Precision Medicine Market size worth over $112bn by 2027

Precision Medicine Market size is set to surpass USD 112 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Personalized medicine, also known as individualized or precision medicine, is a promptly evolving sector. Precision medicine has the ability to detect the onset of health aliments at its earliest stages that fosters the market growth. Moreover, precision medicine extensively benefit patients and healthcare system through tailored and better treatment for life threating diseases that further secures the market expansion. 
 

Various advancements in cancer biology will fuel the precision medicine market demand

Improvements in precision medicine due to availability of large-scale human genome databases and development of computational tools are contributing factors for the industry growth. Advanced genetic technologies examines different functional effects of genetic changes that are responsible for cancer. These tools have also been used to study mechanisms of DNA repair and damage, epigenetic changes related with cancer and gene regulation in cancer cells that boosts the industry expansion. Additionally, researchers use various tools and information such as mathematical modeling, to define the complex interactions between components of a biological system. Hence, various innovations and advancements will prove beneficial for the market progression. However, high cost associated with precision medicine may hinder the industry demand to a certain extent.
 

Higher demand for diagnostic testing will impel the market value

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The diagnostic segment in the precision medicine market is expected to witness around 12.5% growth rate through 2027. Diagnostic testing plays a vital role in the precision medicine approach for selection of appropriate treatment based on patients’ genetic makeup. Adoption of tailored treatment using such diagnosis data leads to the better management of disease and improved treatment results that will augment the industry progression for precision medicine.  
 

Browse key industry insights spread across 180 pages with 230 market data tables & 14 figures & charts from the report, “Precision Medicine Market Size By Product Type (Diagnostic {Genetic Tests, Biomarker Based Tests}, Therapeutics), By Application (Oncology, Immunology, CNS, Respiratory), By End-use (Hospitals, Diagnostic Centers, Research Labs & Institutes), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precision-medicine-market
 

Advancements in the oncology sector will accelerate the market revenue for precision medicine

The oncology segment size was USD 29 billion in 2020. Genetic changes often determine the risk of developing cancer and also affects the way individual responds to the treatment that is stimulating the acceptance of precision medicines in the market. Physicians are using precision medicine approach not only for accurate diagnosis and treatment but also for recommending healthy habits as a preventive measures. As the precision medicine approach is beneficial for oncology patients compared to the traditional approach, it’s demand will showcase a robust growth over the forecast period.
 

Presence of skilled healthcare workers will spur the industry value

The hospital segment held around 44% of the precision medicine market share in 2020. Availability of skilled healthcare physicians and specialists delivering proper patient care at hospital settings will boost the market growth. With increasing expenditure on healthcare infrastructure, the number of hospitals is also rapidly rising in developing economies, thus proving beneficial for the industry revenue.
 

Growing demand for precision medicine in the European countries will enhance the market expansion

Europe precision medicine market is predicted to expand at a CAGR of over 11% by 2027 on account of the favorable government initiatives coupled with increased funding for research in precision medicine. Rising healthcare expenditure and well-established presence of several prominent industry players in the European region will propel the market demand.
 

Strategic implementation by industry leaders will enable them to capture high revenue share

Some of the prominent companies operating in the market include Pfizer, Qiagen, Quest Diagnostics, Medtronic, Novartis, LABORATORY CORPORATION OF AMERICA HOLDINGS, bioMérieux, Abbott, Roche, Eli Lilly & Company, Glaxosmithkline Plc (GSK), Cepheid, AstraZeneca, Cancer Genetics, Thermo Fisher Scientific, Bristol-Myers Squibb, Myriad Genetics and Foundation Medicine. These market contributors are involved into several strategic agreements such as mergers and acquisitions to gain a competitive edge in the market.