Precision Medicine Market Size: Leading Players, Demands, Future Trends, Growth Factors, Strategy, Price and Gross Margin till 2027
According to a recent analysis by Emergen Research, the worldwide precision medicine market is projected to reach USD 132.66 billion by 2027. Due to rising sequencing prices and the development of the Human Genome Project in the field of genomics, the market is anticipated to be driven by the expansion of sequencing technologies, particularly Next Generation Sequencing (NGS).
The need to develop technically novel approaches for expedited medical data gathering and review is driven by the increasing prevalence of chronic and uncommon diseases. By providing effective therapeutic procedures, the bioinformatics application aids in data processing. As a result, the escalating amount of data generated by the healthcare sector would increase demand for bioinformatics and intensify competition for precision medicine.
Precision medicine would advance thanks to the development of bioinformatics tools and applications that would encourage the development of immunotherapy and, in turn, spur research on microbiomes. In addition, the development of high-throughput technologies like microarray and next-generation sequencing will open up the bioinformatics market, which will further fuel demand in the years to come.
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Some Key Highlights from the Report
Based on technology, the market for drug discovery is anticipated to expand with a CAGR of 9.8% during the forecast period as a result of the biopharmaceutical industry’s increased focus on creating precision medicine to treat diseases like cancer. This focus will also contribute to the market’s expansion.
Due to the vast range of applications for which major participants in the precision medicine sector are involved in various investment programmes, the diagnostic firms are anticipated to develop with a CAGR of 10.4% in the anticipated period.
The market for precision medicine is primarily driven by the oncology application. The market is expanding as a result of the increasing incidence and prevalence of cancer in the world, which will increase demand for precision medicine as a crucial form of therapy along with the development of personalised treatments for cancer patients based on their genetic makeup rather than conventional chemotherapy.
In 2019, the market for precision medicine was largely dominated by North America. The market is being driven by the area’s ongoing emphasis on adopting novel and cost-effective practises.
Several significant players are NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, and Pfizer. Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, and Tepnel Pharma Services are all significant participants.
For the purpose of this report, Emergen Research has segmented into the global Precision Medicine Market on the basis of technology, end-use, application, and region:
Technology Outlook (Revenue: USD Billion; 2017-2027)
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
End-Use Outlook (Revenue: USD Billion; 2017-2027)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
Application Outlook (Revenue: USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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