Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Precision Medicine Market Report, Forecast by Product, Technology, Application, End User, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Global Precision Medicine market was valued at US$ 80.21 billion in 2023 and is further expected to reach US$ 193.18 billion by 2032, with a 10.26% CAGR from the year 2024 to the year 2032. The industry is expected to grow because the incidence of chronic diseases is on the rise. Need support from the governmental authorities and the focus on the further research will continue to impact the market in order to enhance patient's results by individualized therapeutic strategies. 
Advancements in Genomic Sequencing and Data Analytics
Precision Medicine now spans the breadth of healthcare specialties and is only growing in its prospective applications. In oncology, it enables doctors who need to decide on specific therapies, using a tumor marker to hit the target or address the molecular foundation of a disease, which will, in theory, lead to optimum treatment and minimum awkwardness from the patient. Pharmacogenomics enhances the ability to determine how patients will react to specific drugs and increase the rate of prescription accuracy. Precision medicine also plays a significant role in early diagnosis, prognosis and prevention of diseases. As the research goes further, it branches out to other specialties, such as cardiology, neurology, and other rare genetic disorders with expectations of better healthcare solutions in the specialties. In February 2021, QIAGEN extended its partnership agreement with Inovio Pharmaceuticals, Inc. to develop companion diagnostics for INOVIO's phase III DNA immunotherapy candidate for cervical dysplasia.
Rising Prevalence of Chronic Diseases and Cancer
There is an increased rate of chronic diseases with special emphasis on cancer, this has been cited to be driving the precision medicine industry. Deliveries of traditional treatments do not catheter for the many patients; therefore, there is a demand for tailor-made therapeutic treatments. It helps in identifying certain Gene mutations and Biomarkers that can help in identification of particular treatment modules, hence marking better results. It is most helpful in oncology where precision medicine is revolutionizing various notable cancers by treatment options which are specific to the individual's tumour's genomic makeup. Grater incidence of chronic disease means higher demand for precision medicine among healthcare providers in turn propelling the market and its investment. Feb 2024, US, estimated 129 million citizens suffer from at least one primary chronic disease, defined by the US Department of Health and Human Services as a top disease, inclusive but not limited to heart disease, cancer, diabetes, obesity, hypertension, using data of the Centers for Disease Control and Prevention.
Supportive Government Policies and Increased Funding
The industry of precision medicine is developing as the result of the elevated amount of governmental actions and expanded financing for research. More funding is provided by national initiatives from countries such as Precision Medicine Initiative in the United States and the 'Integrating China in the International Consortium for Personalized Medicine' (IC2PerMed) in China. Approval authorities are also advancing simplification of the procedures in precision medicine products leading to market entrants. Such aspects explain why pharma and biotech corporations collaborate actively with precision medicine solution providers to support the industry's development.
USA Precision Medicine Market Overview
The U.S precision medicine market is growing at a faster rate because of innovation in the field of precision medicine and next generation sequencing tests. The FDA has a crucial role in monitoring the reliability of such tests and works with different partners to build a more adaptable framework. Also, the Precision Medicine Initiative launched by the NIH has the goals to investigate factors determining differences in disease prevention/treatment; short-term goals of the Precision Medicine Initiative are to expand precision medicine in cancer research; the long-term objectives include the integration of precision medicine into all fields of medicine. The All of Us Research Program which aims to recruit at least one million participants is the show of hands on large-scale precision medicine across the country. In January 2024, Target RWE commenced a new Precision Medicine Platform to focus on emerging unmet demands for conditions in liver disease, gastroenterology, and immune-mediated inflammatory diseases.
Precision Medicine Market Company Overview
Some of the industry leaders seen in the Global Precision Medicine Market Includes AstraZeneca plc, Bayer AG, bioMerieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated, and Thermo Fisher Scientific Inc.
