According to a recent analysis by Emergen Research, the worldwide precision medicine market is projected to reach USD 132.66 billion by 2027.
According to a recent analysis by Emergen Research, the worldwide precision medicine market is projected to reach USD 132.66 billion by 2027. The market is growing at a CAGR of 12.5% over the forecast period. The high growth of this market is attributed to the rising demand for personalized healthcare services, increasing technological advancements in precision medicine, and the favorable reimbursement policies for precision medicine treatments across different nations.
Precision medicine is a type of healthcare that takes into account an individual’s genetic makeup, lifestyle, and environment in order to customize treatments that are most likely to be effective for that individual. Precision medicine has the potential to transform the healthcare industry by providing more personalized and effective treatments for patients.
The rising demand for personalized healthcare services is a major factor driving the growth of the precision medicine market. Personalized healthcare is tailored to the specific needs of an individual patient, which allows for more effective and efficient treatment. Additionally, personalized healthcare can help to reduce the cost of healthcare by preventing the need for unnecessary or ineffective treatments.
The increasing technological advancements in precision medicine is another factor driving the growth of the market. Technological advances have led to the development of new tools and techniques that can be used to more accurately diagnose and treat diseases. Additionally, these advances have made it possible to develop more personalized treatments that are specifically tailored to the needs of individual patients.
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The favorable reimbursement policies for precision medicine treatments across different nations is another factor driving the growth of the market. In many countries, insurance companies are beginning to cover the cost of precision medicine treatments, which is making these treatments more affordable for patients. This is expected to increase the uptake of precision medicine treatments and drive the growth of the market.
However, the high cost of precision medicine treatments is a major factor restraining the growth of the market. Precision medicine treatments can be very expensive, and many patients are unable to afford these treatments. Additionally, the lack of awareness about precision medicine among healthcare professionals and the general public is another factor restraining the growth of the market.
Some Key Highlights from the Report
- The drug discovery segment accounted for the largest revenue share in 2021 and is expected to grow at a CAGR of over 22% during the forecast period. The segment includes services such as target identification and validation, lead optimization, and preclinical development. The increasing demand for personalized medicines is the key factor driving the growth of this segment.
- The services segment is expected to grow at the highest CAGR of over 22% during the forecast period. The segment includes data management, bioinformatics, and clinical trial management services. The rapid adoption of precision medicine services by healthcare organizations is the key factor driving the growth of this segment.
- The diagnostic companies segment in the precision medicine market is projected to account for largest revenue share of 43.9% by 2026 owing to the increasing adoption of advanced diagnostics technologies and personalized therapies by these companies. For instance, in December 2020, QIAGEN announced that it has launched a new COVID-19 test kit that detects three different types of the SARS-CoV-2 virus. Similarly, in October 2020, Freenome launched a new blood test, called ‘Colorectal Cancer Early Detection Test (CRCEDT)’ that detects early stage colorectal cancer. Such technological advancements are expected to fuel the growth of this segment over the forecast period.
- The pharmaceutical & biotechnology companies segment in the precision medicine market is estimated to register highest CAGR of 17.1% over the forecast period owing to the significant investments by major players in research and development activities related to the development of innovative precision medicines. Moreover, increase in government initiatives & funding for R&D activities is expected to boost the segment growth over the forecast period. For instance, in 2019, The Department of Health and Human Services (HHS) invested USD 1.5 billion in precision medicine research and initiatives.
- The North America precision medicine market accounted for the largest revenue share in 2021. The region is expected to grow at a CAGR of over 20% during the forecast period. The increasing incidence of chronic diseases, the growing demand for personalized medicines, and the presence of major market players in the region are the key factors driving the growth of the market in North America.
- The Asia Pacific precision medicine market is expected to grow at the highest CAGR of over 23% during the forecast period. The growing prevalence of chronic diseases, the increasing demand for personalized medicines, and the rapidly evolving healthcare infrastructure are the key factors driving the growth of the market in Asia Pacific.
- Several significant players are NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, and Pfizer. Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, and Tepnel Pharma Services are all significant participants.
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For the purpose of this report, Emergen Research has segmented into the global Precision Medicine Market on the basis of technology, end-use, application, and region:
Technology Outlook (Revenue: USD Billion; 2017-2027)
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
End-Use Outlook (Revenue: USD Billion; 2017-2027)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- Others
Application Outlook (Revenue: USD Billion; 2017-2027)
- Oncology
- Immunology
- CNS
- Respiratory
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- US.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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