Global Precision Medicine Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
1 Sep, 2021
The precision medicine market consists of sales of precision medicines and related services by entities (organizations, sole traders, and partnerships) that are used to treat diseases by relying on genomics and specific biomarker techniques. It allows doctors or physicians to select a treatment plan or drug therapy based on the patient’s genetic understanding of their disease, environment, and lifestyle. The precision medicine technologies also assist researchers and doctors in developing accurate treatment and prevention strategies for a particular disease that will work on a specific group of people.
Global Precision Medicine Market Size And Drivers:
The global precision medicine market is expected to grow from $62.75 billion in 2020 to $72.58 billion in 2021 at a compound annual growth rate (CAGR) of 15.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The precision medicine market is expected to reach $118.32 billion in 2025 at a CAGR of 13%. The rising prevalence of cancer is projected to fuel the growth of the precision medicine market in the coming years.
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Trends In The Global Precision Medicine Market
The development of novel precision medicine for pancreatic cancer is shaping the precision medicine market. Extensive research is being undertaken on different approaches to develop precision medicines for pancreatic cancer. For instance, in October 2020, Scientists from the University Of Glasgow announced the development of a novel precision medicine approach for treating the damaged DNA in the cancer cells of pancreatic cancer patients. The team used grown cells from the lab and replicas of patients' tumors to find molecular markers, which were used in the prediction and response to several drugs, targeting DNA damage. The researchers tested certain markers using multiple drugs, also developed a strategy that is taken forward into a clinical trial. The trial will help doctors and researchers to predict which patient will respond to one of these drugs, either alone or in combination.
Global Precision Medicine Market Segments:
The global precision medicine market is further segmented based on technology, application, end user and geography.
By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others
By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Others
By End-User: Hospitals And Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare And IT Firms, Others
By Geography: The global precision medicine market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the precision medicine market in 2020.
Read More On The Report For The Global Precision Medicine Market At:https://www.thebusinessresearchcompany.com/report/precision-medicine-global-market-report
Precision Medicine Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides precision medicine market overviews, analyzes and forecasts market size and growth for the global precision medicine market, precision medicine market share, precision medicine market players, precision medicine market segments and geographies, precision medicine market’s leading competitors’ revenues, profiles and market shares. The precision medicine market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.