Precision Medicine Market Size to Hit US$ 140.69 BN by 2028

The global precision medicine market size is predicted to hit around US$ 140.69 billion by 2028 from valued at US$ 66.1 billion in 2021, growing at a CAGR of 11.5% over the forecast period 2021 to 2030.

Growth Factors

Precision medicine is a new approach to disease prevention and management that is gaining popularity. It entails individually personalized approaches such as predictive diagnosis, preventative, and treatment tactics based on a person’s genetic makeup and genetic changes. Drugs are created to target specific mutations using these methodologies, resulting in better treatment and patient outcomes. Some of the factors driving the growth of the precision medicine market are the increased approval of drugs together with their companion diagnostic assays, cost-effective DNA profiling, rising cancer incidence rates, and the advent of data-driven healthcare. Furthermore, the growing use of “multi-omics” in research, as well as the penetration of high-throughput sequencing systems, is influencing the precision medicine landscape.

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Precision medicine is predicted to grow in the U.S. as a result of improved healthcare infrastructure and significant research and development spending. Precision medicine has made substantial advancements in cancer treatment for certain types of cancer, such as colorectal cancer and breast cancer. Precision medicine applications are mostly aimed at improving oncological disease therapy and are predicted to account for the majority of the precision medicine market. The rising prevalence of cancer, as well as the growing number of medication candidates in clinical trials for the disease, is a major factor driving the segment’s domination. The precision medicine market is predicted to increase as a result of the government’s strong support in the form of funding and the rapid rise of genetic analysis.

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Report Highlights:

• Based on the technology, the drug discovery segment dominated the global precision medicine market in 2020 with highest market share. Advances in pharmacogenomics are projected to pave the path for major expansion in precision medicine medication discovery.
• Based on the application, the oncology segment dominated the global precision medicine market in 2020 with highest market share. The rising global prevalence of cancer is projected to fuel demand for precision medicine as a treatment option.
• North America is the largest segment for precision medicine market in terms of region. Due to enhanced healthcare infrastructure and extensive research and development spending, the precision medicine market in the U.S. is expected to grow. Precision medicine has made significant advances in the treatment of diseases.
• Asia-Pacific region is the fastest growing region in the precision medicine market. This is attributed to the better health infrastructure and rising disposable incomes in emerging countries of the region.

Future of Precision Medicine Market

The precision medicine market has been exploding in recent years, and the scope of the precision medicine market opportunity will continue to fuel global expansion in the future. The precision medicine marketis seeing increased advanced demand as a result of modern and advanced technology advancements. More specialized and targeted therapies for patients have become possible due to technological advancements such as next generation sequencing. The rising prevalence of genetic illnesses has resulted in a significant increase in precision medicine market demand for tailored treatments. Doctors can understand the genetic variations of patients using precision medicine diagnostic insights, which can enable them prescribe precise drugs to cure the patient’s ailment. Companion diagnostics and precision medicine have grown in importance in medical practice, resulting in improved diagnosis and treatment across a wide range of medical areas. It can be used to identify patients who are more likely to benefit from certain medications and therapies. All these factors will create growth prospects in coming years.

COVID-19 Impact Analysis:

• The COVID-19 pandemic is predicted to have a minor and short-term influence on the precision medicine market.
• The interruption of the supply chain and the imposition of lockdowns in many nations had a significant impact.
• The precision medicine market focuses on severe diseases like life-saving medications, the COVID-19 pandemic is unlikely to have a significant impact on the market during the forecast period.

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Key Developments in the Marketplace:

• Pfizer and Synapse declared their collaboration to promote cancer research in July 2019. The goal of this collaboration was to concentrate on molecular diagnostics and therapy options in precision oncology, thereby broadening the product line.
• In February 2019, Labcorp announced the expansion of DoseASSURE, its therapeutic medication monitoring portfolio, to treat pathological conditions boosting its precision medicine position.
• Diaceutics PLC established DXRX – The Diagnostic Network in October 2020, with the goal of lowering the time to peak biomarker test acceptance for cancer testing, hence speeding up the end-to-end research and commercialization of precision medicine diagnostics.
• Infosys introduced a new precision medicine solution for the pharmaceutical industry in June 2020.

Some of the prominent players are:

• Biocrates Life Sciences
• Tepnel Pharma Services
• Pfizer
• Eagle Genomics
• Qiagen
• Quest Diagnostics
• Menarini Silicon Biosystems
• Novartis
• NanoString Technologies
• Intomics
• Roche
• Teva Pharmaceutical

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