Precision Medicine Market Trend, Size, Companies, Top Player, and Outlook 2024-30

Global Precision Medicine Market Analysis

MarkNtel Advisors, a leading consulting, data analytics, and market research firm, recently published an analytical report description that describes the recent achievements and developments of prominent players including new launching of innovative products, strategic collaborations, or partnerships, that bolster the growth of the Global Precision Medicine market. The research report on the Precision Medicine Market presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts.

The report further comprises, “Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30.

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Global Precision Medicine Market Opportunity:

New Drug Development to Enhance the Requirement for Companion Diagnostics & Precision Oncology – The incidence rates of cancer have been consistently increasing across the world due to several factors, like genetic factors, exposure to carcinogens, and lifestyle factors. According to the World Health Organization (WHO), in 2022, cancer was one of the leading causes of death worldwide, accounting for almost 10 million deaths. Therefore, to reduce the current death rate due to cancer, pharmaceutical companies have been increasingly focusing on developing drugs that help in the treatment of different types of cancer. Moreover, these companies are adopting genetic profiling and companion diagnostics to develop new drugs by using genetic profiling since the procedure improves the overall efficacy. Thus, the increasing investments made by biotech & pharmaceutical companies to manufacture drugs to cure chronic illnesses would further lead to the adoption of precision medicine in the forthcoming years.

Also, pharmaceutical companies are focusing on developing diagnostic procedures for the early detection of diseases and reducing the prevalence of cancer & tumors across the globe. As a result, the adoption of technology like companion diagnostics would increase. Subsequently, this would enhance the demand for precision medicine in the forthcoming years.

Global Precision Medicine Market Segment & Geography [2024-30]

The Precision Medicine market is segmented into significant segments based on Geography.

-By Technology

Big Data Analytics- Market Size & Forecast 2019-2030F, USD Million
Bioinformatics- Market Size & Forecast 2019-2030F, USD Million
Whole Genome Sequencing- Market Size & Forecast 2019-2030F, USD Million
Companion Diagnostics- Market Size & Forecast 2019-2030F, USD Million
Molecular Imaging- Market Size & Forecast 2019-2030F, USD Million
Artificial Intelligence- Market Size & Forecast 2019-2030F, USD Million
Others (Pharmacogenomics, Genetic Testing, etc.)- Market Size & Forecast 2019-2030F, USD Million

-By Solution Offering

Consumables- Market Size & Forecast 2019-2030F, USD Million
Instruments- Market Size & Forecast 2019-2030F, USD Million
Services- Market Size & Forecast 2019-2030F, USD Million

-By End User

Pharmaceutical & Biotechnology Company- Market Size & Forecast 2019-2030F, USD Million
Diagnostic Laboratories- Market Size & Forecast 2019-2030F, USD Million
Healthcare IT- Market Size & Forecast 2019-2030F, USD Million
Research Centers- Market Size & Forecast 2019-2030F, USD Million
Healthcare Providers- Market Size & Forecast 2019-2030F, USD Million
Others (Academic Institutes, Non-Profit Organization, etc.)- Market Size & Forecast 2019-2030F, USD Million

-By Application

Oncology- Market Size & Forecast 2019-2030F, USD Million
Immunology- Market Size & Forecast 2019-2030F, USD Million
Central Nervous System (CNS) - Market Size & Forecast 2019-2030F, USD Million
Respiratory- Market Size & Forecast 2019-2030F, USD Million
Gastroenterology- Market Size & Forecast 2019-2030F, USD Million
Others (Endocrinology, Neurology, etc.)- Market Size & Forecast 2019-2030F, USD Million

Geographical Analysis

-By Region

North America
South America
Europe
Middle East & Africa
Asia Pacific

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Top Companies Essentially Working in Precision Medicine Market

Hoffmann-La Roche Ltd.
Astra Zeneca
Qiagen
Thermo Fisher Scientific Inc.
Amgen Inc.
Bayer AG
Biogen Inc.
Illumina Inc.
Medtronic Plc
Novartis Pharmaceutical Corporation
Kailos Genetics, LLC.
C2i Genomics
Astarte Medical
PerkinElmer Inc.
Others

Frequently Asked Questions (FAQs)-

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends influencing the current scenario of the market?
What leading factors would propel and impede the industry across the geography?
How has the industry been evolving in terms of geography & Precision Medicine adoption?
How has the competition been shaping up across the geography?

Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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