Precision Medicine Market Overview
The precision medicine market is estimated to reach around USD 126.14 billion at CAGR of 12.48% during the forecast period. Since the last few years, the healthcare industry has seen an explosion in the use of precision medicine. When the term “tailored medicines” was coined in 2003, it quickly became synonymous with precision medicine. Departments of medicine working on the complete sequencing of the human genome are primarily concerned with providing patients with personalized medications. New medical, scientific, and business models have emerged as a result of modern and advanced technological breakthroughs.
Rapid advances in technology, such as ultra-high-throughput and next-generation sequencing, will determine the future of precision medicine. The business potential for personalized medicine is reaching new heights as a result of the increasing prevalence of various hereditary disorders. The combination of biotech and pharmaceutical sectors with big data healthcare firms will drive the expansion of the precision medicine market.
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Precision medicine’s upward trajectory will be bolstered by further advances in the field. The fusion of biotech and pharmaceutical industries with bigdata health care enterprises is another factor that will raise the market value of the precision medicine industry in the near future.
Precision Medicine Market Segment Analysis
The global precision medicine market is divided into segments based on submarkets, therapeutics, region, and ecosystem players.
Based on submarkets, the market is split into molecular diagnostics, targeted therapeutics, pharmacogenomics or PGX, companion diagnostics, biomarker-based tests, and many more.
Based on therapeutics, the precision medicines market is split into infectious disease, central nervous system, cardiovascular disease or CVD, cancer or oncology, and others.
Based on the ecosystem players, the precision medicine market is divided into pharmaceuticals and biotechnology companies, healthcare IT specialists or big data companies, clinical laboratories, diagnostics companies, and many more.
Precision Medicine Market Regional Overview
Several regions, including the Americas, Asia Pacific, Europe and Africa, are studied in the precision medicine market.
The global market will be dominated by the Americas. Prevalence of cancer and genetic disorders, the growing use and presence of important businesses such as Pfizer, Qiagen and Quest Diagnostics in the North American precision medicine industry accounted for majority of revenue share. Precision medicine awareness in the region and an increase in demand for individualised cancer treatment are expected to drive industry revenue in the region. The U.S. market for personalised medicine is expected to grow at the quickest rate in the global market, thanks to improved gene mapping technology.
Diagnostics, drugs, and electronic health records are all more advanced in Europe, which is why it is the market’s second-largest regional market.
The most rapid expansion is predicted to occur in the Asia-Pacific region. One-size-fits-all medicine is increasingly being replaced by precision medicine, and these trends, as well as rising healthcare spending and research funding, are all projected to contribute to the expansion of the Asia-Pacific precision medicine software market. It is expected that the precision medicine industry in Singapore will surpass all other Asian markets in the next years as a result of rising disposable income and enhanced healthcare infrastructure.
Precision Medicine Market Competitive Analysis
The global market for precision medicine has a strong and competitive landscape. The list of leading players in the precision medicine market includes companies such as Intomics A/S, GE Healthcare, ASURAGEN, Inc., ABBOTT LABORATORIES, Medtronic, Novartis, BIOBASE GmbH (Subsidiary), LABORATORY CORPORATION OF AMERICA HOLDINGS, CETICS Healthcare Technologies GmbH, bioMérieux SA, Teva Pharmaceutical Industries Ltd., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Randox Laboratories Ltd, Johnson & Johnson, Cepheid Inc., InnVentis, Intel Corporation, AB-Biotics SA, Caris Life Sciences, Quest Diagnostics Inc., Glaxosmithkline Plc (GSK), IBM, Molecular Health GmbH, and Precision for Medicine, HealthCore, Inc., Roche Holding AG-Br, Pfizer Inc, Qiagen, Almac Group, Ltd., and many others.
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Precision Medicine Industry Recent Developments
Caris Life Sciences®, the prominent company in molecular science and technology proactive in the development and delivery of innovative solutions to transform healthcare, and HotSpot Therapeutics, Inc., a biotechnology firm pioneering the discovery and development of high-quality allosteric therapies focusing on regulatory sites on proteins referred to as “natural hotspots,” have announced a planned collaboration to develop precision medicine methods for HotSpot’s emerging product portfolio. The partnership will primarily target two therapeutic programs.
a company translating genetic insights into new precision medicines, Maze Therapeutics, has announced a USD 190 million investment led by Matrix Capital Management with contribution from General Catalyst, Foresite Capital, Casdin Capital, a16z Bio+Health, NS Investments, Moore Strategic Ventures, City Hill Ventures, Terra Magnum Capital Partners, Driehaus Capital Management, Woodline Partners, and several others. Maze was introduced in 2019 and has generated two joint ventures and nine programs since then.
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