The global precision medicine market reached a value of US$ 61.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 112.8 Billion by 2027, exhibiting at a CAGR of 10.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Precision medicine is a medical approach to prevent and diagnose diseases by relying on an individual variability of genes, environment, and lifestyle. It assists in predicting the susceptibility to a disease, improving disease detection and progression, customizing strategies, and prescribing effective drugs. It also aids in making associated healthcare decisions, improving care quality, and eliminating trial-and-error inefficiencies. Moreover, as it reduces the time, cost, and failure rate of pharmaceutical clinical trials, precision medicine is widely utilized in diagnosing chromosomal abnormalities of the fetus and cancer, guiding therapy for chronic diseases and predicting the risk of passing on genetic disorders to offspring.
Precision Medicine Market Trends:
- At present, there is a considerable rise in the use of precision medicine techniques to understand the coronavirus disease (COVID-19) susceptibility, measure its impact, and discover potential therapies. This represents one of the key factors strengthening the growth of the market. Apart from this, due to the increasing prevalence of cancer and the growing number of drug candidates under clinical trials, there is a surge in need for precision medicine methods across the globe. This, in confluence with the significantly improving healthcare infrastructure worldwide and continuous funding in research and development (R&D) activities, is contributing to market growth. Furthermore, leading players are introducing cost-effective, cutting-edge techniques, such as whole-genome sequencing and targeted sequencing, which find extensive applications in the study of genomes and the creation of personalized therapies for treating different illnesses. This, along with the rising adoption of big data in precision medicine that helps analyze the patient electronic health record and provide improved clinical decision support, is creating a favorable market outlook.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global precision medicine market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, technology, application and end user.
Breakup by Product:
Breakup by Technology:
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
Breakup by Application:
- Central Nervous System (CNS)
- Respiratory Medicine
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AstraZeneca plc, Bayer AG, bioMerieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated and Thermo Fisher Scientific Inc. Key Questions Answered in This Report:
- How has the global precision medicine market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global precision medicine market?
- What are the key regional markets?
- What is the breakup of the market based on the product?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global precision medicine market and who are the key players?
- What is the degree of competition in the industry?