Precision Medicine Market to Reach US$ 73,946.2 Million In 2022: Coherent Market Insights
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| Precision Medicine Market |
The global Precision Medicine Market
is projected to reach a value of US$ 73,946.2 Million In 2022, with a CAGR
of 10.3% over the forecast period 2022-2030, according to a new report by
Coherent Market Insights.
Market Overview:
Precision Medicine involves personalized treatment plans and therapies based on
an individual's genetic makeup, lifestyle, and environment. It offers several
advantages, such as improved treatment outcomes, minimized adverse effects, and
targeted therapy for complex diseases. The need for Precision Medicine is
increasing due to rising cases of chronic and genetic diseases, increasing
healthcare expenditure, and advancements in genomics technology.
Market Key Trends:
One key trend in the Precision Medicine Market is the use of genomic
sequencing. Genomic sequencing refers to the process of determining the
complete DNA sequence of an individual. It plays a crucial role in identifying
genetic variations and mutations that can be targeted for personalized
treatment plans. The increasing availability and affordability of genomic
sequencing technologies are driving its adoption in Precision Medicine.
Overall, the Precision Medicine Market is expected to witness significant
growth due to the increasing demand for personalized treatment plans and
advancements in genomics technology. The use of genomic sequencing is a key
trend that is expected to further drive the market in the coming years.
Segment
Analysis:
The Precision
Medicine Market can be segmented based on technology, application, and
end-user. Based on technology, the molecular diagnostics segment dominates the
market due to its ability to analyze individual genes and genetic mutations,
which helps in personalizing treatment plans for patients. Molecular
diagnostics technology has gained significant traction in recent years, with
advancements in next-generation sequencing, polymerase chain reaction, and gene
expression profiling techniques. The segment is expected to continue dominating
the market during the forecast period.
In terms of application, oncology holds the largest market share in precision
medicine. The increasing incidence of cancer and the need for targeted
therapies are driving the demand for precision medicine in oncology. Precision
medicine helps in identifying genetic mutations in cancer cells and designing
treatment strategies accordingly. This segment is expected to witness high
growth over the forecast period.
Based on end-user, the pharmaceutical and biotechnology companies segment
dominates the market. These companies are extensively investing in precision
medicine research and development to develop targeted therapies for various
diseases. Additionally, the increasing collaboration between pharmaceutical
companies and research organizations is further fueling the growth of this
segment.
Key Takeaways:
The global precision medicine market is expected to witness high growth,
exhibiting a CAGR of 10.3% over the
forecast period. The increasing prevalence of chronic diseases, advancements in
molecular diagnostics, and personalized treatment approaches are driving the
market growth. Moreover, the growing emphasis on genomics research, rising
healthcare expenditure, and a shift towards value-based healthcare are also
contributing to market growth.
In terms of regional analysis, North America dominates the precision medicine
market. The region has a well-established healthcare infrastructure, a strong
presence of key market players, and higher adoption of precision medicine.
Additionally, favorable government initiatives, such as the Precision Medicine
Initiative in the United States, are supporting the growth of the market in
North America. Europe is also witnessing significant growth in the precision
medicine market, fueled by advancements in healthcare technology, increasing
research funding, and the presence of key market players.
Key players operating in the precision medicine market include Intomics,
GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis
AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest
Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory
Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli
Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad
Genetics, Inc., Bristol-Myers Squibb Company, and Foundation Medicine. These
companies are focusing on strategic collaborations, mergers and acquisitions,
and product launches to strengthen their market position and expand their
product portfolios in the precision medicine market.
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