2024 Precision Medicine Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Precision Medicine Market from 2024 to 2033?
Over the recent years, there has been a swift expansion in the size of the precision medicine market. The market is set to rise from $73.11 billion in 2023 to a substantial $81.06 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 10.9%. Factors such as the rising numbers of cancer cases, the increase in mental health disorders, growing incidences of respiratory diseases, increased funding, a growing elderly population, an uptick in pharmaceutical research and development spending, and larger healthcare expenditures, contributed to the notable growth during the historical period.
The market size of precision medicine is anticipated to witness robust growth in the upcoming years, expanding to $118.08 billion by 2028, at an annual growth rate (CAGR) of 9.9%. This projected growth during the forecasted period is due to factors such as a growing elderly population, an increase in cancer incidents, the high potential of developing economies, the emergence of new pathogenic infestations, a rise in R&D spending, and increased healthcare expenditure. In the coming period, key trends will include the adoption of artificial intelligence technologies to enhance competitiveness, diagnose and offer customized treatment for immune-mediated diseases, increased investment in research and development initiatives, and establishing collaboration and partnerships with tech and healthcare firms to enhance their product offerings.
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What Are the Primary Growth Drivers for the precision medicine Market?
The precision medicine market’s expansion is predicted to be driven by the escalating occurrence of cancer. Cancer has become one of the primary death causes globally, with one in five individuals likely to develop it in their lifetime. Precision medicine approach for cancer involves examining tumor DNA to detect mutations or other genetic irregularities that contribute to cancer. This allows doctors to select a treatment that most accurately addresses or is targeted at the tumor DNA changes for a particular patient. For example, the American Cancer Society, a US-centric health organisation dedicated to eliminating cancer, reported in April 2022 that the number of new cancer cases in the US increased to 1.92 million, up from 1.89 million in 2021. As a result, the escalating instances of cancer are propelling the growth of the precision medicine market.
What Are the Defining Segments of the Precision Medicine Market?
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
What Trends Are Revolutionizing Standards in the Precision Medicine Market?
An increasing number of collaborations and mergers within the precision medicine industry are allowing these companies to broaden their methods to encompass both oncology and non-oncology sectors. Continuous experimentation and progression in new sectors is a feature of precision medicine, and cooperation and partnerships assist these companies in improving their capacities and strategies. As an illustration, in August 2021, Foundation Medicine Inc. formed a partnership with Epic to combine their comprehensive genomic profiling and other testing tools with Epic’s electronic medical records. The goal of this integration is to make it easier for oncologists to gain access to genomic data and thus extend the application of precision medicine to a larger number of cancer patients.
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What Regions Are Propelling Growth in the Precision Medicine Industry?
North America was the largest region in the precision medicine market in 2023. 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.
The Precision Medicine Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the precision medicine market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Precision Medicine Market Include
1. Precision Medicine Market Executive Summary
2. Precision Medicine Market Segments
3. Precision Medicine Market Size And Template Market Growth Rate
4. Key Precision Medicine Market Trends
5. Major Precision Medicine Market Drivers
……
25. Key Mergers And Acquisitions In The Precision Medicine Market
26. Top Precision Medicine Companies
27. Precision Medicine Market Opportunities And Strategies
28. Precision Medicine Market, Conclusions And Recommendations
29. Appendix
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