Precision Medicine Market News
- In May 2024, OM1 introduced three new products: OM1 Orion, OM1 Lyra, and OM1 Polaris. These devices are equipped with PhenOMTM, a digital phenotyping platform driven by artificial intelligence for clinical research and personalized treatment. Leading the way in providing Real-World Evidence (RWE) insights from the lab to patient care, OM1 uses extensive clinical data and cutting-edge AI systems to empower players in the healthcare sector.
- In April 2024, SOPHiA GENETICS and Bengaluru-based Strand Life Sciences have partnered to advance precision medicine globally.
- In January 2024, P SimBioSys, a TechBio company using biophysical modeling and AI for precision medicine, received its first FDA 510(k) clearance. TumorSight, the company's cloud-based precision medicine platform, can now offer its first software product.
- In May 2024, Atara submitted a Biologics License Application (BLA) to the FDA for tabelecleucel (tab-cel), a potential standalone treatment for Epstein-Barr virus-positive post-transplant lymphoproliferative disease (EBV+ PTLD) in adults and children aged two and above who have previously undergone at least one therapy. This is because there are currently no FDA-approved therapies available for this condition.
- In May 2024, A clinical collaboration was established between Dragonfly Therapeutics, Inc and Merck to evaluate DF9001, Dragonfly's EGFR immune engager, with KEYTRUDA (pembrolizumab) in patients with advanced solid cancers expressing EGFR.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 260 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $80.21 Billion |
| Forecasted Market Value (USD) by 2032 | $193.18 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Precision Medicine Market
6. Market Share
6.1 Product
6.2 Technology
6.3 Application
6.4 End User
6.5 Country
7. Product
7.1 Consumables
7.2 Instruments
7.3 Services
8. Technology
8.1 Big Data Analytics
8.2 Bioinformatics
8.3 Gene Sequencing
8.4 Drug Discovery
8.5 Companion Diagnostics
8.6 Others
9. Application
9.1 Oncology
9.2 Central Nervous System (CNS)
9.3 Immunology
9.4 Respiratory Medicine
9.5 Infections
9.6 Others
10. End User
10.1 Hospitals and Clinics
10.2 Diagnostic Centers
10.3 Pharma and Biotech Companies
10.4 Healthcare IT Firms
10.5 Others
11. Country
11.1 North America
11.1.1 United States
11.1.2 Canada
11.2 Europe
11.2.1 France
11.2.2 Germany
11.2.3 Italy
11.2.4 Spain
11.2.5 United Kingdom
11.2.6 Belgium
11.2.7 Netherlands
11.2.8 Turkey
11.3 Asia-Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 Australia
11.3.5 South Korea
11.3.6 Thailand
11.3.7 Malaysia
11.3.8 Indonesia
11.3.9 New Zealand
11.4 Latin America
11.4.1 Brazil
11.4.2 Mexico
11.4.3 Argentina
11.5 Middle East & Africa
11.5.1 South Africa
11.5.2 Saudi Arabia
11.5.3 UAE
12. Porter's Five Analysis
12.1 Bargaining Power of Buyers
12.2 Bargaining Power of Suppliers
12.3 Degree of Rivalry
12.4 Threat of New Entrants
12.5 Threat of Substitutes
13. SWOT Analysis
13.1 Strength
13.2 Weakness
13.3 Opportunity
13.4 Threat
14. Key Players Analysis
14.1 AstraZeneca plc
14.1.1 Overview
14.1.2 Recent Development
14.1.3 Product Portfolio
14.1.4 Financial Insight
14.2 Bayer AG
14.3 bioMerieux SA
14.4 Bristol-Myers Squibb Company
14.5 Eli Lilly and Company
14.6 F. Hoffmann-La Roche AG
14.7 Illumina Inc.
14.8 Laboratory Corporation of America Holdings
14.9 Merck KGaA
14.10 Novartis AG
14.11 Pfizer Inc.
14.12 Qiagen N.V.
14.13 Quest Diagnostics Incorporated
14.14 Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ci7k2j
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