The Global Precision Medicine Market Determined to Reach $128.17 Billion in Revenue by 2028

According to Triton’s report, the global precision medicine market, which secured $62.60 billion in 2020, is likely to witness progress at 9.79% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Precision Medicine Market’ comprises the Global Analysis and Forecasts by Component (Digital Health and Information Technology [Clinical Decision Support Systems (CDSS), Genomics Informatics, IT Infrastructure, Big Data Analytics, Mobile Health, In-Silico Informatics], Precision Therapeutics [Clinical Trials, Drug Discovery and Research, Gene Therapy, Cell Therapy], Applied Science [Pharmacogenomics, Genomics (Genome Editing, PCR, PM NGS, Other Genomics Technologies), Other Applied Sciences], Precision Diagnostics [Medical Imaging (Imaging Analytics, Imaging Computer-Aided Detection [CADX]), Molecular Diagnostics (Non-Invasive Prenatal Testing [NIPT], Liquid Biopsy, Companion Diagnostics, Other Molecular Diagnostics]), Application (Oncology, Infectious Diseases, Cardiovascular, Neurology/Physiatry, Lifestyle and Endocrinology, Gastroenterology, Other Applications), and by Geography (Middle East and Africa, North America, Europe, Latin America, Asia-Pacific).

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Triton’s report estimates the global precision medicine market to propel based on value at a CAGR of 9.79% during the examined years of 2021-2028. The market is likely to gain worth $128.17 billion by 2028.

Precision medicine enables physicians to explore several diseases by evaluating an individual’s genetic makeup. Hence, it allows them to provide a tailored treatment to a patient, leading to better results.

There is a high incidence of chronic conditions among the aging population, such as diabetes and neurological diseases, which is increasing the need for effective treatments and drugs. Here, precision medicine plays a vital role in providing specific treatment to an individual. Thus, the growing prevalence of chronic diseases among aging populations, along with the identification of genetic makeup in the human genome, are significant factors supplementing the development of the precision medicine market globally. However, stringent drug approval processes and security threats pertaining to data sharing, are obstructing the studied market’s evolution to a large extent.

The market for precision medicine is bifurcated into component and application. The component sector is broadly divided into digital health and information technology, precision therapeutics, applied science, and precision diagnostics. Here, digital health and information technology is branched into clinical decision support systems (CDSS), genomics informatics, IT infrastructure, big data analytics, mobile health, and in-silico informatics. Also, precision therapeutics is divided into clinical trials, drug discovery and research, gene therapy, and cell therapy. The applied science section is segmented into pharmacogenomics, genomics, and other applied sciences; genomics segmentation is into genome editing, PCR, PM NGS, and other genomics technologies.

Furthermore, precision diagnostics is categorized into medical imaging and molecular diagnostics. Medical imaging includes imaging analytics and imaging computer-aided detection (CADX); molecular diagnostics comprises non-invasive prenatal testing (NIPT), liquid biopsy, companion diagnostics, and other molecular diagnostics. Lastly, the application section is sub-sectioned into oncology, infectious diseases, cardiovascular, neurology/physiatry, lifestyle and endocrinology, gastroenterology, and other applications.

The Asia-Pacific is expected to experience the fastest growth in the precision medicine market over the anticipated phase. The region’s growth is supported by the growing healthcare awareness, a steady economy, and enhanced diagnosis methods. Additionally, several new advanced high-quality genome libraries are helping scientists to use genetic information to enhance precision medicine research activities in the region. Above all, the growing prevalence of chronic conditions has increased the demand for genome mapping programs, thereby widening the precision medicine market’s scope and growth.

Quest Diagnostics Incorporated, Danaher Corporation, Eli Lilly & Company, Biocrates Life Sciences AG, Bio-Rad Laboratories Inc, Qiagen NV, AstraZeneca Plc, Pfizer Inc, Abbott Laboratories, Eagle Genomics Ltd, Intomics, Laboratory Corporation of America Holdings, Nanostring Technologies, F Hoffmann-La Roche AG, and Novartis AG are major companies thriving in the precision medicine market.

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Question & Answer: Precision Medicine Market

Question 1: What significant factors are supplementing the development of the precision medicine market?

Answer: There is a high incidence of chronic conditions among the aging population, such as diabetes and neurological diseases, which is increasing the need for effective treatments and drugs. Here, precision medicine plays a vital role in providing specific treatment to an individual. Thus, the growing prevalence of chronic diseases among aging populations, along with the identification of genetic makeup in the human genome, are significant factors supplementing the development of the precision medicine market globally.

Question 2: What factors are obstructing the precision medicine evolution?

Answer: Stringent drug approval processes and security threats pertaining to data sharing, are obstructing the studied market’s evolution to a large extent.

Question 3: Which region is expected to experience the fastest growth in the precision medicine market?

Answer: The Asia-Pacific is expected to experience the fastest growth in the precision medicine market over the anticipated phase. The region’s growth is supported by the growing healthcare awareness, a steady economy, and enhanced diagnosis methods. Additionally, several new advanced high-quality genome libraries are helping scientists to use genetic information to enhance precision medicine research activities in the region. Above all, the growing prevalence of chronic conditions has increased the demand for genome mapping programs, thereby widening the precision medicine market’s scope and growth.

Question 4: Which are the major companies thriving in the precision medicine market?

Answer: Quest Diagnostics Incorporated, Danaher Corporation, Eli Lilly & Company, Biocrates Life Sciences AG, Bio-Rad Laboratories Inc, Qiagen NV, AstraZeneca Plc, Pfizer Inc, Abbott Laboratories, Eagle Genomics Ltd, Intomics, Laboratory Corporation of America Holdings, Nanostring Technologies, F Hoffmann-La Roche AG, and Novartis AG are major companies thriving in the precision medicine market.

Related Report:

Global Neurorehabilitation Device Market

The global neurorehabilitation device market is predicted to showcase growth during 2019-2028 at a CAGR of 14.52%. It is calculated to attain revenue worth $5000.3 million by 2028.

Neurorehabilitation devices generally use a surgically embedded device to supply minor electrical pulses to a brain’s targeted area.

The surge in the geriatric population, along with the high prevalence of neurological diseases, are supplementing the progress of the examined market during the forecast period. Besides, the technological advancements and rising incidence of neurological disorders in emerging economies are opening multiple avenues for the neurorehabilitation device market.

However, stringent government regulations, high cost of treatments, and lack of skilled workforce are obstructing the global market expansion.

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This release was published on openPR.