Precision Medicine Market Outlook
Precision medicine, or personalized medicine, refers to a medical approach employed to prevent and diagnose diseases based on the genetic makeup, lifestyle, and environment of individuals. It includes predictive diagnostic, prevention, and treatment strategies and relies on several technologies, including big data analytics, gene sequencing, and bioinformatics.
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.
It also helps increase patient compliance, improve medication selection, and detect the risk of passing genetic disorders to offspring. As a result, precision medicine is widely used to treat chronic diseases and diagnose chromosomal abnormalities.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Precision Medicine Market Trends:
The rising incidences of cancer across the globe is one of the key factors driving the market growth. Precision medicine is widely used to identify new cancer variants, determine genomic alterations, and develop targeted therapeutics. Moreover, the widespread utilization of precision medicine due to the outbreak of COVID-19 to measure its impact, discover potential therapies, and measure susceptibility is favoring the market growth.
Apart from this, the integration of artificial intelligence (AI) for planning therapy and empowering clinician decisions is providing an impetus to the market growth. Other factors, including extensive research and development (R&D) activities, increasing prevalence of central nervous system (CNS) disorders, and the emergence of data-driven healthcare, are anticipated to drive the market growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players:
AstraZeneca plcBayer AGBioMérieux SABristol-Myers Squibb CompanyEli Lilly and CompanyHoffmann-La Roche AGIllumina Inc.Laboratory Corporation of America HoldingsMerck KGaA, Novartis AGPfizer Inc.Qiagen N.V.Quest Diagnostics IncorporatedThermo Fisher Scientific Inc.Key Market Segmentation:
The report has categorized the market based on product, technology, application and end user.
Breakup by Product:
ConsumablesInstrumentsServicesBreakup by Technology:
Big Data AnalyticsBioinformaticsGene SequencingDrug DiscoveryCompanion DiagnosticsOthersBreakup by Application:
OncologyCentral Nervous System (CNS)ImmunologyRespiratory MedicineInfectionsOthersBreakup by End User:
Hospitals and ClinicsDiagnostic CentersPharma and Biotech CompaniesHealthcare IT FirmsOthersBreakup by Region:
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)Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4567&flag=C
Key highlights of the report:
Market Performance (2016-2021)Market Outlook (2022-2027)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscapeIf 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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