The Precision Medicine Global Market Report 2023 by The Business Research Company, provides precision medicine market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Precision Medicine Global Market Report 2023, the market size is expected to grow from$83.43 billion in 2022 to $95 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The precision medicine market size is expected to grow to $157.26 billion in 2027 at a CAGR of 13.4%.
The rising prevalence of cancer is projected to fuel the growth of the precision medicine market in the coming years. Cancer is one of the main causes of death worldwide, with one out of every five individuals developing cancer at some point in their lives. Precision medicine in cancer entails analyzing DNA from tumors to find mutations or other genetic abnormalities that cause cancer. Physicians may therefore be able to choose a treatment for a specific patient’s cancer that best fits, or targets, the tumor DNA alterations.
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The precision medicine market is segmented:
1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technologies
2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications
3) By End-User: Hospitals And Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare And IT Firms, Other End-Users
The development of novel precision medicine for pancreatic cancer is shaping the precision medicine market. Extensive research is being undertaken on different approaches to develop precision medicines for pancreatic cancer. For instance, in October 2020, Scientists from the University of Glasgow announced the development of a novel precision medicine approach for treating the damaged DNA in the cancer cells of pancreatic cancer patients. The team used grown cells from the lab, and replicas of patients’ tumors, to find molecular markers, which were used in the prediction and response to several drugs, targeting DNA damage. The researchers tested certain markers using multiple drugs, also developed a strategy that is taken forward into a clinical trial. The trial will help doctors and researchers to predict which patient will respond to one of these drugs, either alone or in combination.
The precision medicine market report table of contents includes:
1. Executive Summary
2. Precision Medicine Market Characteristics
3. Precision Medicine Market Trends And Strategies
4. Precision Medicine Market – Macro Economic Scenario
5. Precision Medicine Market Size And Growth
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26. Africa Precision Medicine Market
27. Precision Medicine Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Precision Medicine Market
29. Precision Medicine Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Qiagen
- Novartis AG
- Medtronic
- AstraZeneca plc
- Quest Diagnostics
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