Precision Medicine Market

Global Precision Medicine Market Size, Share, Growth Analysis, By Type(Diagnostics {Genetic Tests, Biomarker Based Tests}), By Application(Oncology, CNS), By End-use(Hospitals, Diagnostic Centres) - Industry Forecast 2024-2031

Report ID: SQMIG35B2061 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 91 | Figures: 76

Global Precision Medicine Market Dynamics

Precision Medicine Market Driver

  • Advances in cancer biologics will fuel the expansion of precision medicine. The development of newer therapeutic techniques, such as gene therapy for cancer treatment, as well as an increase in the number of patients receiving predictive diagnostics, will drive market expansion.
  • On the other hand, hefty costs and the possible harm to personal health data are two considerations that may stymie Precision Medicine Market growth. COVID-19 has been seen to have a minor and short-term impact on the industry. This damage was mostly caused by supply chain disruption and lockdowns implemented in a number of countries. However, after the lockdowns were lifted and supply was released, the Precision Medicine Market swiftly recovered.

Precision Medicine Market Restraint

  • Precision medicine is undoubtedly progressing to new heights. However, the increasing costs of diagnostics may limit the market's growth. A significant quantity of personal data is generated during the diagnosis and treatment process, and there is a potential threat linked with it that could limit the expansion of the precision medicine market. Stringent restrictions and standards are impeding the growth of the personalized medicine sector.
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Global Precision Medicine Software Market size was valued at USD 1.46 billion in 2019 and is poised to grow from USD 1.6 million in 2023 to USD 3.86 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).

Companies are trying to expand their product pipelines by submitting new molecule applications or expanding the application of current molecules. Other strategies, including as mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches, will also have an impact on current Precision Medicine Market trends. The research also outlines company-specific product development strategies, Precision Medicine Market consolidation initiatives, and analyses of their individual strengths, weaknesses, opportunities, and threats. 'Illumina, Inc.', 'Thermo Fisher Scientific Inc.', 'Novartis AG', 'Abbott Laboratories', 'Agilent Technologies', 'Almac Group', 'Amgen Inc.', 'Astellas Pharma Inc.', 'AstraZeneca PLC', 'Bio-Rad Laboratories, Inc.', 'Bristol-Myers Squibb Company', 'Danaher Corporation', 'F. Hoffmann-La Roche Ltd.', 'GE Healthcare', 'Intomics A/S', 'Merck & Co., Inc.', 'Myriad Genetics, Inc.', 'Pfizer Inc.', 'Qiagen N.V.', 'Quest Diagnostics'

Advances in cancer biologics will fuel the expansion of precision medicine. The development of newer therapeutic techniques, such as gene therapy for cancer treatment, as well as an increase in the number of patients receiving predictive diagnostics, will drive market expansion.

Precision medicine will almost certainly continue to be focused on developing new therapies for cancer. When compared to the next greatest use of precision medicine, it is utilized 30% more often to treat oncological illnesses. precision medicine applications in oncology are more common in Europe and the US, where research is conducted. The expansion of the precision medicine industry in the treatment of oncological illnesses is projected to be accelerated thanks to government financing.

The North American precision medicine market is expected to account for 44% of revenue share in 2022 because of the rising prevalence of cancer and genetic disorders, growing use of precision medicine approaches, and the presence of prominent companies such as Pfizer, Qiagen, Quest Diagnostics, and Roche. Cancer is the top cause of mortality in Canada and the second-highest cause of death in the US, according to the American Cancer Society. In the US, about 1.8 Billion new cancer cases will be diagnosed in 2020. High awareness of precision medicine in the region, as well as rising demand for tailored cancer therapy, will drive industry revenue in the region.

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