11.32% CAGR Growth in Precision Medicine Market due to the Growing prevalence of chronic diseases - Technavio

NEW YORK, Jan. 30, 2024 /PRNewswire/ -- The precision medicine market size is estimated to increase by USD 54.07 billion from 2022 to 2027, with a CAGR of 11.32%, according to a recent study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. The growing prevalence of chronic diseases notably drives growth. Diabetes, cardiovascular disease, cancer, respiratory diseases, and neurological disorders are some of the common chronic diseases. The growing geriatric population also drives the demand for precision medicines during the forecast period. For instance, according to the World Health Organization (WHO), the number of people aged 60 years and above will double to 2.1 billion by 2050 globally. Other factors that drive the market demand include changes in lifestyle, such as lack of physical activity, poor diet, and tobacco use. Discover some insights on market size before buying the full report -Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.

Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, adoption rates for all regions have been covered.

The report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -

AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biocrates Life Sciences AG, Bristol Myers Squibb Co., Catalent Inc., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., IQVIA Holdings Inc., Johnson and Johnson Services Inc., Lonza Group Ltd., Merck and Co. Inc., Novartis AG, Parexel International Corp., Pfizer Inc., QIAGEN NV, Sanofi SA, Takeda Pharmaceutical Co. Ltd., Thermo Fisher Scientific Inc.

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The market is segmented by Application (Oncology, CNS, Respiratory, Immunology, and Others), Technology (Bioinformatics, Gene sequencing, Drug discovery, Precision molecular diagnostic, and Big data analytics), and Geography (North America, Europe, Asia, and Rest of World (ROW))

• The oncology segment will be significant during the forecast period. These medicines allow doctors to develop personalized treatment plans tailored to specific genetic mutations. As a result of this technology, doctors can identify specific molecular pathways involved in the development and progression of cancer. Such drugs are more effective and have fewer side effects when compared to traditional chemotherapy. Precision medicine also inhibits the growth and spread of cancer while minimizing damage to healthy tissues.

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"The growing use of artificial intelligence (AI) and machine learning (ML) in precision medicine is an emerging trend fueling the growth, whereas data privacy and security issues may hamper the growth," says a senior analyst at Technavio.

For Insights on the industry dynamics & segmentations VIEW a PDF SAMPLE !
 

Major Technologies Covered

The Precision Medicine industry is witnessing rapid growth, driven by advancements in Genomics, Molecular Diagnostics, and Next-Generation Sequencing (NGS). Personalized Therapies, Biomarkers, and Targeted Therapy are revolutionizing treatment approaches, supported by Artificial Intelligence and Big Data Analytics. Key areas include Immunotherapy, CRISPR Technology, and Regenerative Medicine, with applications in Oncology and Rare Disease Treatment. Emerging trends encompass Wearable Technologies, Telemedicine, and Digital Health, raising concerns regarding Health Data Privacy and Ethical, Legal, and Social Implications (ELSI), while also addressing challenges in Healthcare Personalization and Health Economics.

What are the key data covered in this report?

• CAGR during the forecast period
• Detailed information on factors that will drive the growth between 2023 and 2027
• Precise estimation of the size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of vendors

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SOURCE Technavio