.
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Precision Medicine Market Segmentation
By Sub-Market
The sub-markets considered in the MRFR analysis are molecular diagnostics, companion diagnostics, biomarker-based tests, targeted therapeutics, pharmacogenomics or PGX, and many more.
By Therapeutics
With respect to therapeutics, the precision medicine industry caters to central nervous system, cardiovascular disease or CVD, infectious disease, cancer or oncology, and others. The oncology segment shall make the highest progress in the years ahead.
By Ecosystem Players
The ecosystem players listed are pharmaceuticals and biotechnology companies, diagnostics companies, healthcare IT specialists or big data companies, clinical laboratories, among others.
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Precision Medicine Market Regional Insights
Given the frequent technological innovations and the presence of sophisticated medical facilities, North America has landed the top spot in the global market. The region is further led by the United States, where majority of the reputed players are set up. These players invest heavily on exhaustive R&D activities with respect to new medicines, which further enhances the market size.
The European market largely profits from the surge in data analytics associated with health sciences along with the massive strides in genomics field. The rising number of studies based on precision medicine in the region also adds value to the European market.
Escalating per capita income, booming population, upgradation of medical facilities and thriving medical tourism sector will ensure that Asia Pacific emerges as the fastest advancing market for precision medicine during the evaluation period.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
