The Precision Medicine Market delves into various aspects, enabling readers to gain a deep understanding of the market dynamics, trends, and potential opportunities.
Report Ocean has recently released a survey report focusing on the Precision Medicine Market. This research provides essential insights into growth strategies, business opportunities, emerging trends, innovations, and the competitive landscape in 2022. The report also includes a geographical outlook, encompassing North America, Europe, the Asia-Pacific region, Latin America, the Middle East, and Africa.
The global precision medicine market is expected to have a significant compounded annual growth rate (CAGR) of 12.71% and have a market size in excess of USD 96.07 Bn by 2023.
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Precision medicine is an upcoming approach which involves investigating whether a person has any diseases by evaluating the genetic makeup, and then diagnosing it.
North America dominates the global market due to the high incidence of cancer and increasing government initiatives in the region.
Precision medicine involves a study of patient-specific information to diagnose, and then categorize various diseases. The concept of precision medicine is rapidly growing in the medicine community through tremendous expansion of various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, and much more. With the help of growing technologies, precision medicine plays a vital role in preventing and treating various diseases such as cancer, cardiovascular, neurology and other diseases, which are currently burdening the healthcare system.
The global precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
Key growth factors
The concept of precision medicine has gained momentum in the healthcare community, powered by the tremendous expansion of various advanced technologies such as next-generation sequencing, molecular biomarker analysis and many more. The precision medicine market is also driven due to the initiatives taken by the government like precision medicine initiative (PMI) which is taken by U.S government.
Rising pressure to lower healthcare cost globally, growth of personal healthcare devices, the emergence of value-based reimbursement models, and healthcare digitization trends are aiding the transition of treatment model from one-size-fits-all to stratified and outcome-based targeted therapies, which are called precision medicine.
Threats and key players
Threat to personal data, high diagnostic costs, and the risk of hardware and software failure are some of the factors that will hinder the growth of the market.
The key players that have been contributing significantly to the precision medicine market include Abbott Laboratories, GE Healthcare, GlaxoSmithKline (GSK), Johnson & Johnson, Pfizer, Laboratories Corporation of America Holdings and Danaher Corporation, among others.
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What’s covered in the report?
1. Overview of the global precision medicine market
2. Drivers and challenges in the global precision medicine market.
3. Trends in the global precision medicine market
4. Historical, current and forecasted market size data for ecosystem players segment in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies)
5. Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases)
6. Historical, current and forecasted market size data for the technology segment in the global precision medicine market (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics)
7. Analysis of the competitive landscape and profiles of major companies operating in the market
Why buy?
1. Get a broad understanding of the global precision medicine market, end uses, therapeutics, and the other sub-markets
2. Get geography-specific drivers and challenges affecting the global precision medicine market, its end uses, therapeutics, and the sub-markets
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Identify the challenges and address them
5. Get insights into the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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The following are significant aspects of the industry that may be relevant:
Market Size and Growth: The size of the market and its projected growth rate are essential factors that can provide valuable insights into the industry’s potential.
Competition: The level of competition in the market is a significant factor that can impact the pricing and profitability of companies operating in the industry.
Technology: Technology plays a critical role in the industry as search algorithms and consumer behavior continue to evolve rapidly.
Consumer Behavior: Understanding consumer behavior, such as search habits and preferences, can help companies optimize their marketing strategies and drive sales.
Regulatory Environment: The industry is subject to various regulatory requirements, including data protection and privacy laws, which can impact the way companies operate in the market.
Economic Factors: Economic factors, such as GDP, inflation, and consumer spending, can affect the growth and profitability of the industry.
Emerging Trends: Staying updated with emerging trends, such as voice search and artificial intelligence, can help companies stay ahead of the curve in the industry.
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Precision Medicine market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Precision Medicine market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Precision Medicine market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Precision Medicine business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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