Precision Medicine Market, forecast to grow from $29.1 billion in 2023 to $50.2 billion by 2028 at an 11.5% CAGR, is driven by advancements in genomic research and the growing adoption of genetic targeted therapies. Companion diagnostics, genetic testing, and regulatory approvals for personalised medicines are boosting this market. This new research explores market trends, pricing strategies, and patent data.
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Hospitals and Clinics subsegment accounted is the fastest growing of the precision medicine market by product & service
Among the end user, the market is segmented hospitals and clinics and home care setting. In 2022, the hospitals and clinics segment accounted for the highest growth rate of the precision medicine market by end user. Growth in this market segment can be attributed to factors such as availability of better facilities and assistance in hospitals and clinics, accessibility to advanced diagnostic tests along with precise therapeutic regime among others.
Oncology is the fastest-growing segment of the precision medicine market by applications
Among the applications, the precision medicine market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological & environmental applications, veterinary applications, and other applications. In 2023, the drug discovery segment accounted for the fastest-growing share of the usage segment of precision medicine market. Growth in this market segment can be attributed to one of the major factors which is the growing number of research activities for development of new drugs.
Europe: The second-largest region in the precision medicine market.
The European market is the second-largest precision medicine market globally, mainly due to factors such as presence of key market players in the region. Europe is considered a major hub for precision medicine players and organizations. Moreover, greater awareness among people about newly emerging area of precision medicine, especially compared to developing regions.
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Precision Medicine Market Dynamics:
Drivers:
- Growth in genetic testing and companion diagnostics
Restraints:
- High costs of therapeutics
Opportunities:
- Growing demand for cell and gene therapies
Challenges:
- Challenges associated with adoption of precision medicine
Key Market Players:
The market for precision medicine is competitive, with key players strategizing to capture the market. Prominent players in the precision medicine market are F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), , GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan) among others.
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Precision Medicine Market Advantages:
- Personalized Treatment: Precision medicine tailors medical treatment and interventions to individual patients based on their genetic makeup, lifestyle, and specific health characteristics. This approach ensures that treatments are more effective, with fewer adverse effects, as they are customized to the patient’s unique needs.