The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s precision medicine market report forecasts the precision medicine market size to grow to $157.26 Billion by 2027, with a CAGR (compound annual growth rate) of more than 13%.

Learn More On The Precision Medicine Market Report 2023 – https://www.thebusinessresearchcompany.com/report/precision-medicine-global-market-report

Precision Medicine Market Size Forecast
The global precision medicine market is expected to grow from $83.43 billion in 2022 to $95 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The precision medicine market size is expected to grow to $157.26 billion in 2027 at a CAGR of 13.4%.

North America held the largest precision medicine market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Precision Medicine Market Driver ­– Rise In The Prevalence Of Cancer
The International Agency for Research on Cancer (IARC), for example, recently predicted that the global cancer burden would rise to 19.3 million cases and 10 million cancer deaths by 2020. As a result, the growing prevalence of cancer propels the precision medicine market forward.

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Key Precision Medicine Market Trend – Developing Novel Precision Medicine For Pancreatic Cancer
Extensive research is being conducted on various approaches to developing precision medicines for pancreatic cancer. Researchers from the University of Glasgow, for example, announced the development of a novel precision medicine approach for treating damaged DNA in pancreatic cancer patients’ cancer cells in October 2020. The researchers identified molecular markers that could be used to predict and respond to several drugs that target DNA damage using lab-grown cells and tumour replicas. The researchers used multiple drugs to test specific markers and developed a strategy that is now being tested in a clinical trial. The trial will help doctors and researchers predict which patients will respond to one of these medications alone or in combination.

Precision Medicine Market Segment
1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technologies
2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications
3) By End-User: Hospitals And Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare And IT Firms, Other End-Users

Precision Medicine Market Major Players and Strategies
Major players in the precision medicine market are Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.

Servier Laboratories, a French pharmaceutical company, paid an undisclosed sum for Agios Pharmaceuticals Inc.’s commercial, clinical, and research-stage oncology portfolio in April 2021. The acquisition of Servier Laboratories aims to strengthen the company’s commercial presence in the malignant technology market while also providing long-term growth into the solid tumour space. The transaction includes marketed oncology precision medicine in malignant technology, as well as a clinical oncology pipeline that includes numerous early-stage and phase-3 assets. Agios Pharmaceuticals is a US-based company that specialises in the development of small-molecule anti-cancer therapeutics that target cancer cell metabolism via the growth factor pathway.

The Precision Medicine Global Market Report 2023 covers regional data on precision medicine market size, precision medicine market trends and drivers, opportunities, strategies, and precision medicine market competitor analysis. The countries covered in the precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Precision medicine is a type of medication that prevents, detects, or treats disease by using knowledge about a person’s own genes or proteins. Precision medicine takes a person’s genetics, environment, and lifestyle into account when determining the best treatment for them.

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