What’s The Growth Forecast For Precision Medicine Market Through 2023-2032?
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As per The Business Research Company’s Precision Medicine Global Market Report 2023, 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 precision medicine market size is expected to grow to $157.26 billion in 2027 at a CAGR of 13.4%.
What was the major driver in the precision medicine market?
Cancer’s increasing prevalence is expected to boost the expansion of the precision medicine market in the future years. Cancer is one of the leading causes of death worldwide, affecting one out of every five people at some time in their lives. In cancer, precision medicine requires analysing DNA from tumours to identify mutations or other genetic abnormalities that cause cancer. As a result, physicians may be able to select a treatment for a given patient’s cancer that best fits, or targets, the tumour DNA mutations. For example, the International Agency for Research on Cancer (IARC) recently predicted that the global cancer burden will increase to 19.3 million cases and 10 million cancer deaths by 2020. As a result, the growing occurrence of cancer fuels the expansion of the precision medicine market.
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What was the key trend in the precision medicine market?
The advancement of innovative precision medication for pancreatic cancer is influencing the precision medicine market. Extensive research on several approaches to developing precision therapies for pancreatic cancer is being conducted. For example, in October 2020, researchers from the University of Glasgow reported the development of a revolutionary precision medicine technique for addressing damaged DNA in pancreatic cancer patients’ cancer cells. The researchers employed lab-grown cells and tumour replicas to identify molecular markers that may be used to predict and respond to numerous treatments that target DNA damage. The researchers evaluated specific markers with multiple medications and created an approach that is now being tested in a clinical trial. The trial will assist doctors and researchers in predicting which patients may respond to one of these medications alone or in combination.
Which was the largest region in the precision medicine market?
North America was the largest region in the precision medicine market in 2022. 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, the Middle East, and Africa.
Who are the precision medicine market prominent players?
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.
Key precision medicine market segments
The global precision medicine market is segmented –
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
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