Healthcare Evolution: Precision Medicine Market to Grow at a 10.6% CAGR Growth

Precision Medicine Market is Aiming to Record 10.6% CAGR During the Forecast Period of 2024-30

MarkNtel Advisors recently published a research report mentioning that the Global Precision Medicine Market is estimated to grow at a CAGR of about 10.6% during the forecast period of 2024-30. The increased intake of processed foods high in sugar, salt, and unhealthy fats, coupled with the presence of environmental factors like pollution, carbon emissions, and exposure to toxic elements have led to a tremendous surge in the occurrence of diseases across the globe.

The study further states that the rising initiatives such as the implementation of progressive technologies by the governments of numerous regions to upgrade their medical infrastructure and healthcare amenities are also proliferating market growth. Moreover, the rising outbreak of diseases is pushing the need for urgent medical attention leading to the extensive adoption of precision medicine, thus propelling the growth of the Global Precision Medicine Market through 2030.

Breakdown of the Global Precision Medicine Market Segmentation

By Technology (Big Data Analytics, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Molecular Imaging, Artificial Intelligence, and Others (Pharmacogenomics, Genetic Testing, etc.))
By Solution Offering (Consumables (Reagents and Assay Kits), Instruments (Real-Time PCR Machines, Next-Generation Sequencing (NGS) Systems, Microarray Scanners, and Others (Flow Cytometers, Imaging Systems, etc.)), and Services (Genetic Testing and Counseling, Pharmacogenomics Testing, Cancer Genomic Profiling)
By End User (Pharmaceutical & Biotechnology Company, Diagnostic Laboratories, Healthcare IT, Research Centers, Healthcare Providers, and Others (Academic Institutes, Non-Profit Organizations, etc.))
By Application (Oncology, Immunology, Central Nervous System (CNS) Respiratory, Gastroenterology, and Others (Endocrinology, Neurology, etc.)
By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)

Increasing Demand for Personalized Therapies to Thrive the Global Precision Medicine Market

The growing demand for personalized therapies owing to their several benefits is boosting the Precision Medicine Market significantly. Personalized therapies offer medical treatments & solutions, based particularly on the demands & needs of the patients, making them highly effective and reducing any side effects. Moreover, studies show that due to varying genetic, physiological, environmental, and lifestyle factors, each patient reacts to medicines differently due to which the medical industry is rooting for personalized therapies.

Emerging Trend of Integrating Artificial Intelligence (AI) & Big Data Analytics is to Boost the Industry Expansion

The demand for customized or personalized medicine and therapy has increased generously across the world to tackle complicated and unmet medical requirements. The majority of companies have depended on and relied on advanced technologies such as machine learning, artificial intelligence, etc., to evaluate the enormous volume of data, including genomic data, clinical data, imaging data, and patient outcomes.

Moreover, the integration of technologies, such as molecular imaging & pharmacogenomics, is utilized to assess environmental exposures, lifestyle factors, and disease biomarkers. This enables the evaluation of disease exposure, progression, and relapse in patients. The increasing adoption of these technologies to personalize treatment for patients is expected to drive the overall growth of the Global Precision Medicine Market.

Glancing at the Leading Competitors in the Global Precision Medicine Market

Prominent market contenders play a vital role in boosting the growth of any market. The Global Precision Medicine Market also has numerous major players, which proliferate the market’s growth, such as 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.

Blog