Precision Medicine Market Size to Reach USD 48.8 Billion in 2023

Market Insights

As per recent research by MarkNtel Advisors, The Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30.

Global Precision Medicine Market Driver:

Rising Demand for Personalized Therapies to Boost Market Growth – Over the past few years, research by academic institutions, non-profit organizations, etc. has revealed that every individual responds differently to medicine due to genetic, physiological, environmental, and lifestyle factors. According to Stanford Medicine, in 2021, it was revealed that almost 99.5% of individuals have an abnormal or atypical response to at least one therapeutic drug. This variability in medication response slows down the efficacy of the treatments. As a result, healthcare facilities are adopting a personalized therapeutic approach, including tailored treatments based on patient characteristics. These tailored approaches optimize therapeutic outcomes and minimize the risk of adverse drug reactions.

Moreover, these personalized approaches also offer therapies based on the patient's disease analysis, which helps in the early detection of disease risk, identification of high-risk individuals, and implementation of preventive measures. Therefore, individuals are seeking personalized therapies to mitigate disease progression and improve long-term health outcomes, driving the Precision Medicine Market.

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Market Segmentation and Consumer Behavior:

By Technology

Big Data Analytics- Market Size & Forecast 2019-2030F, USD Million
Bioinformatics- Market Size & Forecast 2019-2030F, USD Million
Whole Genome Sequencing- Market Size & Forecast 2019-2030F, USD Million
Companion Diagnostics- Market Size & Forecast 2019-2030F, USD Million
Molecular Imaging- Market Size & Forecast 2019-2030F, USD Million
Artificial Intelligence- Market Size & Forecast 2019-2030F, USD Million
Others (Pharmacogenomics, Genetic Testing, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Solution Offering

Consumables- Market Size & Forecast 2019-2030F, USD Million
- Reagents- Market Size & Forecast 2019-2030F, USD Million
- Assay Kits- Market Size & Forecast 2019-2030F, USD Million
Instruments- Market Size & Forecast 2019-2030F, USD Million
- Real-Time PCR Machines- Market Size & Forecast 2019-2030F, USD Million
- Next-Generation Sequencing (NGS) Systems- Market Size & Forecast 2019-2030F, USD Million
- Microarray Scanners- Market Size & Forecast 2019-2030F, USD Million
- Others (Flow Cytometers, Imaging Systems, etc.) - Market Size & Forecast 2019-2030F, USD Million
Services- Market Size & Forecast 2019-2030F, USD Million
- Genetic Testing and Counseling- Market Size & Forecast 2019-2030F, USD Million
- Pharmacogenomics Testing- Market Size & Forecast 2019-2030F, USD Million
- Cancer Genomic Profiling- Market Size & Forecast 2019-2030F, USD Million

By End User

Pharmaceutical & Biotechnology Company- Market Size & Forecast 2019-2030F, USD Million
Diagnostic Laboratories- Market Size & Forecast 2019-2030F, USD Million
Healthcare IT- Market Size & Forecast 2019-2030F, USD Million
Research Centers- Market Size & Forecast 2019-2030F, USD Million
Healthcare Providers- Market Size & Forecast 2019-2030F, USD Million
Others (Academic Institutes, Non-Profit Organization, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Application

Oncology- Market Size & Forecast 2019-2030F, USD Million
Immunology- Market Size & Forecast 2019-2030F, USD Million
Central Nervous System (CNS) - Market Size & Forecast 2019-2030F, USD Million
Respiratory- Market Size & Forecast 2019-2030F, USD Million
Gastroenterology- Market Size & Forecast 2019-2030F, USD Million
Others (Endocrinology, Neurology, etc.)- Market Size & Forecast 2019-2030F, USD Million

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Precision Medicine Market Geographical Analysis:

By Region:

North America
South America
Asia-Pacific
The Middle East & Africa
Europe

Key Players and Competitive Strategies in the Precision Medicine Market

Several prominent players dominate the Precision Medicine Market, including:

Hoffmann-La Roche Ltd.
Astra Zeneca
Qiagen
Thermo Fisher Scientific Inc.
Amgen Inc.
Bayer AG
Biogen Inc.
Illumina Inc.
Medtronic Plc
Novartis Pharmaceutical Corporation
Kailos Genetics, LLC.
C2i Genomics
Astarte Medical
PerkinElmer Inc.

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Questions Addressed in this Study

1.What factors are driving the Precision Medicine Market growth?

2.How is the Precision Medicine Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Precision Medicine Market?

4.What is the current size of the Precision Medicine Market, and how is it projected to change in the future?

5.What is the future outlook for the Precision Medicine Market in terms of technological advancements and market expansion?

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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.