Global Precision Medicine Market Size to Grow at a CAGR of 10% in the Forecast Period of 2023-2031

The 'Global Precision Medicine Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2031' by Expert Market Research provides a comprehensive outlook of the global precision medicine market, assessing the market based on its segments like technology, products, applications, end user, and major regions. The report also offers detailed insights into the market through patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, and partnership and collaborations analysis.

Precision Medicine Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast

Key Highlights of the Report:

Market Overview (2016-2031)

• Forecast CAGR (2023-2031): 10%

The global precision medicine market is expected to grow due to increasing awareness regarding genetic and rare disorders, advancements in genomics and personalized medicine, and the increasing number of drugs in clinical trials. However, data privacy concerns and the high cost of treatments may pose challenges for market growth.

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Over the forecast period, the anticipated increase in the development of various targeted therapies and the growing demand for novel treatment options, coupled with strengthening healthcare infrastructure, are likely to contribute to the growth of global precision medicine market.

Precision Medicine Industry Definition and Major Segments

Precision medicine refers to a medical model that takes into account an individual's genetic makeup, environment, and lifestyle to develop personalized treatment strategies. It has applications in various therapeutic areas, including oncology, neurology, and cardiovascular diseases, among others.

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Based on technology, the market is segmented into:

• NGS
• Drug Discovery Technologies
• Bioinformatics
• Others

Based on products, the market is classified into:

• Consumables
• Instruments
• Services

Based on applications, the market is classified into:

• Neurology
• Immunology
• Oncology
• Cardiovascular diseases
• Infectious Diseases
• Gastroenterology
• Endocrinology
• Others

Based on end user, the market is classified into:

• Pharmaceutical and biotechnology companies
• Diagnostic companies
• Healthcare IT companies
• Research institutions
• Others

Based on region, the market is segregated into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Precision Medicine Market Trends

Key trends in the global precision medicine market include growing development and research by the healthcare sector, aimed towards the development of different drug combinations and targeted therapies to combat various diseases. Significant advancements in genomics, proteomics, and bioinformatics have resulted in a better understanding of disease mechanisms and improved patient management.

Increased clinical trials with targeted therapies, immunotherapy drugs, and novel approaches to minimize side effects are projected to drive market growth. The adoption of advanced technologies, such as next-generation sequencing and high-throughput screening, is expected to positively impact the growth of the market.

Key Market Players

The major players in the global precision medicine market report are:

• Siemens Healthcare GmbH
• Quest Diagnostics Incorporated
• Pfizer Inc.
• Roche Holding AG
• GlaxoSmithKline plc
• Eli Lilly and Company
• Johnson & Johnson
• Merck & Co., Inc.
• Sanofi
• Amgen Inc.
• Janssen Pharmaceutica N.V.
• F. Hoffmann-La Roche Ltd.
• Myriad Genetics Inc.
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.