The Global Precision Medicine Market Estimated to Expand at $128.17 Billion by 2028

The Global Precision Medicine Market Estimated to Expand at $128.17 Billion by 2028

“Precision Medicine Market”
As per Triton’s research report, the global precision medicine market reaped $62.60 billion in 2020, and is projected to increase at a CAGR of 9.79% by 2028.

A recent study by Triton Market Research titled ‘Global Precision Medicine Market’ includes the Global Analysis and Forecasts by Application (Neurology/Physiatry, Cardiovascular, Oncology, Gastroenterology, Infectious Diseases, Lifestyle and Endocrinology, Other Applications), Component (Precision Diagnostics [Molecular Diagnostics (Liquid Biopsy, Companion Diagnostics, Non-Invasive Prenatal Testing [NIPT], Other Molecular Diagnostics], Medical Imaging (Imaging Computer-Aided Detection [CADX], Imaging Analytics)], Precision Therapeutics [Drug Discovery and Research, Clinical Trials, Cell Therapy, Gene Therapy], Applied Science [Genomics (PCR, PM NGS, Genome Editing, Other Genomics Technologies), Pharmacogenomics, Other Applied Sciences], Digital Health and Information Technology [IT Infrastructure, Mobile Health, Clinical Decision Support Systems (CDSS), Big Data Analytics, In-Silico Informatics, Genomics Informatics]), and by Geography (Europe, Asia-Pacific, Middle East and Africa, Latin America, North America).

Precision medicine helps medical professionals to explore multiple conditions by assessing a person’s genetic composition. These medicines permit practitioners to offer specific treatment to a patient.

 

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Triton’s research report conjectures the global precision medicine market to progress at a CAGR of 9.79% in revenue over the appraised period 2021-2028. It is likely to gain revenue worth $128.17 billion by 2028.

The high occurrence of chronic conditions among the aging population, digital collaboration among research organizations, and identification of genetic composition in the human genome, are key factors driving the progression of the precision medicine market. The high prevalence of chronic conditions is proliferating, and is anticipated to increase in the years ahead. Moreover, the occurrence of diabetes, cardiac, and neurological disorders among young adults is further enhancing the need for effective treatments. Here, these conditions increase the demand for precision medicine, contributing to the studied market’s progress.

However, strict drug approval process, security risks related to data sharing, and changes in the reimbursement process are hampering the overall growth of the precision medicine market.

The precision medicine market is broadly divided into application and component. The application segment is subdivided into neurology/physiatry, cardiovascular, oncology, gastroenterology, infectious diseases, lifestyle and endocrinology, and other applications. In terms of component, the market is sectioned into precision diagnostics, precision therapeutics, applied science, and digital health and information technology. The precision diagnostics is branched into molecular diagnostics and medical imaging. Here, molecular diagnostics is further categorized into liquid biopsy, companion diagnostics, non-invasive prenatal testing (NIPT), and other molecular diagnostics. The medical imaging section is sub segmented into imaging computer-aided detection (CADX) and imaging analytics.

Further, precision therapeutics is segregated into drug discovery and research, clinical trials, cell therapy, and gene therapy. The applied science is distributed into genomics, pharmacogenomics, and other applied sciences, with genomics sectioned into PCR, PM NGS, genome editing, and other genomics technologies. Lastly, the digital health and information technology segment includes IT infrastructure, mobile health, clinical decision support systems (CDSS), big data analytics, in-silico informatics, and genomics informatics.

Geographically, North America is dominating the precision medicine market, and is expected to continue its stronghold till 2028. The region’s robust growth can be attributed to the growing collaborations between manufacturers and service providers to co-market molecular diagnostics solutions. In the United States, the government is taking numerous steps to develop precision medicine and tests for diseases like oncology. Along with this, the government is financing several new start-ups involved in the field of precision medicine and molecular diagnostics. Hence, these initiatives to increase the demand for precision medicine are likely to augment the precision medicine market’s growth across the region.

Abbott Laboratories, Eli Lilly & Company, AstraZeneca Plc, Nanostring Technologies, Bio-Rad Laboratories Inc, Quest Diagnostics Incorporated, Novartis AG, Pfizer Inc, Intomics, Qiagen NV, Laboratory Corporation of America Holdings, Biocrates Life Sciences AG, F Hoffmann-La Roche AG, Danaher Corporation, and Eagle Genomics Ltd are enterprises present in the precision medicine market.      

 

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Question & Answer: Precision Medicine Market

Question 1: What key factors are driving the progression of the precision medicine market?

Answer: The high occurrence of chronic conditions among the aging population, digital collaboration among research organizations, and identification of genetic composition in the human genome, are key factors driving the progression of the precision medicine market. The high prevalence of chronic conditions is proliferating, and is anticipated to increase in the years ahead. Moreover, the occurrence of diabetes, cardiac, and neurological disorders among young adults is further enhancing the need for effective treatments. Here, these conditions increase the demand for precision medicine, contributing to the studied market’s progress.

Question 2: What factors are hampering the overall growth of the precision medicine market?

Answer: Strict drug approval process, security risks related to data sharing, and changes in the reimbursement process are hampering the overall growth of the precision medicine market.

Question 3: Which region is dominating the precision medicine market?

Answer:  Geographically, North America is dominating the precision medicine market, and is expected to continue its stronghold till 2028. The region’s robust growth can be attributed to the growing collaborations between manufacturers and service providers to co-market molecular diagnostics solutions. In the United States, the government is taking numerous steps to develop precision medicine and tests for diseases like oncology. Along with this, the government is financing several new start-ups involved in the field of precision medicine and molecular diagnostics. Hence, these initiatives to increase the demand for precision medicine are likely to augment the precision medicine market’s growth across the region.

Question 4: Which are the enterprises present in the precision medicine market?

Answer: Abbott Laboratories, Eli Lilly & Company, AstraZeneca Plc, Nanostring Technologies, Bio-Rad Laboratories Inc, Quest Diagnostics Incorporated, Novartis AG, Pfizer Inc, Intomics, Qiagen NV, Laboratory Corporation of America Holdings, Biocrates Life Sciences AG, F Hoffmann-La Roche AG, Danaher Corporation, and Eagle Genomics Ltd are enterprises present in the precision medicine market.     

 

 

 

 

Related Report:

Global Neurorehabilitation Device Market

The global neurorehabilitation device market is assessed to surge at a CAGR of 14.52% during the period of 2019-2028, while reaping $5000.3 million in revenue by 2028.

Neurorehabilitation devices use surgically implanted devices to supply mild electrical pulses to a specific area of the brain. The rising incidence of Parkinson’s disease is among the major factors expected to support the growth of the global market.

Factors such as the surge in the geriatric population, the increasing emergence of neurorehabilitation wearables, and the rising occurrence of neurological diseases primarily motivate the studied market’s progress worldwide.

Additionally, technological advancements are generating several new opportunities for the market to leverage to reach its projected growth. However, stringent government regulations are negatively impacting the overall development of the neurorehabilitation device market over the estimated period.

 

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