Precision Medicine Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What fueled the previous growth in the precision medicine market?
The market size for precision medicine has seen a swift rise in recent years. The market, which is projected to escalate from $80.15 billion in 2024 to $88.73 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 10.7%. This substantial growth in the past period can be traced back to the rise in cancer cases, an increased occurrence of mental health disorders, a higher incidence of respiratory diseases, a boost in funding, an increase in the elderly population, a surge in pharmaceutical R&D spending, and escalated healthcare expenditure.
What will be the precision medicine market size in the future?
In the coming years, there is a projected robust expansion for the missile defense system market. The market is expected to scale up to $50.28 billion by 2029, registering a compound annual growth rate (CAGR) of 9.7%. Several factors account for this anticipated increase during the forecast period, including the influence of arms control deals, geopolitical instability, emerging threats, military enhancement plans, and defense structures based in space. Key trends for the forecast period encompass threats from intercontinental ballistic missiles (ICBM), the evolution of hypersonic weapons, drone and unmanned aerial vehicle (UAV) threats, advancements in directed energy weapons, and the incorporation of artificial intelligence.
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What main drivers are fueling expansion in the precision medicine market?
The proliferation of cancer is anticipated to stimulate expansion in the precision medicine market. Cancer, as a leading cause of global mortality, impacts one in every five people at some stage in their lifetime. Precision medicine in oncology involves studying DNA from cancerous cells to identify mutations or other genetic modifications that lead to cancer. This allows doctors to potentially select a treatment approach for a specific cancer patient that best matches, or targets, changes in their tumor DNA. For example, the World Health Organization, a Switzerland-based agency with responsibility over international public health, reported in February 2024 that by 2050, more than 35 million new instances of cancer are expected, signifying a 77% increase from the projected 20 million cases in 2022. Therefore, the escalating incidence of cancer propels the advancement of the precision medicine market.
What key areas define the segmentation of the global precision medicine market?
The precision medicine market covered in this report is segmented –
1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technology
2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications.
3) By End-Use: Pharmaceutical Companies, Diagnostic Companies, Healthcare And IT Firms, Others
Subsegments:
1) By Big Data Analytics: Predictive Analytics, Prescriptive Analytics, Data Mining
2) By Bioinformatics: Genomic Data Analysis, Proteomics Data Analysis, Metabolomics Data Analysis
3) By Gene Sequencing: Next-Generation Sequencing (NGS), Sanger Sequencing, Whole Genome Sequencing
4) By Drug Discovery: Target Identification And Validation, Lead Compound Discovery, Preclinical And Clinical Trials
5) By Companion Diagnostics: Biomarker Testing, Genomic Profiling, Companion Diagnostic Tests
6) By Other Technology: Personalized Treatment Plans, Telemedicine And Digital Health Solutions, Wearable Health Technology
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Who are the dominant players expanding their reach in the precision medicine market?
Major companies operating in the precision medicine market include Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Eurofarma, Biolab Farmaceutica, Cristalia, União Quimica
How are evolving market trends shaping precision medicine Strategies?
An increasing number of collaborations and mergers among precision medicine firms are allowing them to expand their strategies in both cancer and non-cancer fields. The continuous research and development in new areas of precision medicine enable the firms to improve their competence and tactics through collaboration and partnership. For example, GSK plc, a pharmaceutical company based in the UK, extended its alliance with Tempus, a precision medicine enterprise based in the US, in September 2022. The joint venture for three years intends to streamline clinical trial design, hasten patient registration, and pinpoint drug targets by using Tempus’ AI-powered platform and vast anonymous patient information. The collaboration is expected to augment GSK’s R&D skills, especially in the field of oncology, building upon their prior cooperative efforts.
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Which regions are emerging as leaders in the precision medicine market?
North America was the largest region in the precision medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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