Precision Medicine Market Growth Trends, Share and Size Analysis By Therapeutics (Cancer/Oncology, Cardiovascular Disease (CVD), Central Nervous System, Infectious Diseases), Ecosystem Players (Pharmaceuticals and Biotechnology Companies, Diagnostic Companies, Healthcare IT Specialists/Big Data Companies and Clinical Laboratories), Sub-Markets (Companion Diagnostics, Biomarker-Based Test, Targeted Therapeutics, Pharmacogenomics (PGX), Molecular Diagnostics) and Region, Global Forecast till 2025
Precision Medicine Market Outlook
The mass-produced nature of drugs manufactured for certain ailments have had limited success with more complex cases, and have thus augmented the need for precision medicine. Reports created by MRFR detail the developments of the pharmaceutical industry that can be expected in the market through the forecast period. The precision medicine market is expected to list a 12.48% CAGR and is predicted to reach USD 126.14 Billion by 2025.
The upswing in research activities and collective knowledge about various aspects of several diseases is estimated to promote the development of the precision medicine market share in the upcoming period. Furthermore, improved financial capacity of patients and willingness to try alternative treatment methods is estimated to accelerate the precision medicine market companies in the upcoming period.
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Precision Medicine Market Segmentation
The segmentation of the precision medicine market has been carried out based on sub-markets, ecosystem players, region, and therapeutics. The precision medicine market has been segmented into cardiovascular disease (CVD), central nervous system, cancer/oncology and infectious diseases based on therapeutics. The precision medicine market has been segmented into pharmaceuticals, healthcare IT specialists/big data companies, biotechnology corporations, diagnostic businesses, and clinical laboratories based on ecosystem players. Based on the sub-markets, the precision medicine market has been segmented into biomarker-based test, targeted therapeutics, pharmacogenomics (PGX), companion diagnostics, molecular diagnostics, and others. The regions studied in the precision medicine market are Americas, Europe and APAC.
Precision Medicine Market Regional Insights
The regional study of the precision medicine market includes Americas, Europe and APAC. The Americas precision medicine market is assessed to control the global market in the forecast period, due to the progression in gene mapping know-hows, which perform a vital role in the regional market’s development. The European precision medicine market is anticipated to be the second principal for the duration of the forecast. The increasing adoption of precise diagnostic tools, electronic healthcare records, and drugs prescribed essentially for a disease is anticipated to lift the progress of the market in this region.
Moreover, the companies operational in the European region are mainly concentrating on mergers and acquisitions, which is anticipated to back the precision medicine market growth. The Asia Pacific precision medicine market is appraised to be the fastest mounting market owing to the emerging healthcare setup and growing disposable income combined with the increasing demand for personalized healthcare therapies and drugs.
Precision Medicine Market Competitive Landscape
The challenges of business stability and diminished cash flows due to the pandemic are estimated to be rectified gradually in the coming years. The market is estimated to be powered by the developments visible in the global market that are being instated to create a swift return to normalcy. The majority stake contenders are assessed to take an enhanced amount of risk to achieve their overall targets by aligning the resources needed to accomplish this goal. The return in demand stability is estimated to herald a positive development phase in the global market in the forecast period.
The positive influence of macro market reforms is predicted to ripple favorably throughout the global market in the forecast period. The focus on sustained growth in the market is likely to reveal promising development options in the forecast period. Foreign portfolio investors are predicted to play a vital role in expanding the business interest of new businesses innovating the market’s product range. The progress in distributing vaccines is estimated to fasten the market’s development as optimistic sentiment returns to the market.
The vital companies in the precision medicine market are Almac Group, Ltd., ASURAGEN, Inc., ABBOTT LABORATORIES, bioMérieux SA, HealthCore, Inc., IBM, InnVentis, Intel, CETICS Healthcare Technologies GmbH, GE Healthcare, Johnson & Johnson, GlaxoSmithKline Plc (GSK), Intomics A/S, LABORATORY CORPORATION OF AMERICA HOLDINGS, Molecular Health GmbH, Medtronic, Novartis, Pfizer Inc, Qiagen, BIOBASE GmbH (Subsidiary), Quest Diagnostics Inc., Roche Holding AG-Br, Sanofi Pharma, Takeda Pharmaceutical Company Limited, Cepheid Inc., Teva Pharmaceutical Industries Ltd., AB-Biotics SA, Randox Laboratories Ltd, Caris Life Sciences, Corporation, and Precision for Medicine.
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Precision Medicine Industry Updates:
Investigators from the Johns Hopkins departments of pathology and oncology, the Johns Hopkins University (JHU) School of Medicine, the Johns Hopkins Kimmel Cancer Center, and 18 other bodies in the US and Poland have amassed a databank consisting of head and neck cancers to hasten the expansion of precision medicine therapies. The database is supposed to be a complete molecular characterization to date of the most regular head and neck cancer kinds.
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