Global Precision Medicine Market Report 2023: Rising Prevalence of Cancer is Projected to Fuel Growth

DUBLIN, May 11, 2023 /PRNewswire/ -- The "Precision Medicine Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global precision medicine market grew from $83.43 billion in 2022 to $95 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The precision medicine market is expected to grow to $157.26 billion in 2027 at a CAGR of 13.4%.

Major players in the precision medicine market are Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.

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Precision medicine refers to a type of medication that prevents, detects, or treats disease using knowledge about a person's own genes or proteins. In order to choose a treatment that may be most effective for a person, precision medicine considers their genetics, environment, and lifestyle.

The main technologies involved in precision medicine are bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and others. Bioinformatics technologies involve the application of computational tools to organize, analyze, understand, visualize and store information associated with biological macromolecules. It is used in oncology, respiratory diseases, central nervous disorders, immunology, genetic diseases, others and is implemented in various sectors such as hospitals and clinics, pharmaceuticals, diagnostic companies, healthcare, and IT firms, among others.

The precision medicine market research report is one of a series of new reports that provides precision medicine market statistics, including precision medicine industry global market size, regional shares, competitors with a precision medicine market share, detailed precision medicine market segments, market trends and opportunities, and any further data you may need to thrive in the precision medicine industry. This precision medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.

North America was the largest region in the precision medicine market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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 recent predictions from 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.

Key Topics Covered:

1. Executive Summary

2. Precision Medicine Market Characteristics

3. Precision Medicine Market Trends And Strategies

4. Precision Medicine Market - Macro Economic Scenario
4.1 COVID-19 Impact On Precision Medicine Market
4.2 Ukraine-Russia War Impact On Precision Medicine Market
4.3 Impact Of High Inflation On Precision Medicine Market

5. Precision Medicine Market Size And Growth
5.1. Global Precision Medicine Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Precision Medicine Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Precision Medicine Market Segmentation
6.1. Global Precision Medicine Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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

6.2. Global Precision Medicine Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Oncology
• Respiratory Diseases
• Central Nervous System Disorders
• Immunology
• Genetic Diseases
• Other Applications

6.3. Global Precision Medicine Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Hospitals And Clinics
• Pharmaceuticals
• Diagnostic Companies
• Healthcare And IT Firms
• Other End-Users

7. Precision Medicine Market Regional And Country Analysis
7.1. Global Precision Medicine Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Precision Medicine Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/t9t5ft

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