The Precision Medicine Market report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Precision Medicine market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
The global precision medicine market size was USD 57.69 Billion in 2021 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to latest analysis by Emergen Research. Precision medicine market revenue growth is primarily driven by factors such as advancement in cancer biology, increased adoption of gene therapy globally, increasing use of big data analytics in precision medicine in developed economies, and patient’s involvement in personal healthcare. Precision medicine is an emerging field, which guides therapy according to individual’s genetic makeup, environment, and lifestyle. It helps medical professionals and scientists to develop more precise diagnoses, prognoses, and preventative measures for every given disease. In addition, goal of precision medicine, often known as customized medicine or tailored medicine, is targeting specific mutations that turn healthy cells into malignant ones. Precision medicine's focused treatments, especially for cancer, have fewer adverse effects and faster recoveries compared to standard medicine.
Moreover, precision medicine's growth has already resulted in substantial new discoveries and FDA-approved medicines. These treatments are tailored to specific individual characteristics, such as a person's genetic makeup or genetic profile of a patient's tumor, which have shown significant promise in treatment of a range of diseases. Furthermore, patients suffering from a variety of malignancies are routinely subjected to molecular testing as a part of their medical therapy. This enables physicians to select cancer treatments that increase a patient's chance of surviving the disease and reduce likelihood of adverse side effects.
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Market Dynamics:
The report offers insightful information about the market dynamics of the Precision Medicine market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Precision Medicine market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Precision Medicine market.
Radical Highlights of the Precision Medicine Market Report:
- The Big Data Analytics (BDA) segment accounted for a rapid revenue share in 2021. Big Data Analytics (BDA) application in precision medicine permits use of new technologies for both patient care and health administration. It is projected that big data for health will have a substantial impact on precision medicine and stratified healthcare. Frequently, patients with same subtype of cancer respond differently to same chemotherapeutics. Another key driver of big data is widespread deployment of sensor technologies. As a result of technical improvements, such as sensors with improved wireless communications, larger bandwidth, and upgraded microelectronics, wearable and implanted sensing, is becoming increasingly popular. These developments have made possible continuous, multidimensional, and context-aware sensing.
- The oncology segment accounted for largest revenue share in 2021. Precision oncology is a rapidly growing and promising research field. Precision oncology enables personalized therapy based upon molecular genetic characteristics of an individual. In addition, precision oncology's ultimate objective is to enhance patient outcomes. Traditional cancer treatments, such as chemotherapy, are cytotoxic to majority of cells, thus they can harm healthy cells while destroying cancer cells. In the era of precision oncology, targeted medicines are largely viewed as foundation for future therapy paradigms.
- The pharmaceutical companies segment accounted for a significant revenue share in 2021. Precision medicine transforms entire pharmaceutical value chain, from early development to go-to-market strategies and it is crucial for pharmaceutical companies to capitalize on this potential over the next five years. In response to demand from government agencies, regulators, and payers for real-world evidence of a drug's efficacy and value for those stakeholders, pharmaceutical companies have adopted a new approach for creating and manufacturing personalized medicine.
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Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
Biocrates Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, Pfizer
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Precision Medicine Market Segmentation:
Technology Outlook (Revenue: USD Billion; 2017-2027)
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
End-Use Outlook (Revenue: USD Billion; 2017-2027)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- Others
Application Outlook (Revenue: USD Billion; 2017-2027)
- Oncology
- Immunology
- CNS
- Respiratory
- Others
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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