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Precision Medicine Market – Application (Diagnostics [Genetic, Biomarker Based Tests], Therapeutics [Inhibitor Drugs, Monoclonal Antibodies]), Indication (Oncology, CNS), Technology (Genomics, Bioinformatics), End-user – Global Forecast (2024 – 2032)
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Precision Medicine Market
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Premium Report Details
Base Year: 2023
Companies covered: 18
Tables & Figures: 407
Countries covered: 22
Pages: 234
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Precision Medicine Market Size
Precision Medicine Market size accounted for around USD 79.9 billion revenue size in 2023 and is projected to witness significant growth at 7.6% CAGR between 2024 to 2032. One of the primary drivers is the increasing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and diabetes. These conditions require tailored treatments, and precision medicine offers personalized approaches based on individual genetic, environmental, and lifestyle factors.
Further, advancements in genomics and molecular biology have also accelerated the growth of precision medicine by enabling more precise and cost-effective genetic testing. Moreover, government initiatives and funding support have also played a significant role in driving the expansion of the precision medicine market.
Precision medicine, also known as personalized medicine or individualized medicine, is an approach to healthcare that takes into account individual differences in genes, environment, and lifestyle when designing medical treatment plans and interventions. Rather than applying a one-size-fits-all approach, precision medicine aims to tailor medical decisions and treatments to the specific characteristics of each patient.
Precision Medicine Market Trends
Precision Medicine Market Analysis
Based on application, the market is segmented into diagnostics and therapeutics. The therapeutics segment is further sub-segmented into inhibitor drugs, monoclonal antibodies, cell & gene therapy, antiviral & anti-retroviral drugs, and other therapeutics. The therapeutic segment dominated the global precision medicine market with 58.7% of market share in 2023.
Based on indication, the precision medicine market is categorized into oncology, CNS disorders, immunology, respiratory diseases, genetic disorders, skin diseases, and other indications. Among the indications, the oncology segment accounted for majority of market share and was valued at USD 42 billion in 2023.
Based on technology, the precision medicine market is classified into genomics, bioinformatics, big data analytics, biomarker detection, high throughput screening, and other technologies. The genomics segment dominated the market and is anticipated to reach USD 37.4 billion by 2032.
Based on end-user, the precision medicine market is divided into hospitals, diagnostic centers, and other end-users. The hospitals segment held highest market share of 45.1% in 2023 and will experience growth at 7.6% CAGR.
North America precision medicine market dominated the global market in 2023 and is predicted to grow at CAGR of 7.5% during the forecast timeframe.
U.S. precision medicine market in 2023 was valued at USD 32.1 billion and is expected to grow at 7.4% CAGR over the analysis period.
China precision medicine market is anticipated to showcase remarkable growth over the forecast period.
Germany held a significant position in global precision medicine market.
Precision Medicine Market Share
The precision medicine industry is characterized by intense competition, driven by ongoing innovation, strategic partnerships, and increasing demand for personalized healthcare solutions. With advancements in technology and a growing emphasis on precision medicine in clinical practice, the market is expected to continue expanding, presenting opportunities and challenges for both established and new players.
Precision Medicine Market Companies
Prominent players operating in the precision medicine industry include:
Precision Medicine Industry News:
The precision medicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Application
Market, By Indication
Market, By Technology
Market, By End-user
The above information is provided for the following regions and countries: