Emergen Research's new report, titled 'Global Precision Medicine Market,' is methodically curated by our team of analysts with readers' comprehension in mind, and includes a comprehensive database of industry distribution. The report examines historical and current market scenarios in order to forecast the global Precision Medicine Market outlook over the forecast period (2022-2030). Researchers took a comprehensive approach to global market analysis, highlighting the factors that influence the market's overall growth. The research employs effective analytical tools such as SWOT analysis and Porter's Five Forces to examine the strengths, weaknesses, opportunities, and threats associated with the growth of various market segments.
The global precision medicine market size was USD 57.69 Billion in 2021 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to latest analysis by Emergen Research. Precision medicine market revenue growth is primarily driven by factors such as advancement in cancer biology, increased adoption of gene therapy globally, increasing use of big data analytics in precision medicine in developed economies, and patient’s involvement in personal healthcare. Precision medicine is an emerging field, which guides therapy according to individual’s genetic makeup, environment, and lifestyle. It helps medical professionals and scientists to develop more precise diagnoses, prognoses, and preventative measures for every given disease. In addition, goal of precision medicine, often known as customized medicine or tailored medicine, is targeting specific mutations that turn healthy cells into malignant ones. Precision medicine's focused treatments, especially for cancer, have fewer adverse effects and faster recoveries compared to standard medicine.
Moreover, precision medicine's growth has already resulted in substantial new discoveries and FDA-approved medicines. These treatments are tailored to specific individual characteristics, such as a person's genetic makeup or genetic profile of a patient's tumor, which have shown significant promise in treatment of a range of diseases. Furthermore, patients suffering from a variety of malignancies are routinely subjected to molecular testing as a part of their medical therapy. This enables physicians to select cancer treatments that increase a patient's chance of surviving the disease and reduce likelihood of adverse side effects.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
Biocrates Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, Pfizer
Target Audience of the Global Precision Medicine Market Report:
- Key Market Players
- Venture capitalists
- Small- and medium-sized and large enterprises
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- Global market producers, distributors, traders, and suppliers
- Research organizations, consulting companies, and various alliances interested in this sector
- Government bodies, independent regulatory authorities, and policymakers
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Major Geographies Analyzed in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Market Segmentations of the Precision Medicine Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Precision Medicine market on the basis of product, application, and region:
Segments Covered in this report are:
- Technology Outlook (Revenue: USD Billion; 2019-2030)
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- End-Use Outlook (Revenue: USD Billion; 2019-2030)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- Application Outlook (Revenue: USD Billion; 2019-2030)
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Some Key Highlights From the Report
- The Big Data Analytics (BDA) segment accounted for a rapid revenue share in 2021. Big Data Analytics (BDA) application in precision medicine permits use of new technologies for both patient care and health administration. It is projected that big data for health will have a substantial impact on precision medicine and stratified healthcare. Frequently, patients with same subtype of cancer respond differently to same chemotherapeutics. Another key driver of big data is widespread deployment of sensor technologies. As a result of technical improvements, such as sensors with improved wireless communications, larger bandwidth, and upgraded microelectronics, wearable and implanted sensing, is becoming increasingly popular. These developments have made possible continuous, multidimensional, and context-aware sensing.
- The oncology segment accounted for largest revenue share in 2021. Precision oncology is a rapidly growing and promising research field. Precision oncology enables personalized therapy based upon molecular genetic characteristics of an individual. In addition, precision oncology's ultimate objective is to enhance patient outcomes. Traditional cancer treatments, such as chemotherapy, are cytotoxic to majority of cells, thus they can harm healthy cells while destroying cancer cells. In the era of precision oncology, targeted medicines are largely viewed as foundation for future therapy paradigms.
- The pharmaceutical companies segment accounted for a significant revenue share in 2021. Precision medicine transforms entire pharmaceutical value chain, from early development to go-to-market strategies and it is crucial for pharmaceutical companies to capitalize on this potential over the next five years. In response to demand from government agencies, regulators, and payers for real-world evidence of a drug's efficacy and value for those stakeholders, pharmaceutical companies have adopted a new approach for creating and manufacturing personalized medicine.
- The Europe market accounted for a moderate revenue share in 2021. Recent developments in Europe, such as genome sequencing, diagnostic testing, and others, have accelerated development of personalized medicine over the past decade. Personalized and individualized approach is essential for improved tools and processes to collect, store, and analyze information. This approach also helps to contextualize, integrate, interpret, and provide prompt and accurate decision support in clinical and public health settings.
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Additional information offered by the report:
- Along with a complete overview of the global Precision Medicine market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
- The report elaborates on the global Precision Medicine market size and share governed by the major geographies.
- It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
- It further presents a detailed description of the company profiles of the key market contenders.
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