Precision Medicine Market Size
As per the report published, the size of the global Precision Medicine Market is forecasted to worth USD 86.77 billion by the end of 2025, registering a CAGR of 11.5% from 2020 to 2025.
Key Market Drivers:
The significant factor driving the growth of the global precision medicine market is the advancements in the technology in completing a sequence of the human genome and thus helping in the production of precision medicines. Precision medicine has many advantages, like providing efficient treatment customized to patients’ needs and categories of disease. Precision medicine usage reduces the overall cost of the treatment as the usage is less due to more efficiency. Another driving factor is that the use of precision medicines can help decrease the administration of medications. The increasing government and private initiatives to increase awareness among people will boost market growth further.
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Significant Challenges:
The key factor restraining the global precision medicine market growth is the high diagnostic cost associated with the usage of precision medicines. Other negatively influencing factors are potential threats to personal data and stringent regulations and standards. Lack of awareness among people regarding the functions of precision medicine will hinder the market growth in the future.
Impact of COVID-19 on the global precision medicine market:
COVID-19 has positively impacted the precision medicine market. Precision medicine can effectively help in the treatment of coronavirus if more research and development is done by private and government companies to find the cure. The increasing research and development being done due to increasing government initiatives to find the cure as soon as possible have positively impacted the development side of this medicine. The precision medicines can also be used to treat and manage the symptoms of other diseases whose symptoms get elevated due to coronavirus. Increasing collaborations between government and private market players to develop a cure as soon as possible has opened new doors for the development of the precision medicine market.
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This research report on the global precision medicine market has been segmented and sub-segmented based on the cell type, technique, application, end-user, and region.
By Technology:
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
By Application:
- Oncology
- CNS
- Immunology
- Respiratory
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Regionally, North America is estimated to dominate the global precision medicine market during the forecast period. The main factor driving the growth of this region is the advancement in gene mapping technology in this region. The increasing geriatric population and the increasing prevalence of chronic diseases around the world are other major markets boosting factors. The overall development of healthcare services is responsible for the increasing growth rate.
The European region had the second-largest market share in 2019 and is expected to grow at a good rate during the forecast period. The increasing geriatric population in European countries is the main driving factor for the market. Improving healthcare services due to increased government expenditure has helped this region to secure the second spot in terms of revenue and market size.
The Asia Pacific region had the third-highest market share in 2019 and is expected to grow at the highest rate during the forecast period. The main factor, like the increasing population in countries like India and China, is driving the market growth rate during the forecast period. Improving healthcare infrastructure and increasing personal disposable income will also boost the market growth in the future. Rising awareness due to better government initiatives will further help the market to grow.
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TOP COMPANIES IN THIS MARKET
Key market participants that are dominating the global precision medicine market analyzed in this report are Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic & Quest Diagnostics.
List of Tables and Figures of the report:
- Global Precision Medicine Market, By Region, From 2020 to 2025 (USD Billion)
- Global Precision Medicine Market, By Technology, From 2020 to 2025 (USD Billion)
- Global Big Data Analytics Market, By Region, From 2020 to 2025 (USD Billion)
- Global Bioinformatics Market, By Region, From 2020 to 2025 (USD Billion)
- Global Gene Sequencing Market, By Region, From 2020 to 2025 (USD Billion)
- Global Drug Discovery Market, By Region, From 2020 to 2025 (USD Billion)
- Global Companion Diagnostics Market, By Region, From 2020 to 2025 (USD Billion)
- Global Other Precision Medicine Technologies Market, By Region, From 2020 to 2025 (USD Billion)
- Global Precision Medicine Market, By Application, From 2020 to 2025 (USD Billion)
- Global Oncology Precision Medicine Market, By Region, From 2020 to 2025 (USD Billion)
- Global CNS Precision Medicine Market, By Region, From 2020 to 2025 (USD Billion)
- Global Immunology Precision Medicine Market, By Region, From 2020 to 2025 (USD Billion)
- Global Respiratory Precision Medicine Market, By Region, From 2020 to 2025 (USD Billion)
- Global Other Precision Medicine Applications Market, By Region, From 2020 to 2025 (USD Billion)
- 105+ More
Browse Regional Reports:
- North America Precision Medicine Market
- Europe Precision Medicine Market
- Asia Pacific Precision Medicine Market
- Latin America Precision Medicine Market
- MEA Precision Medicine Market
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