Global Precision Medicine Market to Grow at a CAGR of 12.3% During 2024-2032, Driven by Research into Complementary Fields

In the past few years, research into the field of medicine has brought precision medicine to greater attention. Rather than having a drug which fits all, precision medicine takes into consideration the profile of specific individuals and their genetic history. This approach reduces the need for invasive procedures and costly tests, which in turn is expected to cut costs and become less cumbersome for the patient as well. This has resulted in greater awareness and greater demand for precision medicine. This has especially been made possible because complementary fields like bio-informatics and genomics have also been growing at fast paces.

Precision medicine has seen a large market share in developed markets such as North America and Europe, where robust medical systems and research facilities already existed in place to capture the demand. It is, however, expected to grow at a high growth rate in Asia Pacific where centres of high population, increasing research into medicine as well as a rising middle class with better disposable income looks forward to better forms of healthcare.

Quest Diagnostics (NYSE: DGX) is one of the major companies in the field of precision medicine which has invested considerably across the world in research in this field. Like Quest Diagnostics, most companies maintain a large database of patients and their genetic profiles across the world to gain a large sample space to get better results. Such research is expected to improve the efficacy of precision medicine against diseases, which will increase the popularity of precision medicine in the coming years.

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Market Analysis by Technology, Product Type, Application, End-Use and Region:

• The market on the basis of technology can be divided into NGS, drug discovery technologies and bioinformatics, amongst others.

• Based on product type, the industry can be divided into consumables, instruments, and services.

• By application, precision medicine can be divided into cardiovascular diseases, oncology, infectious diseases, neurology/psychiatry, gastroenterology, and endocrinology, amongst others.

• The regional markets for precision medicine include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• With greater integration of medical data using Internet across hospitals in different continents, precision medicine has been able to expand better.

• Improving frameworks of medicine and research has been instrumental in advancement in this field.

• Medical institutions can be expected to reconsider their medical process due to lower costs involved in precision medicine as compared to conventional medicine.

• With growing rates of cancer in the world, precision medicine is going to see a rise in popularity, since precision medicine has been observed to work well for cancer on some levels.

Key Offerings of the Report:

• The EMR report gives an overview of the global precision medicine market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the technologies, type, applications and regions of precision medicine.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global precision medicine market are Siemens Healthcare GmbH, Janssen Pharmaceutica N.V., Quests Diagnostics Incorporated, F. Hoffmann-La Roche Ltd., and Myriad Genetics Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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