Press release
Precision Medicine Market Size, Share, Trends, Opportunities, Growth Analysis and Forecast to 2027
Precision Medicine Market
Market Dynamics
Precision medicine is a new concept in the healthcare industry that has been growing quickly in recent years. Precision medicine market trends, also known as tailored medications, first emerged in 2003 and have dominated the healthcare business ever since. Individualized medicines are the main focus of healthcare departments that work on the total sequencing of the human genome. Modern and advanced technical advancements have paved the way for a plethora of new medical, scientific, and business models to emerge.
The future of precision medicine is determined by rapid advancements in technology such as ultra-high-throughput technologies and next-generation sequencing technologies. The rising prevalence of diverse genetic illnesses is pushing the commercial potential for personalized medicine to new heights. Precision medicine's market growth will be accelerated by the integration of biotech and pharma sectors with big data healthcare enterprises.
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Key Players
The notable players of the market 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), and Teva Pharmaceutical Industries Ltd. (Israel).
Segmental Analysis
On the basis of submarkets, therapies, and ecosystem actors, the global precision medicine market is divided into distinct components.
Biomarker-based testing, companion diagnostics, pharmacogenomics or PGX, targeted treatments, molecular diagnostics, and many more sub-markets are included in the market segmentation.
The worldwide precision medicine market sector is divided into treatments such as cardiovascular disease or CVD, central nervous system, cancer or oncology, infectious illness, and others.
Diagnostics firms, pharmaceutical and biotechnology companies, clinical laboratories, healthcare IT professionals or big data organizations, and others make up the ecosystem players section.
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Regional Analysis
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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