Precision Medicine Market Size: Leading Players, Demands, Future Trends, Growth Factors, Strategy, Price
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The global Precision Medicine Market is expected to reach USD 132.66 Billion by 2027, according to a new report by Emergen Research
VANCOUVER, BC, CANADA, September 13, 2022 /EINPresswire.com/ -- The global Precision Medicine Market is expected to reach USD 132.66 Billion by 2027, according to a new report by Emergen Research. The proliferation of sequencing methodologies, especially Next Generation Sequencing (NGS), is expected to drive the market due to the increasing sequencing costs and the advancement of the Human Genome Project in the field of genomics.
The rising incidence of chronic and unusual diseases triggers the need to build technically innovative methods for accelerated medical data aggregation and review. The bioinformatics program helps in data processing by rendering successful therapeutic approaches. As a consequence, the growing volume of data in the healthcare sector would fuel demand for bioinformatics, raising competition in the industry for precision medicine.
The creation of bioinformatics tools and applications would promote the production of immunotherapy and thus boost the study of microbiomes, thus advancing the area of precision medicine. Besides, the development of high-throughput technologies such as next-generation sequencing and microarray will pave the way for market growth in bioinformatics, which will further drive market demand in the coming years.
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Some Key Highlights in the Report
Based on technology, drug discovery is projected to grow with a CAGR of 9.8% in the forecast period, due to the growing emphasis of bio-pharmaceutical players on developing precision medicine for treating diseases, including cancer, which will further boost the market growth.
The diagnostic companies expected to grow with a CAGR of 10.4% in the forecasted period, owing to a wide variety of applications for which big players in the precision medicine industry are engaged in various investment programs.
The oncology application is the major contributor to the Precision Medicine Market. The segment is growing due to the rising frequency and prevalence of cancer worldwide, which will intensify the demand for precision medicine as an essential form of therapy coupled with developing tailored treatments for patients with cancer dependent on their genetic makeup over traditional chemotherapy.
North America dominated the market for Precision Medicine in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market.
The reports cover key developments in the Precision Medicine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships and collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Precision Medicine market are anticipated to lucrative growth opportunities in the future with the rising demand for Precision Medicine in the global market. The market is expected to grow at a significant CAGR during the forecast period.
The major players covered in this report
Biocrates Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, and Pfizer, among others.
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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
Bioinformatics
Gene Sequencing
Drug Discovery
Companion Diagnostics
Others
End-Use Outlook (Revenue: USD Billion; 2017-2027)
Pharmaceutical Companies
Diagnostic Companies
Healthcare IT companies
Others
Application Outlook (Revenue: USD Billion; 2017-2027)
Oncology
Immunology
CNS
Respiratory
Others
Precision Medicine Market segment by Region/Country including:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America Brazil, Argentina, Colombia and Chile etc.)
Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Browse the comprehensive TOC and data tables @ https://www.emergenresearch.com/industry-report/precision-medicine-market
What Questions Should You Ask before Buying a Market Research Report?
• How is the Precision Medicine market evolving?
• What is driving and restraining the Precision Medicine market?
• How will each Precision Medicine submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?
• How will the market shares for each Precision Medicine submarket develop from 2022 to 2030?
• What will be the main driver for the overall market from 2022 to 2030?
• Will leading Precision Medicine markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
• How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?
• Who are the leading players and what are their prospects over the forecast period?
• What are the Precision Medicine projects for these leading companies?
• How will the industry evolve during the period between 2022 and 2030? What are the implications of Precision Medicine projects taking place now and over the next 10 years?
Thank you for reading our report. Customization of the report is available according to the requirements of clients. In case of further queries about the report, do get in touch with us. Our team will make sure your report is tailored according to your needs.
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