The Global Precision Medicine Marketis projected to grow at a CAGR of about 10.6% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. In recent years, there has been a surge in the prevalence of diseases owing to the higher consumption of processed foods high in sugar, salt, and unhealthy fats. In addition, environmental factors such as higher carbon emissions, pollution, and exposure to toxic chemicals are also contributing to a rise in diseases like respiratory diseases, cardiovascular diseases, and cancer.
According to the World Health Organization, in 2021, there were around 69.25 million deaths across the globe, an increase of around 10% compared to 2020, due to several communicable & non-communicable diseases. This increase in the outbreak of diseases is posing a threat to public health and contributing to the global burden of disease. As a result, there is a requirement for immediate medical attention. Hence, there is an increase in the adoption of precision medicine to address the unmet needs in the healthcare sector.
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Further, governments across the globe, especially in the North American, Asia-Pacific region, etc., are also laying initiatives to enhance the medical infrastructure of their countries. The initiatives further facilitate the adoption of cutting-edge technologies such as genomics, molecular diagnostics, and data analytics in hospitals to improve patient care.
Moreover, the governments in these countries are also investing heavily in setting up diagnostic facilities and research centers equipped with advanced instrumentation to enable the processing, analysis, and interpretation of genomic data. This is subsequently enhancing the demand for precision medicine across the globe, further states the research report, “Global Precision Medicine Market Analysis, 2024.”
Global Precision Medicine Market Segmentation Analysis
By Technology
- Big Data Analytics
- Bioinformatics
- Whole Genome Sequencing
- Companion Diagnostics
- Molecular Imaging
- Artificial Intelligence
- Others (Pharmacogenomics, Genetic Testing, etc.)
Big Data Analytics Revolutionizing the Global Precision Medicine Market
Based on the technology segment, the market is further bifurcated into, Big Data Analytics, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Molecular Imaging, Artificial Intelligence, and Others (Pharmacogenomics, Genetic Testing, etc.). Big data analytics, holds a relatively higher share in the Global Precision Medicine Market. The amalgamation of big data analytics enables the health practitioner to make decisions based on individual patient characteristics, genetic profiles, and disease biomarkers. In addition, it helps in analyzing treatment responses, predicting disease progression, and tailoring interventions to meet the distinctive needs of every patient, leading to improved therapeutic outcomes and patient satisfaction. As a result, several healthcare facilities are opting to integrate big data analytics, driving market growth.
By Solution Offering
- Consumables
- Reagents
- Assay Kits
- Instruments
- Real-Time PCR Machines
- Next-Generation Sequencing (NGS) Systems
- Microarray Scanners
- Others (Flow Cytometers, Imaging Systems, etc.)
- Services
- Genetic Testing and Counseling
- Pharmacogenomics Testing
- Cancer Genomic Profiling
By End User
- Pharmaceutical & Biotechnology Company
- Diagnostic Laboratories
- Healthcare IT
- Research Centers
- Healthcare Providers
- Others (Academic Institutes, Non-Profit Organization, etc.)
By Application
- Oncology
- Immunology
- Central Nervous System (CNS)
- Respiratory
- Gastroenterology
- Others (Endocrinology, Neurology, etc.)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
North America Leads the Precision Medicine Industry
North America boasts a robust ecosystem of technology hubs, research institutions, and biotechnology clusters, which fosters innovation in predictive medicine. Moreover, the governments of countries like the US & Canada attract substantial investments and funding for predictive medicine research, development, and commercialization. The region also has a well-established regulatory framework and healthcare policies that promote innovation, patient safety, and market access for predictive medicine technologies. In addition, the governments of these countries are also encouraging the adoption of emerging technologies to enhance the digital infrastructure of healthcare facilities. As a result, predictive diagnostics, digital health platforms, and precision medicine interventions are fostering a conducive environment for industry growth.
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Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Hoffmann-La Roche Ltd., Astra Zeneca, Qiagen, Thermo Fisher Scientific Inc., Amgen Inc., Bayer AG, Biogen Inc., Illumina Inc., Medtronic Plc, Novartis Pharmaceutical Corporation, Kailos Genetics, LLC., C2i Genomics, Astarte Medical, PerkinElmer Inc., and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across various regions?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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