Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) — The “Precision Medicine Market by Product, Technology, Application, End-user, and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The global precision medicine market size reached US$ 75.2 billion in 2023. Looking forward, the market is expected to reach US$ 168.3 billion by 2032, exhibiting a growth rate (CAGR) of 9.4% during 2023-2032. Significant advancements in genomics, increasing healthcare personalization, rising prevalence of chronic diseases, technological innovations, growing investment in research, and a shift towards more effective, tailored treatments are influencing the precision medicine industry.
Precision Medicine Market Analysis:
- Market Growth and Size: The precision medicine market share is experiencing rapid growth, driven by increasing demand for personalized treatment modalities and advancements in genomic science. Precision medicine market trends are reflected in the expanding range of precision medicine applications and the significant investments flowing into the sector.
- Major Market Drivers: Key drivers include technological advancements in genomics, the rising prevalence of chronic diseases, a shift towards personalized healthcare, and substantial investments in research and development (R&D). These factors are collectively propelling the market forward, aligning with the growing emphasis on more effective and tailored healthcare solutions.
- Key Market Trends: Some of the key precision medicine market trends include the integration of artificial intelligence (AI) and machine learning (ML) to enhance the predictive power of genetic data and improve the personalization of patient care. The market is also seeing a rise in companion diagnostics, emphasizing the importance of aligning therapeutic decisions with individual genetic information.
- Challenges and Opportunities: Challenges include high costs, complex regulatory environments, and the need for extensive data integration. On the other hand, these challenges present opportunities for innovation in cost reduction, regulatory strategy optimization, and the development of advanced data analytics to enhance the efficacy and accessibility of precision medicine.
According to the report, North America accounted for the largest market share. North America’s robust healthcare infrastructure, substantial investments in healthcare technology, and a strong emphasis on research and innovation are presenting lucrative opportunities for market expansion. The region’s advanced regulatory framework supports the rapid adoption of personalized therapies, while the presence of leading biotech and pharmaceutical companies is fueling continuous advancements in precision medicine. Additionally, the presence of a well-informed population with increasing healthcare expectations is further providing an impetus to the market growth.
Besides this, the strong governmental support in Europe, extensive research collaborations, and well-established healthcare systems prioritizing personalized healthcare solutions and innovation in precision medicine are aiding in market expansion.
Concurrently, rapidly growing healthcare infrastructure, increasing investments in biotechnology, and rising awareness of personalized medicine’s benefits are fueling the demand in the Asia-Pacific region.
Furthermore, In Latin America, growing healthcare expenditure, increasing focus on research and development, and the rising prevalence of chronic diseases are boosting the adoption of precision medicine.
Apart from this, the demand in the Middle East and Africa is propelled by increasing healthcare investments, government initiatives to incorporate advanced healthcare technologies, and the rising demand for effective, personalized therapeutic approaches.
Key Players in the Precision Medicine Industry
The competitive landscape of the global precision medicine market is intensely dynamic and characterized by rapid technological advancements, strategic collaborations, and a strong focus on innovation. Major players in the field, including biotechnology firms, pharmaceutical giants, and healthcare IT companies, are continually expanding their product portfolios and enhancing their capabilities through research and development (R&D) investments, mergers and acquisitions, and partnerships with academic institutions and research organizations.
These companies are competing fiercely to develop and commercialize precision medicine solutions that include advanced genomic analysis, biomarker detection, and personalized therapeutic interventions. The market is also witnessing a growing emphasis on regulatory compliance and the establishment of robust intellectual property rights, which are crucial for sustaining competitive advantage.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- AstraZeneca plc
- Bayer AG
- bioMerieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA
- Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
Industry News:
- In December 2023, AstraZeneca acquired CAR-T Firm Gracell to enhance its existing capabilities and previous investments in cell therapy in hematology and bring a potential best-in-class treatment to patients living with blood cancers.
- In May 2023, Bayer launched a business unit focused on developing new Precision Health products across its range of everyday health categories.
- In February 2023, Roche announced the expansion of its partnership with Janssen Biotech Inc. (Janssen), aiming to develop companion diagnostics for targeted treatments, thereby enhancing their joint research and innovation efforts.
Key Attributes
Report Attribute | Details |
No. of Pages | 135 |
Forecast Period | 2023-2032 |
Estimated Market Value (USD) in 2023 | $75.2 Billion |
Forecasted Market Value (USD) by 2032 | $168.3 Billion |
Compound Annual Growth Rate | 9.4% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ntdcqf
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- Precision Medicine Market