Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!

What Future CAGR is Anticipated for the Precision Medicine Market Over the 2025–2034 Period?

There’s been a swift expansion in the precision medicine market in the past few years. It’s predicted to increase from $80.15 billion in 2024 to $88.73 billion in 2025, with a compound annual growth rate (CAGR) of 10.7%. Several factors have been responsible for this past growth, such as the rise in cancer incidents, an increase in mental health issues, a growth in respiratory diseases, more financing, a larger elderly population, higher pharmaceutical R&D expenses, and a rise in overall healthcare spending.

Predictions for the future indicate solid expansion in the precision medicine market, with its size projected to reach $129.37 billion in 2029, bolstered by a compound annual growth rate (CAGR) of 9.9%. This ascending trajectory throughout the predicted timeline could be linked with factors such as the rising elderly populace, growing instances of cancer, the promising capacity of emerging economies, the virtual appearance of novel pathogenic outbreaks, surged R&D spending and escalating healthcare costs. Major trends expected during this period encompass the integration of artificial intelligence technology to enhance competitiveness, diagnostic services and personalized treatments for immune-related diseases, concentrated investment in research and development activities, and joint ventures and cooperations with tech-based and healthcare bodies to enhance product range.

How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the precision medicine Market?

The escalating incidence of cancer is anticipated to drive the expansion of the precision medicine market. Cancer ranks among the leading causes of mortality worldwide, with one-fifth of the population expected to get a cancer diagnosis at some point in their lifetimes. Precision medicine for cancer involves genetically analyzing tumors to uncover mutations or other gene defects that result in cancer. Accordingly, physicians can potentially select a therapy for a patient’s specific cancer that best corresponds with, or directly targets, the alterations in the tumor’s DNA. For example, the World Health Organization, a Switzerland-based specialized agency committed to international public health, noted in February 2024 that over 35 million new cancer incidences are projected by 2050. This denotes a 77% rise from the estimated 20 million cases in 2022. Hence, the escalating incidence of cancer propels the growth of the precision medicine market.

Request Your Free Precision Medicine Market Report Sample Now!

https://www.thebusinessresearchcompany.com/sample.aspx?id=5301&type=smp

Who Are the Influential Players Fueling Innovation and Growth in the Precision Medicine Market?

Major companies operating in the precision medicine market include:

• Quest Diagnostics_x000D_

• Thermo Fisher Scientific Inc._x000D_

• Roche Holding AG_x000D_

• Medtronic plc_x000D_

• Novartis AG_x000D_

What Impact Are Industry Trends Having on the Precision Medicine Market’s Future Prospects?

An increasing number of alliances and acquisitions within precision medicine firms are broadening their tactics towards both cancer and non-cancer fields. Continuous innovation and research are taking place in precision medicine, with collaborations and partnerships strengthening the companies’ abilities and methodologies. For instance, GSK plc, based in the UK, amplified its partnership with Tempus, a precision medicine company in the US, in September 2022. This triennial association is focused on enhancing clinical trial design, accelerating patient recruitment, and pinpointing drug targets with the help of Tempus’ AI-powered platform and extensive anonymous patient data. This collaboration, building on their prior work, looks to boost GSK’s R&D prowess, particularly in the field of oncology.

Pre-order Your Report for Quick and Easy Delivery!

https://www.thebusinessresearchcompany.com/report/precision-medicine-global-market-report

Which Segments Play a Crucial Role in the Expansion of the 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

What Regions Are Leading the Growth Trajectory of 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.

What Are the Defining Aspects of the Precision Medicine Market Landscape?

Precision medicine refers to a type of medication that prevents, detects, or treats disease using knowledge about a person’s genes or proteins. To choose a treatment that may be most effective for a person, precision medicine considers their genetics, environment, and lifestyle.

Browse Through More Similar Reports By The Business Research Company:

Cell Culture Consumables And Equipment Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/cell-culture-consumables-and-equipment-global-market-report

Healthcare E-Commerce Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/healthcare-ecommerce-global-market-report

3D Cell Culture Technologies Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/3d-cell-culture-technologies-global-market-report

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at [email protected]

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: