Published September 13, 2023
IMARC Group, a leading market research company, has recently releases report titled “Precision Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global precision medicine market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Precision Medicine Market?
The global precision medicine market size reached US$ 68.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 123.4 Billion by 2028, exhibiting a growth rate (CAGR) of 9.7% during 2023-2028.
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What is Precision Medicine?
Precision medicine is a tailored approach to healthcare that considers an individual’s genetic makeup, environment, and lifestyle to provide personalized treatment and prevention strategies. Unlike the one-size-fits-all approach, Precision Medicine seeks to pinpoint the most effective therapies for a specific patient. By analyzing genetic information and other unique factors, healthcare providers can identify the underlying causes of diseases and develop targeted treatments. This approach increases the likelihood of success and can minimize harmful side effects. Precision medicine offers a more nuanced and effective way to manage and treat diseases.
What are the Growth Prospects and Trends in the Precision Medicine Industry?
The increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes, is heightening the need for more effective treatments which represents one of the key factors driving the growth of the market across the globe. Precision medicine offers the promise of targeted therapies that address the root causes of these diseases which are driving its demand, thus boosting the growth of the market. In line with this, the rapid evolution and affordability of genomic sequencing technologies are enabling a deeper understanding of individual genetic makeup which is contributing to the growth of the market. This facilitates the identification of specific genetic mutations, variations, and biomarkers linked to diseases, which guides more targeted and effective treatments, thus fueling the growth of the market. The market is also driven by the explosion of healthcare data and the development of sophisticated analytics tools that enable the interpretation of complex genetic and molecular data. This analytical power aids in identifying disease patterns, predicting patient outcomes, and guiding treatment choices which is creating a positive outlook for the market across the globe.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Who are the Key Players Operating in the Precision Medicine Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players:
- AstraZeneca plc
- Bayer AG
- BioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA, Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
What is Included in Market Segmentation?
The report has categorized the market based on product, technology, application, end user and region.
Breakup by Product:
Analysed by Technology:
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
Based on Application:
- Central Nervous System (CNS)
- Respiratory Medicine
Market by End User:
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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