The global precision medicine market size is expected to grow from $72.58 billion in 2021 to $83.16 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%. The growth in the market 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 $134.82 billion in 2026 at a CAGR of 12.8%.
What is the Global Precision Medicine Market?
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.
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What drives the Global Precision Medicine Market?
The rising prevalence of cancer is projected to fuel the growth of the precision medicine market in the coming years. Cancer is one of the main causes of death worldwide, with one out of every five individuals developing cancer at some point in their lives. Precision medicine in cancer entails analyzing DNA from tumors to find mutations or other genetic abnormalities that cause cancer. Physicians may therefore be able to choose a treatment for a specific patient's cancer that best fits, or targets, the tumor DNA alterations. For instance, according to the International Agency for Research on Cancer (IARC), the global cancer burden increased to 19.3 million cases and 10 million cancer deaths in 2020. Therefore, the rising prevalence of cancer drives the growth of the precision medicine market.
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Global Precision Medicine Market Segments
The global precision medicine market is segmented:
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 regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Precision Medicine Global Market Report 2022provides market size and growth forecasts for the global precision medicine market, global precision medicine market share, precision medicine market segments and geographies, precision medicine market competitive landscape including 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.
Global Precision Medicine Industry Playersinclude Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc. and Tepnel Pharma Services. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
