Precision Medicine Market Size and Share Outlook 2023-2030: Industry Growth Analysis, Future Demand

The recent research report published by Quadintel gives an insight into the global Precision Medicine Market. According to this published competitive intelligence analysis, the global Precision Medicine Market is expected to experience a promising annual revenue increase (USD in Mn) in 2021. A comprehensive overview and precise insights into possible future scenarios for the worldwide market are provided in this study.

The global Precision Medicine market is expected to have a significant compounded annual growth rate (CAGR) of 12.71% and have a market size in excess of USD 96.07 Bn by 2023.

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Key Companies Covered in the Precision Medicine Market Research are Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others and other key market players.

Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it.

North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.

Precision medicine involves a study of patient-specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion of various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.

The global precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.

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Key growth factors

The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. The precision medicine market is also driven due to the initiatives taken by the government like precision medicine initiative (PMI) which is taken by U.S government.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from one-size-fits-all to stratified and outcome-based targeted therapies, which are called precision medicine.

Threats and key players

Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.

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Whats covered in the report?

1. Overview of the global precision medicine market
2. Drivers and challenges in the global precision medicine market.
3. Trends in the global precision medicine market
4. Historical, current and forecasted market size data for ecosystem players segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the technology segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market

Why buy?

1. Get a broad understanding of the global precision medicine market, end uses, therapeutics, and the other sub-markets
2. Get geography-specific drivers and challenges affecting the global precision medicine market, its end uses, therapeutics, and the sub-markets
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Identify the challenges and address them
5. Get insights into the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth

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This release was published on openPR.