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Precision Medicine Market Size, Share, Trends, Growth And Forecast To 2033
Precision Medicine Market Size
As per the report, the precision medicine market size has grown rapidly in recent years. It will grow from $73.11 billion in 2023 to $81.06 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The precision medicine market size is expected to see strong growth in the next few years. It will grow to $118.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
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Rising Cancer Prevalence Propels Growth In The Precision Medicine Market
The rising prevalence of cancer is projected to fuel the growth of the precision medicine market. Cancer is one of the main causes of death worldwide, with one out of every five individuals developing cancer at some point in their lives. Precision medicine in cancer entails analyzing DNA from tumors to find mutations or other genetic abnormalities that cause cancer. Physicians may therefore be able to choose a treatment for a specific patient's cancer that best fits, or targets, the tumor DNA alterations. For instance, in April 2022, according to a report on cancer facts and figures by the American Cancer Society, a US-based nonprofit health organization devoted to the eradication of cancer, there were 1.92 million new cases of cancer in the US, compared to 1.89 cases in 2021. Therefore, the rising prevalence of cancer drives the growth of the precision medicine market.
Strategic Collaborations And Acquisitions Propel Growth In Precision Medicine Market
The rising number of partnerships and acquisitions among precision medicine companies is enabling them to expand their approaches to both oncology and non-oncology areas. Precision medicine is undergoing continuous research and development in new areas, collaboration and partnership helps the firms to enhance their capabilities and approaches. For example, in August 2021, Foundation Medicine Inc. announced a partnership with Epic to integrate their comprehensive genomic profiling and other testing devices with the electronic medical record of Epic. The integration aims at simplifying the process of getting oncologists access to genomic insights and expanding the use of precision medicine to more cancer patients.
The precision medicine market covered in this report is segmented -
1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technology
2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications.
3) By End-Use: Pharmaceutical Companies, Diagnostic Companies, Healthcare And IT Firms, Others
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Major companies operating in the precision medicine market report are Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Hypermarcas, Eurofarma, Teuto Brasileiro, Biolab Farmaceutica, Cristalia, União Quimica
Contents of the report:
1. Executive Summary
2. Precision Medicine Market Report Structure
3. Precision Medicine Market Trends And Strategies
4. Precision Medicine Market - Macro Economic Scenario
5. Precision Medicine Market Size And Growth
…..
27. Precision Medicine Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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