According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Precision Medicine Market - Industry Trends and Forecast to 2030 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.

Global Precision Medicine Market Analysis and Size

The Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30.

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Some of the major players operating in the Precision Medicine Market are Hoffmann-La Roche Ltd., Astra Zeneca, Qiagen, Thermo Fisher Scientific Inc., Amgen Inc., Bayer AG, Biogen Inc., Illumina Inc., Medtronic Plc, Novartis Pharmaceutical Corporation, Kailos Genetics, LLC., C2i Genomics, Astarte Medical, PerkinElmer Inc., and others.

Precision Medicine Market Growth Driver:

Rising Demand for Personalized Therapies to Boost Market Growth – Over the past few years, research by academic institutions, non-profit organizations, etc. has revealed that every individual responds differently to medicine due to genetic, physiological, environmental, and lifestyle factors. According to Stanford Medicine, in 2021, it was revealed that almost 99.5% of individuals have an abnormal or atypical response to at least one therapeutic drug. This variability in medication response slows down the efficacy of the treatments. As a result, healthcare facilities are adopting a personalized therapeutic approach, including tailored treatments based on patient characteristics. These tailored approaches optimize therapeutic outcomes and minimize the risk of adverse drug reactions.

Moreover, these personalized approaches also offer therapies based on the patient's disease analysis, which helps in the early detection of disease risk, identification of high-risk individuals, and implementation of preventive measures. Therefore, individuals are seeking personalized therapies to mitigate disease progression and improve long-term health outcomes, driving the Precision Medicine Market. 

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Market Segment and Geographical Analysis

By Technology

  • Big Data Analytics- Market Size & Forecast 2019-2030F, USD Million
  • Bioinformatics- Market Size & Forecast 2019-2030F, USD Million
  • Whole Genome Sequencing- Market Size & Forecast 2019-2030F, USD Million
  • Companion Diagnostics- Market Size & Forecast 2019-2030F, USD Million
  • Molecular Imaging- Market Size & Forecast 2019-2030F, USD Million
  • Artificial Intelligence- Market Size & Forecast 2019-2030F, USD Million
  • Others (Pharmacogenomics, Genetic Testing, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Solution Offering

  • Consumables- Market Size & Forecast 2019-2030F, USD Million
    • Reagents- Market Size & Forecast 2019-2030F, USD Million
    • Assay Kits- Market Size & Forecast 2019-2030F, USD Million
  • Instruments- Market Size & Forecast 2019-2030F, USD Million
    • Real-Time PCR Machines- Market Size & Forecast 2019-2030F, USD Million
    • Next-Generation Sequencing (NGS) Systems- Market Size & Forecast 2019-2030F, USD Million
    • Microarray Scanners- Market Size & Forecast 2019-2030F, USD Million
    • Others (Flow Cytometers, Imaging Systems, etc.) - Market Size & Forecast 2019-2030F, USD Million
  • Services- Market Size & Forecast 2019-2030F, USD Million
    • Genetic Testing and Counseling- Market Size & Forecast 2019-2030F, USD Million
    • Pharmacogenomics Testing- Market Size & Forecast 2019-2030F, USD Million
    • Cancer Genomic Profiling- Market Size & Forecast 2019-2030F, USD Million

By End User

  • Pharmaceutical & Biotechnology Company- Market Size & Forecast 2019-2030F, USD Million
  • Diagnostic Laboratories- Market Size & Forecast 2019-2030F, USD Million
  • Healthcare IT- Market Size & Forecast 2019-2030F, USD Million
  • Research Centers- Market Size & Forecast 2019-2030F, USD Million
  • Healthcare Providers- Market Size & Forecast 2019-2030F, USD Million
  • Others (Academic Institutes, Non-Profit Organization, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Application

  • Oncology- Market Size & Forecast 2019-2030F, USD Million
  • Immunology- Market Size & Forecast 2019-2030F, USD Million
  • Central Nervous System (CNS) - Market Size & Forecast 2019-2030F, USD Million
  • Respiratory- Market Size & Forecast 2019-2030F, USD Million
  • Gastroenterology- Market Size & Forecast 2019-2030F, USD Million
  • Others (Endocrinology, Neurology, etc.)- Market Size & Forecast 2019-2030F, USD Million

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

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