Precision medicine is a synonym for personalized medicine. This technology proposes the customization of healthcare. The diagnostics are designed for a specific individual rather than using a generalised clinical approach. It divides a broad class of subjects by their susceptibility to a particular disease or response to a specific treatment in order to go further with their diagnostic analysis. It makes use of system biology and panomics to recognise the root cause of the disease at a molecular level which further helps them with recognising the correct way of treatment.
The key driver for this market is the use of novel technology to personalize medicine and hereby understand individual genes, surrounding environment, and lifestyle specific to a patient. Moreover, the growing medical advancements in the field of gene therapy coupled with several medical benefits is expected to propel the market. Accessibility to large-scale human genotype database helps expand the reach of PM and hereby accelerates the market growth positively.
This report takes segments the global precision medicines market into technology, region and application. It delves into all the technological advancements of this sector accompanied by the end-user applications of this market that propel the market growth of this sector.
The Global Personalised Medicines market is expected to account for a value of USD 146 Billion for 2028 from a value of roughly USD 63 Billion in 2020 with a CAGR of approximately 11%. By application, precision medicines are segmented based on Oncology, Immunology, CNS, Respiratory, and Others. Amongst this segment, oncology is estimated to hold the highest market numbers, due to the growing prevalence of cancer. Moreover, the increasing use of precision medicines to treat this disease is what propels the global market. By the end-user, the pharmaceutical sector is the anticipated to be have the largest market size in this sector followed by health care and IT companies. NA is the largest shareholder followed by the EU.
North America is expected to dominate the global market owing to the presence of the key players in this region. Initiatives like GENIE launched by AACR coupled with increased research funding in this sector propels the growth of this sector. In the European sector, U.K is the major contributor to this market, due to rising incidents of cancer and government regulations that support the growth of this sector. Moreover, the emergence of big data further promotes the growth of this segment.
The study period of the report titled, “Global precision medicines-Market and Technology to 2028
" has a study period from 2018-2020 and a forecast period of 2020-2028. The CAGR of this market is expected to be 11% during the forecast period. The report is segmented by the technology, region and application.
The report is aimed at:
Segmentation covered in this Report:
- An in-depth analysis of the drivers, restraints, and challenges and their influence on this market has been covered in this report.
- Upcoming technologies and their impacts on market growth have been discussed.
- Opportunities provided by this market owing to technological advancements have been provided in this report.
- The key players of this market and the strategies employed by them have been discussed,
- A strategic plan of this market has been providing using Porter’s Five Forces and PESTLE Analysis.
The market is segmented based on technology, region and application.
- Respiratory Medicine
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- North America
- Asia Pacific
- Middle East
Reasons to buy:
- United States
- United Kingdom
Who is this report aimed for?
- New players of this market can use this report to understand the drivers, restraints, and challenges that are expected to influence the market.
- Existing players can use this report to plan both near term and future term strategies since the forecast period ranges up to 2028.
- Existing players can use this report to study the opportunities offered by this market which could help them expand their existing enterprise.
- Technology innovators can use this report to study the existing technology and the demand of the same according to which they could optimise the drawbacks.
- The impact of COVID-19 has been provided in this report along with the shifting market dynamics that could help new players with creating a post-pandemic plan.
- The sales team could make use of this report to gain a customer-based perspective with respect to demographics.
- Financial Institutions: Can use this report to make investment and financial strategies by identifying the hot-spots of this market.
- Governments, Associations, and Industrial Bodies: Could make use of this report to understand the growth opportunities in this market and fund research in the most dept technology.
- Sales Teams: They can make use of this report to understand the drivers of the market and use it while making sales.
- Technology Innovators: Can use this report to understand the grey areas of this market and optimize the same.