Advancing Patient Care: Precision Medicine Market Expected to Grow to 2028 - Government Initiatives Fuel the Sector

DUBLIN, Aug. 30, 2023 /PRNewswire/ -- The "Precision Medicine: Global Markets" report has been added to ResearchAndMarkets.com's offering.

The global precision medicine market, valued at nearly $48.1 billion in 2022, is poised for significant expansion, projecting a Compound Annual Growth Rate (CAGR) of 13.2%. This growth trajectory is anticipated to propel the market value to an impressive $100.5 billion by the close of 2028.

Precision medicine, a groundbreaking approach to disease prevention and treatment, takes into account an individual's distinct genetic composition, environmental factors, and lifestyle choices. By tailoring medications and therapies to align with the genetic or molecular basis of ailments, precision medicine aims to optimize patient outcomes. This approach recognizes that illnesses affecting different individuals may manifest in unique ways, even when outwardly similar.

Modern physicians and scientists are harnessing electronic health records, genetic testing, big data analytics, and supercomputing to extend the frontiers of accuracy, precision, and personalization in patient care. Precision medicine, often termed customized medicine, holds immense promise, particularly in addressing diseases lacking viable therapies or cures.

The market's growth is fueled by rising demand for personalized medicine, technological advancements, governmental initiatives, and the increasing prevalence of chronic diseases. However, challenges including data interpretation, data privacy concerns, and cost considerations present barriers to market expansion.

The global precision medicine market is segmented by technology, application, and geographical region. Key technology types encompass big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and more. Among these, big data analytics dominates the market, boasting a value of $12.0 billion in 2022.

Within the realm of applications, precision oncology takes the lead, commanding the largest share in the market. Valued at $11.9 billion in 2022, this segment is projected to grow at a CAGR of 16.3% during the forecast period from 2023 to 2028.

Companies Mentioned:

• 2Bprecise
• Abbvie Inc.
• Amgen Inc.
• Astrazeneca
• Bristol-Myers Squibb Co.
• Catalent Inc.
• Clinisys
• F. Hoffmann-La Roche Ltd.
• Fabric Genomics
• Human Longevity Inc.
• Iqvia Holdings Inc.
• Johnson & Johnson
• Lifeomic Holdings LLC
• Lonza
• Merck & Co. Inc.
• Novartis AG
• Parexel International Corp.
• Pfizer Inc.
• Sophia Genetics
• Syapse Inc.
• Thermo Fisher Scientific Inc.

Report Includes:

• 26 tables offering a comprehensive overview and current analysis of the global precision medicine market
• Analyses of global market trends, encompassing market revenue data for 2020-2022, forecasts for 2023, and projections of Compound Annual Growth Rates (CAGRs) through 2028
• Discussion of industry growth drivers, major technology challenges, and issues influencing the precision medicine market, shaping demand for the forthcoming years (2023-2028)
• Estimation of actual market size and revenue forecasts for the global precision medicine market in USD million values, along with corresponding market share analysis based on technology type, application, end-user, and region
• Insights into the recent industry structure for precision medicine technologies, competitive aspects of product segments, increasing investment in R&D activities, growth strategies, and company revenue share analysis
• Review of recent patent grants and patent applications in the precision medicine field
• Updated information on key mergers, acquisitions, agreements, partnerships, collaborations, and product launches within the global precision medicine industry
• Identification of major stakeholders and analysis of the competitive landscape based on recent developments, financial performance, and segmental revenues

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market Overview and Definition

Chapter 4 Market Dynamics

• Market Drivers
• Growing Demand for Personalized Medicine
• Technological Advancement
• Government Initiatives
• Rise in Chronic Disease Prevalence
• Market Challenges
• Data Interpretation
• Data Privacy
• Cost of Precision Medicine

Chapter 5 Precision Medicine Market by Technology

• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics

Chapter 6 Precision Medicine Market by Application

• Oncology
• Central Nervous System
• Immunology
• Respiratory Disease

Chapter 7 Precision Medicine Market by Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

Chapter 8 Emerging Technologies

Chapter 9 Merger and Acquisitions

Chapter 10 Competitive Intelligence

Chapter 11 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/5s7rua

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