The "Precision Medicine Market Research Report: By Type (Therapeutics, Diagnostics, Personalized Medical Care) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global precision medicine market size is expected to grow at a 12.1% CAGR between 2020 and 2030, to reach $738.8 billion by 2030 from $203.5 billion in 2019.
Companies Mentioned
- Myriad Genetics Inc.
- Pacific Biosciences of California Inc.
- Partek Inc.
- Randox Laboratories Ltd.
- Menarini Silicon Biosystems S.p.a.
- Oracle Corporation
- 23andMe Inc.
- Precision BioLogic Incorporated
- EPIC SCIENCES INC.
- Intomics
- 1MDxHealth SA
- Asuragen Inc.
- Almac Group Limited
- International Business Machines Corporation
- Bristol-Myers Squibb Company
- Johnson & Johnson
- Eli Lilly and Company
- Sanofi
- Abbott Laboratories
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- bioMerieux S.A.
- General Electric Company
- Thermo Fisher Scientific Inc.
Similarly, in 2017, a grant was established by the Argentine government to bring the experimental precision medicine practices to the clinical field. Another such move that is benefitting the precision medicine market advance is the 2015 investment of $215 million by the U.S. government in this field to find a better cure for lung cancer, colorectal cancer, breast cancer, and several other diseases. In the same vein, the government of Hong Kong plans to monitor cancer patients and use precision medicines for better outcomes.
The COVID-19 pandemic is acting as a precision medicine market growth driver, as the surging number of cases and deaths has drastically raised the demand for an effective treatment. Moreover, with different people reacting differently to the disease, which has been characterized by wide-ranging complications, research and development (R&D) activities to come up with personalized treatments have picked pace.
In the past, the precision medicine market was dominated by the therapeutics category, on the basis of type. The technological advancements in the field of gene therapy, along with the various benefits such a treatment offers, are propelling the demand for precision medicines
In the coming years, the telemedicine category will continue to hold the largest share in the precision medicine market, based on the type of personalized medical care. The healthcare sector is quickly adopting telemedicine to widen the access to medical services and reduce the burden on the staff.
Historically, North America was the largest precision medicine market as a result of the rising incidence of lifestyle-associated and chronic diseases, including cancer, cardiovascular diseases (CVDs), and diabetes, and high disposable income of people. Additionally, the region is home to a large number of medical researchers who are extensively studying the potential applications of precision medicine. Moreover, the government here is offering grants and conducting awareness-raising programs.
The highest CAGR in the precision medicine market in the years to come is projected to be experienced in the Asia-Pacific (APAC) region. The increasing government and private funding in the field, improving healthcare infrastructure, and rising purchasing power are propelling the market here. Additionally, market players are coming up with better precision medicine products, including those integrated with artificial intelligence (AI), to improve the overall patient outcomes.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Increasing number of clinical trials for precision medicine
4.2.2 Drivers
4.2.2.1 Increasing government support
4.2.2.2 Rising number of approved personalized medicine
4.2.2.3 Growing medical tourism industry
4.2.2.4 Surging use of AI in precision medicine
4.2.2.5 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 High cost for developing a precision medicine
4.2.3.2 Reimbursement policies
4.2.3.3 Impact analysis of restraints on market forecast
4.2.4 Opportunities
4.2.4.1 Companies across APAC are showing interest toward the development of new precision medicine
4.3 Impact of COVID-19
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.1.1 Precision Medicine Diagnostics Market, by Type
5.1.2 Personalized Medical Care Market, by Type
5.1.2.1 Telemedicine market, by service
5.1.2.2 Telemedicine market, by specialty
5.2 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Product Benchmarking of Key Players
11.2 Strategic Developments of Key Players
11.2.1 Product Launches and Approvals
11.2.2 Partnerships and Collaborations
11.2.3 Others
Chapter 12. Company Profiles
Chapter 13. Appendix
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