BANGALORE, India, Nov. 8, 2021 /PRNewswire/ -- The Global Precision Medicine Market is Segmented by Type (Diagnostics, Therapies), by Application (Neurosciences, Oncology, Respiratory, Immunology): Global Opportunity Analysis and Industry Forecast, 2021-2027. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
The global Precision Medicine market size is projected to reach USD 206320 Million by 2027, from USD 104940 Million in 2020, at a CAGR of 9.6% during 2021-2027.
According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment and lifestyle for each person.
The major factor driving the growth of the precision medicine market are:
Advancements in cancer biologics will drive the growth of the precision medicine market. The development of newer therapeutic approaches including gene therapy for cancer treatment and an increasing number of patients undergoing predictive diagnosis will push the market growth.
An increasing portfolio of precision medicine drugs will create growth opportunities for Precision medicine market players. There has been significant development in the market in the last decade. The number of companies, government, and private research institutes involved in the industry has been steadily growing.
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TRENDS INFLUENCING THE GROWTH OF THE PRECISION MEDICINE MARKET:
Advancements in AI and machine learning are expected to drive the growth of the precision medicine market. Recent advancements in big data, artificial intelligence (AI), and genomic testing have made available a massive amount of medical data that could not previously be used properly in precision medicine research. Researchers may be able to work with an ever-expanding database of medical information to generate individualized therapies thanks to the huge amount of data available and developments in computing power and AI.
Investment in precision medicine from leading pharmaceutical companies is expected to drive the growth of the precision medicine market. Scientists' tireless efforts to evaluate the human genome and find genetic biomarkers have yielded positive results for precision medicine. Cancer medications are currently dominating the precision medicine market. However, increased R&D activities for other ailments, are expected to result in more medications for cardiovascular, infectious, and neurological diseases, among other diseases.
There is an increase in the number of side effects caused by inaccurate medicine during hospitalization every year. Growing access to precision medicine applications will likely decrease the number of hospital admissions caused by side effects from traditional practices. Such advantages are expected to propel the precision medicine market forward.
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PRECISION MEDICINE MARKET SHARE ANALYSIS
Based on application, oncology is expected to be the most lucrative segment during the forecast period. However, increased R&D activities for other diseases are projected to increase the number of drugs for cardiovascular, infectious, and neurological diseases among others.
Based on type, the therapeutic segment in the precision medicine market is expected to be the most lucrative. There has been continuous growth in precision therapeutics for the targeted treatment of conditions like cancer, and genetic diseases. The development of novel drugs and increasing usage of drugs in precision medicine treatment plans will fuel the growth of the therapeutics segment.
Germany is the largest consumption place in Europe, with a consumption market share of nearly 20%. France is the second largest consumption place with a consumption market share of 18%.
Top Companies in the Precision Medicine Market
Johnson & Johnson, IBM, GE Healthcare, Illumina, Roche, and Laboratory Corporation of America Holdings are the leading players in precision medicine in Europe, with the top five accounting for approximately 30% of the European market.
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PRECISION MEDICINE MARKET SEGMENTATION
By Region
- North America
- US.
- Canada
- Europe
- Germany
- France
- UK.
- Italy
- Russia
- Nordic
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Key Companies
- Johnson & Johnson
- IBM
- GE Healthcare
- Illumina
- Roche
- Laboratory Corporation of America Holdings
- Thermo Fisher Scientific
- Novartis
- Abbott Laboratories
- Almac Group
- Intel Corporation
- Biomrieux Sa
- Cepheid
- Qiagen
- Randox Laboratories
- Healthcore.
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SIMILAR REPORTS
- The global Precision Cancer Diagnostic Tests market size is projected to reach USD 9770.4 Million by 2027, from USD 4148.6 Million in 2020, at a CAGR of 12.5% during 2021-2027.
- The global Precision Medicine Software market size is projected to reach USD 1574.5 Million by 2027, from USD 910.9 Million in 2020, at a CAGR of 7.7% during 2021-2027.
- The global Precision Medicine Diagnostics market size is projected to reach USD 61220 Million by 2027, from USD 40530 Million in 2020, at a CAGR of 5.6% during 2021-2027.
- In 2020, the global Ultra-Precision Machine market size was USD 432.8 Million and it is expected to reach USD 546.9 Million by the end of 2027, with a CAGR of 3.4% during 2021-2027.
- The Global Bioinformatics Market Size is USD 8,614.29 Million in 2019, and is projected to reach USD 24,731.61 Million by 2027, growing at a CAGR of 13.4% from 2020 to 2027.
- The global Genomics market size is projected to reach USD 31240 Million by 2026, from USD 15120 Million in 2019, at a CAGR of 10.8% during 2021-2026.
- The global Nutrigenomics market size is projected to reach USD 20990 Million by 2027, from USD 10770 Million in 2020, at a CAGR of 9.5% during 2021-2027.
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