Precision Medicine Market Size to Surpass USD 126.24 Billion by 2030 at 12.50% CAGR – Report by Market Research Future (MRFR)

Precision Medicine Market Size to Surpass USD 126.24 Billion by 2030 at 12.50% CAGR – Report by Market Research Future (MRFR)

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New York, USA, May 16, 2023 (GLOBE NEWSWIRE) — Precision Medicine Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Precision Medicine Market Information By Ecosystem Players, Sub-Markets, Therapeutics, and Region – Market Forecast by 2030”, the market size was valued at USD 49.2 billion in 2021 and is projected to grow from USD 55.35 Billion in 2022 to USD 126.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2022 – 2030).

Market Scope:

Precision medicine, sometimes referred to as “personalized medicine,” is a cutting-edge strategy for customizing illness prevention and treatment that considers variations in people’s genes, surroundings, and lifestyles.

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Market Drivers

The primary market factors promoting market expansion include a rise in online collaborative forums, increasing attempts to describe genes, and developments in cancer biology. The rising need for innovative drugs to treat the rising prevalence of cancer and other diseases throughout the world is one reason contributing to the market’s expansion. Additionally, a lot of research partnerships with industry participants could benefit market expansion. Additionally, the use of AI in conjunction with technology developments is transforming the healthcare industry by enabling experts to capture and monitor clinical data more easily and with fewer mistakes. As a result, the market is expanding due to the growing use of artificial intelligence in precision medicine.

Additionally, advances in precision medicine have already led to important discoveries and therapies that have received FDA approval. These medicines, which have shown significant promise for the treatment of numerous diseases, are personalized to specific qualities of individuals, such as a person’s genetic composition or the genetic profile of a patient’s tumor. Patients with various malignancies often receive molecular testing as part of their treatment. Additionally, this enables medical professionals to choose treatments that raise patients’ chances of surviving cancer and decrease their likelihood of developing negative side effects. Because of this, the CAGR of the global market for precision medicine has increased in recent years.

Market Restraints

The market’s expansion is hampered by the high cost of diagnostic equipment and samples of precision medicine. Since companion diagnostics and genetic testing are required, precision medicine research and development is now more expensive than standard treatment. These factors so inhibit market expansion.

COVID-19 Analysis:

The market for precision medicine was impacted by the COVID-19 pandemic.  Precision medicine emphasizes more accurate diagnosis and treatment based on a variety of biomarkers, such as genetic variants and information about the environment, lifestyle, and behaviors of patients. These biomarkers are useful in identifying individual differences in susceptibility to and responses to COVID-19. Consequently, the COVID-19 pandemic caused a spike in interest in precision medicine. However, in the current environment, it is expected that the demand for precision medicine may continue to rise throughout the projected time due to the advent of more SARS-CoV-2 strains and the prevalence of other illnesses.

Browse In-depth Market Research Report (313 Pages) on Precision Medicine: https://www.marketresearchfuture.com/reports/precision-medicine-market-925

Precision Medicine Market Segmentation:

Ecosystem Players Insights

In terms of revenue, the pharmaceutical and biotechnology sector accounted for the lion’s share of the precision medicine market in 2021. Through early development and go-to-market strategies, precision medicine transforms the pharmaceutical value chain. In response to the demand from governmental organizations, regulators, and payers for “real-world evidence” of a drug’s efficacy and value for those stakeholders, pharmaceutical companies have developed personalized medicine, which is highly individualized.

Sub-Markets Insights

During the projection period, 2022–2030, the sector with the fastest-growing revenue is expected to be companion diagnostics, which led the market in 2021. This is a result of the creation of fresh biomarkers for several diseases as well as an increase in focused therapy research and development.

Therapeutics Insights

Throughout the projection period of 2022–2030, the cancer/oncology sector held the majority of market share in 2021. A fast expanding and promising research area called precision oncology allows for customized treatment based on a patient’s molecular and genetic makeup.

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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