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Precision Medicine Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Precision Medicine Market Rising Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increase in cancer prevalence, increasing prevalence of mental health disorders, increased prevalence of respiratory diseases, increasing funding, increased geriatric population, increase in pharmaceutical r&d expenditure and increased healthcare expenditure.
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%. The growth in the forecast period can be attributed to the increasing geriatric population, increasing prevalence of cancer, high potential of emerging economies, emergence of novel pathogenic infestations, increasing research and development spending and rise in healthcare expenditure. Major trends in the forecast period include adopting artificial intelligence technologies for improving competitiveness, offering diagnosis and personalized treatment for immune-mediated diseases, investing in increased research and development activities and forming collaborations and partnerships with technology and healthcare entities to improve their product portfolios.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd, Siemens Healthineers AG, Bio-Rad Laboratories Inc, Menarini Group, Danaher Corporation, Tosoh Bioscience Inc, ARKRAY Inc, i-SENS, Inc, Abbott Laboratories, Trinity Biotech plc, Aina Blood Monitoring Sysyem, Getein Biotech Inc, Sugentech, Inc, Alere Inc, bioMerieux, EKF Diagnostics, HemoCue, PTS Diagnostics, Diazyme Laboratories, Osang Healthcare, Ortho Clinical Diagnostics, Ascensia, Platinum Equity (LifeScan), Becton Dickinson and Company, Medtronic PLC, Kainico Ltd, Evia Medical Technologies, Agamatrix Inc, Bionime Corporation, B Braun Melsungen AG.
Precision Medicine Market 2024 Key Insights:
• 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%.
• Rising Cancer Prevalence Propels Growth In The Precision Medicine Market
• Strategic Collaborations And Acquisitions Propel Growth In Precision Medicine Market
• North America was the largest region in the precision medicine market in 2023
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