Precision Medicine Market (Technology - Companion Diagnostics, Big Data Analytics, Drug Discovery, Bioinformatics, Gene Sequencing, and Others; Application - Respiratory, Oncology, Immunology, CNS, and Others; End User - Laboratories, Pharmaceuticals, Biotechnology Diagnostic Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on precision medicine market provides in-depth analysis of segments and sub-segments in the global as well as regional precision medicine market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional precision medicine market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global precision medicine market.

Market Insight:

The global precision medicine market is projected to grow at a CAGR of 9.59% from USD 82.05 billion in 2022 to USD 190.14 billion in 2030 during the forecast period of 2023-2030.

Precision medicine, also referred to as personalized medicine allows healthcare professionals to prescribe precise treatment and prevention strategies for a particular disease to a patient. This medical model considers individual changeability in the genes and lifestyle of the respective person. This approach permits doctors to select the precise treatment of a particular disease that helps in understanding patients' genetics of their disease. Precision medicine contains the use of panoramic and system biology for an individual disease at the molecular level. Precision medicine proposals several benefits such as effective treatment modified to patients needs and the category of disease.

The growing prevalence of cancer and rare diseases majorly drives the growth of the precision medicine market. In breast cancer treatment, precision medicine helps in diagnosing, treating, and preventing cancer cells. In this approach, the tissue is collected for analysis. After analyzing the information collected, helps in making treatment decisions. Further, precision medicine helps in testing cancer for defining whether a specific cancer treatment is effective for a patient or not. Besides the growth in the aged population and increasing usage of big data in precision medicine is also boosting the growth of this market. On the other hand, the high cost associated with precision medicine hampers the adoption of this treatment method. Nevertheless, rising R&D expenditure to develop effective treatment is anticipated to boost the growth of the precision medicine market over the forecast period.

Geographically, North America dominated the global precision medicine market. Factors such as the high prevalence of cancer, and an increasing number of awareness campaigns organized by private organizations and the government are expected to boost alertness stages drive the growth of the precision medicine market. Moreover, increasing government and private expenditure for the development of effective precision medicine is anticipated to further augment the market growth in the region. On the other hand, the precision medicine market in the Asia Pacific is expected to grow at the fastest rate among other regions. This is mainly attributed to the improving economic conditions and healthcare infrastructure.

Report Scope of the Precision Medicine Market:

Segment Covered

The report on global precision medicine market covers segments such as technology, application, and end user. On the basis of technology, the sub-markets include companion diagnostics, big data analytics, drug discovery, bioinformatics, gene sequencing, and others. On the basis of application, the sub-markets include respiratory, oncology, immunology, CNS, and others. On the basis of end user, the sub-markets include laboratories, pharmaceuticals, biotechnology diagnostic companies, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as biocrates life sciences ag, Intomics (acquired by ZS Associates), Eagle Genomics, Laboratory Corporation of America Holdings, Novartis AG, Quest Diagnostics Incorporated, NanoString Technologies, Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., and Medtronic.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the precision medicine market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.