Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) — The “Precision Medicine – Global Strategic Business Report” has been added to ResearchAndMarkets.com’s offering.
The global market for Precision Medicine was estimated at US$89.9 Billion in 2023 and is projected to reach US$161.1 Billion by 2030, growing at a CAGR of 8.7% from 2023 to 2030.
The precision medicine market is experiencing rapid growth, driven by a combination of technological advancements, increased healthcare spending, and a growing emphasis on personalized treatments. One of the primary growth drivers is the declining cost of genomic sequencing, which is making genetic testing more accessible to a larger population. As the price of whole genome sequencing continues to fall, more patients and healthcare providers are utilizing genetic data to inform treatment decisions, particularly in oncology, where genetic mutations often guide therapy choices. This shift is expanding the market for precision therapies and companion diagnostics, creating new opportunities for pharmaceutical and biotechnology companies.
The increasing prevalence of chronic diseases is another significant driver of the precision medicine market. As rates of cancer, diabetes, cardiovascular disease, and other chronic conditions continue to rise globally, there is a growing need for more effective and targeted treatments. Precision medicine offers the potential to deliver more personalized care for patients with these conditions, improving outcomes and reducing the trial-and-error approach often associated with conventional treatments. In oncology, for example, precision medicine has led to the development of targeted therapies that attack specific cancer-causing mutations, resulting in more effective and less toxic treatments compared to traditional chemotherapy.
Pharmaceutical companies are also driving market growth by investing heavily in the development of targeted therapies and precision-based drugs. The growing use of biomarkers and companion diagnostics is allowing drug developers to design treatments that are tailored to specific genetic or molecular profiles. This targeted approach increases the likelihood of successful clinical outcomes and reduces the risks of adverse reactions, leading to more efficient drug development processes. Additionally, the rise of immunotherapy and gene therapies, which are designed to treat specific patient populations, is contributing to the expansion of precision medicine applications across various therapeutic areas.
Lastly, the integration of artificial intelligence (AI) and machine learning into healthcare is accelerating the adoption of precision medicine. AI-driven tools are helping clinicians and researchers analyze large datasets, including genetic information, clinical records, and lifestyle data, to identify the most effective treatments for individual patients. These technologies are improving the speed and accuracy of diagnosis, enabling earlier intervention and personalized treatment plans. The increasing availability of health data from wearable devices and mobile health applications is also providing valuable insights into patient behavior, allowing for more comprehensive and continuous monitoring of health outcomes.
As the healthcare industry continues to prioritize personalized care and technology-driven solutions, the precision medicine market is expected to grow significantly in the coming years. These growth drivers, combined with ongoing advancements in genomics, AI, and biotechnology, are paving the way for more targeted, effective, and patient-centered healthcare solutions.
Scope of the Study
The report analyzes the Precision Medicine market, presented in terms of market value (US$ Million).
Segments
- Application (Diagnostics, Therapeutics)
- End-Use (Clinical Laboratories, Hospitals, Home Care, Other End-Uses)
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Diagnostics Application segment, which is expected to reach US$89 Billion by 2030 with a CAGR of a 8.5%. The Therapeutics Application segment is also set to grow at 8.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $23.5 Billion in 2023, and China, forecasted to grow at an impressive 12.8% CAGR to reach $41.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Questions Answered:
- How is the Global Precision Medicine Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Precision Medicine Market such as 23andMe, Inc., Abbott Laboratories, Biogen, Dako A/S, F. Hoffmann-La Roche Ltd.-Foundation Medicine and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 42 companies featured in this Global Precision Medicine Market report include:
- 23andMe, Inc.
- Abbott Laboratories
- Biogen
- Dako A/S
- F. Hoffmann-La Roche Ltd.-Foundation Medicine
- Foundation Medicine Inc.
- GE Healthcare
- IBM Watson
- Illumina
- Janssen Pharmaceuticals
- Medtronic
- Myriad Genetics Inc.
- NeoDiagnostix, Inc.
- Precision Biologics Incorporated
- Qiagen Incorporated
- Quest Diagnostics Incorporated
- Siemens Healthineers
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 93 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $89.9 Billion |
| Forecasted Market Value (USD) by 2030 | $161.1 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Key Topics Covered:
1. MARKET OVERVIEW
- World Market Trajectories
- Global Economic Update
- Precision Medicine – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Increasing Focus on Personalized Healthcare Drives Demand for Precision Medicine Solutions Tailored to Individual Patients
- Advancements in Genomic Sequencing Technologies Propel Growth in Precision Medicine for Early Disease Detection and Prevention
- Rising Adoption of AI and Machine Learning Strengthens Data-Driven Insights in Precision Medicine for Targeted Therapies
- Growing Emphasis on Cancer Treatment Expands Market for Precision Medicine in Oncology
- Increasing Use of Biomarker-Based Diagnostics Generates Demand for Precision Medicine in Personalized Treatment Plans
- Growth of Direct-to-Consumer Genetic Testing Expands Opportunities for Precision Medicine in Preventive Healthcare
- Rising Focus on Rare Diseases Drives Development of Precision Medicine Solutions for Niche Patient Populations
- Technological Advancements in Bioinformatics Spur Innovation in Precision Medicine for Integrating Complex Patient Data
- Expansion of Pharmacogenomics Strengthens the Business Case for Precision Medicine to Optimize Drug Efficacy and Safety
- Growing Focus on Reducing Healthcare Costs Propels Adoption of Precision Medicine to Improve Treatment Outcomes and Efficiency
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/wcyxii
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- Precision Medicine Market
