The Global Precision Medicine Market to Surge at CAGR of 9.79% by 2028

Triton Market Research presents the Global Precision Medicine segmented by Component (Precision Therapeutics [Cell Therapy, Drug Discovery and Research, Gene Therapy, Clinical Trials], Digital Health and Information Technology [Mobile Health, Big Data Analytics, IT Infrastructure, Genomics Informatics, Clinical Decision Support Systems (CDSS), In-Silico Informatics], Applied Science [Pharmacogenomics, Genomics (PM NGS, Genome Editing, PCR, Other Genomics Technologies), Other Applied Sciences], Precision Diagnostics [Medical Imaging (Imaging Analytics, Imaging Computer-Aided Detection [CADX]), Molecular Diagnostics (Companion Diagnostics, Liquid Biopsy, Non-Invasive Prenatal Testing [NIPT], Other Molecular Diagnostics)]), Application (Cardiovascular, Infectious Diseases, Neurology/Physiatry, Gastroenterology, Lifestyle and Endocrinology, Oncology, Other Applications), and Geography (North America, Latin America, Middle East and Africa, Asia-Pacific, Europe). The market report further discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Supply Chain Outlook, Regulatory Policies & Framework, Etymology of Precision Medicine, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report suggests that the global precision medicine market is projected to display growth in revenue by 9.79% of CAGR during the phase of 2021-2028.

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Precision medicine is an emerging approach that helps professionals investigate several diseases by evaluating an individual's genetic makeup. This method allows them to provide personalized treatment to a patient.

The growing investments by government and private players in cancer treatment is one of the major factors generating numerous growth opportunities for the considered market. Cancer is highly prevalent, challenging the medical community globally. In such a case, considerable investments by government and private players to identify effective treatments to cure chronic conditions like cancer are likely to influence the demand for precision medicines, in turn, boosting the precision medicine market's progression.

However, strict drug approval processes, security threats associated with data sharing, and changes in regulatory processes are obstructing the growth of the precision medicine market worldwide.

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Globally, North America holds the largest market for precision medicine, and is estimated to continue its stronghold by 2028. Numerous diagnostics manufacturers in the region are concentrating on developing NGS-based molecular diagnostics solutions. Moreover, they are partnering with service providers and pharmaceutical giants to initiate joint sales of these solutions. Further, the US government is taking multiple initiatives to develop precision drugs and tests for oncology and other diseases by financing start-ups in precision medicine. Thus, as stated above, these factors primarily drive the growth of the precision medicine market across North America.

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

The entry into the precision medicine market requires high capital investment as these products are tailored for an individual. This decreases the chances of consumers switching between manufacturers. On the other hand, current market players are involved in marketing to raise awareness among patients. This indicates that the threat of new players is likely to be less, and the competition levels among existing players are expected to range from moderate to a high level.

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This release was published on openPR.