Rising Cancer Prevalence Propels Growth In The Precision Medicine Market Emerges as a Core Driver of the Precision Medicine Market in 2025

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What Is the Expected CAGR for the Precision Medicine Market Through 2025?
The dimension of the precision medicine market has expanded significantly in the past years. The market is forecasted to increase from a value of $80.15 billion in 2024 to $87.91 billion in 2025, with a compound annual growth rate (CAGR) of 9.7%. The acceleration during the historic period can be credited to factors such as a rise in cancer incidence, a greater occurrence of mental health issues, an increased number of respiratory conditions, amplified funding, growth in the elderly population, an uptick in pharmaceutical research and development spending, and augmented healthcare expenditure.

What's the Projected Size of the Global Precision Medicine Market by 2029?
Expectations are high for robust expansion in the precision medicine market over the forthcoming years. The market is projected to reach a noteworthy $126.14 billion by 2029, with a compound annual growth rate (CAGR) of 9.4%. This impressive growth over the prediction period is due to an array of factors such as the rise in the elderly population, the increasing occurrence of cancer, the high promise of developing economies, the appearance of new pathogenic infections, enhanced research and development expenditure, and increased healthcare spending. The forecast period also indicates trends such as the integration of artificial intelligence technology to boost competitiveness, the utilization of diagnostic and bespoke treatments for immune-related conditions, the bolstering of research and development initiatives, and the forging of alliances and partnerships with technological and healthcare organizations to enrich their range of products.

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Top Growth Drivers in the Precision Medicine Industry: What's Accelerating the Market?
The escalating incidence of cancer is anticipated to stimulate the expansion of the precision medicine market. Cancer, being one of the major causes of mortality globally, affects one in every five people at some stage of their life. Precision medicine for cancer involves examining tumor DNA to detect mutations or other genetic anomalies that lead to cancer. Consequently, doctors may be able to select a treatment for a specific patient's cancer that most appropriately targets the DNA modifications in the tumor. For example, as reported by the World Health Organization, a Switzerland-based organization that oversees international public health, there will be a 77% increase in new cancer cases by 2050, with over 35 million predicted, from the estimated 20 million cases in 2022. Thus, this escalating incidence of cancer propels the growth of the precision medicine market.

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Which Fast-Growing Trends Are Poised to Disrupt the Precision Medicine Market?
The increase in partnerships and takeovers amongst precision medicine companies is paving the way for an expansion of their strategies into both oncology and non-oncology fields. Continuous research and development in new territories within precision medicine is enabled through collaborations and partnerships, bolstering the capacity and methods of the firms involved. For instance, a prime example happened in September 2022, when GSK plc, a pharmaceutical enterprise from the UK, extended its partnership with Tempus, an American precision medicine firm. This collaboration, set to last for three years, endeavors to enhance the design of clinical trials, expedite patient recruitment, and identify drug targets by leveraging Tempus' AI-powered platform and vast de-identified patient data. This consolidation relies on their prior work and is projected to boost GSK's R&D capacity, with a particular emphasis on oncology.

What Are the Main Segments in the Precision Medicine Market?
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

Subsegments:
1) By Big Data Analytics: Predictive Analytics, Prescriptive Analytics, Data Mining
2) By Bioinformatics: Genomic Data Analysis, Proteomics Data Analysis, Metabolomics Data Analysis
3) By Gene Sequencing: Next-Generation Sequencing (NGS), Sanger Sequencing, Whole Genome Sequencing
4) By Drug Discovery: Target Identification And Validation, Lead Compound Discovery, Preclinical And Clinical Trials
5) By Companion Diagnostics: Biomarker Testing, Genomic Profiling, Companion Diagnostic Tests
6) By Other Technology: Personalized Treatment Plans, Telemedicine And Digital Health Solutions, Wearable Health Technology

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Which Top Companies are Driving Growth in the Precision Medicine Market?
Major companies operating in the precision medicine market include 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, Eurofarma, Biolab Farmaceutica, Cristalia, União Quimica

Which Regions Will Dominate the Precision Medicine Market Through 2029?
North America was the largest region in the precision medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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