Press release
Precision Medicine Market to reach USD 50.2 billion by 2028
Precision Medicine Market
The precision medicine market is expected to reach USD 50.2 billion by 2028 from USD 29.1 billion in 2023, at a CAGR of 11.5% during the forecast period. The key factors driving the growth of the precision medicine market include growing initiatives related to genomic research, and increasing number of regulatory approvals for personalized therapeutics. Moreover, rising demand for cell and gene therapies is an opportunity area for this market.
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The precision medicine market has been segmented based on type, indication, end user and region.
"By type, the monoclonal antibodies segment accounted for the second largest share of the precision medicine market"
Based on type, the precision medicine market is categorized into inhibitor drugs, monoclonal, cell & gene therapy, antiviral & antiretroviral drugs, and other therapeutic products. In 2022, monoclonal antibodies accounted for the highest growth rate owing to factors such as benefits offered by monoclonal antibodies over traditional medicines. These advantages have led to shifting focus of the clinical pipeline dominantly on monoclonal antibodies.
"By end user, the hospitals and clinics segment accounted for the largest share in the precision medicine market"
Based on end user, the precision medicine market is segmented into hospitals and clinics and home care settings. In 2022, the hospitals and clinics segment accounted for a largest share of the precision medicine market. Growth in this market segment can be attributed to availability of services such as genetic testing, diagnostics and counselling in hospital setups. Besides, hospitals have easy accessibility of therapeutic products which are made available for patients opting for precison medicine regime.
"North America: the largest share of the precision medicine market"
North America accounted for the largest share of the precision medicine market. The large share of the North America region can be attributed to major factors such presence of technologically advanced infrastructure in healthcare settings offering precision medicines, and easy accessibility to advanced therapeutics among others. Besides, the region has a well established healthcare system which further supports the growth of this market.
"Europe: The fastest-growing region in the precision medicine market."
The Europe precision medicine market is projected to grow at the highest CAGR during the forecast period. This is attributed to one of the major factors including the growing initiatives for precision medicine advancements with presence of some of the key players in the market. Some examples of these players include F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), AstraZeneca (UK), GlaxoSmithKline plc (UK) among others.
The primary interviews conducted for this report can be categorized as follows:
By Respondent: Supply Side- 70% and Demand Side 30%
By Designation: Managers - 45%, Directors- 30%, and Executives - 25%
By Country: North America- 25%, Europe- 25%, Asia Pacific- 40%, Latin America- 5%, and Middle East- 2.5% & Africa- 2.5%
Prominent Players
F. Hoffmann-La Roche Ltd. (Switzerland)
Novartis AG (Switzerland)
Pfizer Inc. (US)
Bristol Myers Squibb (US)
AstraZeneca (UK)
Gilead Sciences, Inc. (US)
AbbVie Inc. (US)
Eli Lilly and Company (US)
GlaxoSmithKline plc (UK)
Sanofi (France)
Johnson & Johnson (US)
Merck KGaA (Germany)
Amgen, Inc. (US)
Takeda Pharmaceutical Company Limited (Japan)
Regeneron Pharmaceuticals, Inc. (US)
Sarepta Therapeutics, Inc. (US)
bluebird bio, Inc. (US)
Immunocore Holdings Plc (UK)
Blueprint Medicines Corporation (US)
Vertex Pharmaceuticals Incorporated (US)
Horizon Therapeutics Plc (Ireland)
Alnylam Pharmaceuticals, Inc. (US)
Rigel Pharmaceuticals, Inc. (US)
Taiho Pharmaceutical Co., Ltd. (Japan)
Seagen Inc. (US)
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