A Quick Overview of Precision Medicine Market
The key object of this report on the Precision Medicine Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.
MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the Precision Medicine Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.
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Precision Medicine Market Scenario:
The Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30. In recent years, the lifestyle of individuals has drastically changed, as they are following unhealthy diets, consuming excessive alcohol, and rarely engaging in physical activities like sports. The transition of individuals toward unhealthy lifestyles has led to rising instances of chronic diseases like diabetes, cardiovascular diseases, etc. According to the British Heart Foundation, as of 2024, almost 110 million men & 80 million women are suffering from coronary heart disease. The higher prevalence of chronic illnesses across the globe is resulting in the requirement for accurate treatment & medicines to improve an individual's health condition, driving the Precision Medicine Market.
Precision Medicine Market - Industry Dynamics, Size, And Opportunity Forecast To 2030:
Market Driver - Rising Demand for Personalized Therapies to Boost Market Growth
Over the past few years, research by academic institutions, non-profit organizations, etc. has revealed that every individual responds differently to medicine due to genetic, physiological, environmental, and lifestyle factors. According to Stanford Medicine, in 2021, it was revealed that almost 99.5% of individuals have an abnormal or atypical response to at least one therapeutic drug. This variability in medication response slows down the efficacy of the treatments. As a result, healthcare facilities are adopting a personalized therapeutic approach, including tailored treatments based on patient characteristics. These tailored approaches optimize therapeutic outcomes and minimize the risk of adverse drug reactions.
Moreover, these personalized approaches also offer therapies based on the patient's disease analysis, which helps in the early detection of disease risk, identification of high-risk individuals, and implementation of preventive measures. Therefore, individuals are seeking personalized therapies to mitigate disease progression and improve long-term health outcomes, driving the Precision Medicine Market.
Precision Medicine Market Segmentation Analysis:
Precision Medicine Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:
By Technology
- Big Data Analytics- Market Size & Forecast 2019-2030F, USD Million
- Bioinformatics- Market Size & Forecast 2019-2030F, USD Million
- Whole Genome Sequencing- Market Size & Forecast 2019-2030F, USD Million
- Companion Diagnostics- Market Size & Forecast 2019-2030F, USD Million
- Molecular Imaging- Market Size & Forecast 2019-2030F, USD Million
- Artificial Intelligence- Market Size & Forecast 2019-2030F, USD Million
- Others (Pharmacogenomics, Genetic Testing, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Solution Offering
- Consumables- Market Size & Forecast 2019-2030F, USD Million
- Reagents- Market Size & Forecast 2019-2030F, USD Million
- Assay Kits- Market Size & Forecast 2019-2030F, USD Million
- Instruments- Market Size & Forecast 2019-2030F, USD Million
- Real-Time PCR Machines- Market Size & Forecast 2019-2030F, USD Million
- Next-Generation Sequencing (NGS) Systems- Market Size & Forecast 2019-2030F, USD Million
- Microarray Scanners- Market Size & Forecast 2019-2030F, USD Million
- Others (Flow Cytometers, Imaging Systems, etc.) - Market Size & Forecast 2019-2030F, USD Million
- Services- Market Size & Forecast 2019-2030F, USD Million
- Genetic Testing and Counseling- Market Size & Forecast 2019-2030F, USD Million
- Pharmacogenomics Testing- Market Size & Forecast 2019-2030F, USD Million
- Cancer Genomic Profiling- Market Size & Forecast 2019-2030F, USD Million
By End User
- Pharmaceutical & Biotechnology Company- Market Size & Forecast 2019-2030F, USD Million
- Diagnostic Laboratories- Market Size & Forecast 2019-2030F, USD Million
- Healthcare IT- Market Size & Forecast 2019-2030F, USD Million
- Research Centers- Market Size & Forecast 2019-2030F, USD Million
- Healthcare Providers- Market Size & Forecast 2019-2030F, USD Million
- Others (Academic Institutes, Non-Profit Organization, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Application
- Oncology- Market Size & Forecast 2019-2030F, USD Million
- Immunology- Market Size & Forecast 2019-2030F, USD Million
- Central Nervous System (CNS) - Market Size & Forecast 2019-2030F, USD Million
- Respiratory- Market Size & Forecast 2019-2030F, USD Million
- Gastroenterology- Market Size & Forecast 2019-2030F, USD Million
- Others (Endocrinology, Neurology, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
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Who are the Key Market Players in the Precision Medicine Market?
In the fast-changing Precision Medicine Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the Precision Medicine market ruling the industry are:
List of Key Companies Profiled:
- Hoffmann-La Roche Ltd.
- Astra Zeneca
- Qiagen
- Thermo Fisher Scientific Inc.
- Amgen Inc.
- Bayer AG
- Biogen Inc.
- Illumina Inc.
- Medtronic Plc
- Novartis Pharmaceutical Corporation
- Kailos Genetics, LLC.
- C2i Genomics
- Astarte Medical
- PerkinElmer Inc.
- Others.
Global Precision Medicine Recent Development:
- 2023: Hoffmann-La Roche Ltd. partnered with Janssen, a pharmaceutical company, to expand a wide range of services, including companion diagnostics, tissue and blood-based biomarkers, sequencing, and digital pathology.
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