According to IMARC Group’s latest report, titled “Precision Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 61.0 Billion in 2021. Precision medicine represents a medical approach to prevent and diagnose diseases by depending on an individual variability of genes, environment, lifestyle, etc. It aids in predicting the susceptibility to an illness, improving disease detection and progression, customizing strategies, prescribing effective drugs, etc. Precision medicine also helps make associated healthcare decisions, enhance care quality, eliminate trial-and-error inefficiencies, etc. Furthermore, as it reduces the time, cost, and failure rate of pharmaceutical clinical trials, precision medicine is extensively utilized in guiding therapy for chronic diseases, diagnosing cancer and chromosomal abnormalities of the fetus, predicting the risk of passing on genetic disorders to offspring, etc.
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The sudden outbreak of the COVID-19 pandemic is leading to the rising requirement to study the coronavirus and its susceptibility, impact, potential therapies, etc. This is among the primary factors driving the precision medicine market. Moreover, the escalating prevalence of cancer and the growing number of drug candidates under clinical trials are further catalyzing the market growth. Besides this, the introduction of numerous cutting-edge and cost-effective techniques, such as whole-genome sequencing and targeted sequencing, for studying genomes and creating personalized therapies, is acting as another significant growth-inducing factor. Additionally, the elevating adoption of Big Data to analyze electronic health records is expected to stimulate the precision medicine market in the coming years. Looking forward, IMARC Group expects the precision medicine market to reach US$ 112.8 Billion by 2027, exhibiting at a CAGR of 10.1% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- AstraZeneca plc
- Bayer AG
- BioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA, Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
Breakup by Product:
Breakup by Technology:
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
Breakup by Application:
- Central Nervous System (CNS)
- Respiratory Medicine
Breakup by End User:
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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