Global Precision Medicine Market Trends, Analysis, Growth, and Forecast: 2018 to 2027

The Precision Medicine Market Report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.

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The Precision Medicine Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global precision medicine market report has been segmented on the basis of technology, therapeutic area, and region.

Precision Medicine Market Overview:

The Precision Medicine Market was valued at $64.8 billion in 2021 & is projected to reach $135.2 billion by 2027. It is expected to grow at an 11.7% CAGR between 2021 and 2027.

Precision medicine is an approach that protects the health and treats diseases taking into account individual variability in genes, environment, and lifestyle of every individual.

It matches every patient with the treatment that can work best for them and hence it is also called individualized medicine. Precision medicine has its applications in diagnostics, prevention, and screening.

It is a method to identify the individuals that might have a risk before disease strikes. It also acts as an analytical tool for predicting which prevention technique can work for an individual patient.

Increasing approval by health authorities for the treatment of various diseases such as cancer and cystic fibrosis is a major factor expected to boost the growth of the global precision medicine market over the forecast period.

In addition, rising funding by players in the market for research and development and increasing government initiatives for developing various application of precision medicine is other factors expected to drive the growth of the global precision medicine market over the forecast period.

Rising awareness regarding precision medicine is another factor expected to propel market growth over the forecast period.

However, the high cost of the development, as well as the high cost of genetic testing, are major factors expected to restrain the growth of the global precision medicine market over the forecast period.

North American market dominates the global precision medicine market in terms of revenue contribution as compared to that of markets in other regions.

This is attributed to the presence of a well-developed healthcare infrastructure and an increasing number of product approvals, and rising awareness regarding the benefits of precision medicine in the region.

Europe accounts for the second-largest revenue share contribution to the global precision medicine market, followed by markets in the Asia Pacific, Latin America, and the Middle East & Africa respectively.

The market in the Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 10 years, owing to the developing healthcare infrastructure and increasing prevalence of chronic diseases in the region.

Global Precision Medicine Market Segmentation:

Global precision medicine market segmentation, by technology:

• Next-Generation Sequencing
• Bioinformatics
• Drug Discovery Technologies
• Big Data Analytics
• Companion Diagnostic

Global precision medicine market segmentation, by therapeutic area:

• Oncology
• Immunology
• Neurology
• Cardiology
• Infectious disease
• Others (Respiratory, Rare diseases)

Global precision medicine market segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa