Precision Medicine Market Growth Factors, Opportunities, Ongoing Trends and Key Players 2030
Precision medicine is a growing approach for the treatment of
disease and preventive health. According to MRFR reports, the precision
medicine market will likely hit USD 126.14 billion by the end of 2025, with a
CAGR of 12.48%. The precision medicine
market allows the patient's participation in taking care of personal health and
offers more targeted therapies to the individuals that will propel the
precision medicine market growth in the coming years. The growing prevalence of
numerous genetic diseases is anticipated to boost the growth of the precision
medicine market. The introduction of pharma and biotech industries with big
data healthcare companies is likely to propel precision medicine market
growth.
The growth of the Precision
Medicine Market is attributed to many growth drivers like the rise of
data-driven healthcare, increasing incidence rate of cancer, cost-effective
profiling of DNA, companion diagnostic assay, and increasing approval of the
drug. Furthermore, the rising use of 'multi-omics' in research and the
penetration of high-throughput sequencing platforms is also likely to fuel the
market's growth in a forecasted period.
The present rise in the price of drug discovery with the rise in
regulatory needs has boosted the demand for personalized
medicines, which is offering momentum to market growth. However, the
increased costs of diagnosis and rise in concerns regarding data security might
impede the market's growth.
Competitive Analysis
The list of prominent leaders in the precision medicine market
growth includes the companies like
·
CETICS Healthcare Technologies
GmbH,
·
Cepheid Inc.,
·
bioMérieux SA,
·
Almac Group, Ltd.,
·
GlaxoSmithKline Plc
(GSK),
·
Johnson & Johnson,
·
Pfizer Inc, Qiagen,
·
Randox Laboratories Ltd,
·
Quest Diagnostics Inc.,
·
Roche Holding AG-Br,
·
Caris Life Sciences,
·
HealthCore, Inc.,
·
Molecular Health GmbH,
and
·
Precision for Medicine,
·
IBM,
·
Intel Corporation,
·
Sanofi Pharma,
·
BIOBASE GmbH
(Subsidiary),
·
Intomics A/S,
·
ASURAGEN, Inc.,
·
ABBOTT LABORATORIES,
·
LABORATORY CORPORATION OF
AMERICA HOLDINGS and many others.
Segment Analysis
The global precision medicine market is bifurcated into numerous
segments based on ecosystem players, therapeutics, and submarkets.
·
Based on sub-markets, the classification is done as molecular diagnostics, targeted
therapeutics, pharmacogenomics or PGX, companion diagnostics, biomarker-based
tests, and many more.
·
The global precision
medicine market segmentation based on
therapeutics includes infectious disease, cancer or oncology, central
nervous system, cardiovascular disease or CVD, and others. The ecosystem
players segment includes healthcare IT specialists or big data companies,
clinical laboratories, pharmaceuticals, biotechnology companies, and
diagnostics companies.
Regional Analysis
On the basis of geography, the precision
medicine market is divided into regions like the Middle East, Africa, Europe,
Asia-Pacific, Latin America, and North America. Among all these, the North
American regional market for precision medicines is projected to account for
the largest market share in the forecasted period. The growth of advanced gene
mapping technologies is the major factor boosting the regional market
growth. The European region has been recorded
as the second-largest shareholder in the global precision medicine market
attributed to better electronic health care records, drugs, and diagnostics
tools. For the Asia Pacific region, the Singapore precision medicine market is
likely to register substantial growth mainly due to the better healthcare
infrastructure and increased disposable income.
·
Selvita has confirmed that its
strategic investment has been concluded by acquiring Fidelta. The transaction
completes soon after the very first notice. For a market valuation of €31.2
million plus standard allowance for total capital and corporate capital,
Selvita bought 100 per cent of the shareholders' equity of Fidelta
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