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According to our LPI (LP Information) latest study, the global Precision Medicine market size was valued at US$ 116450 million in 2023. With growing demand in downstream market, the Precision Medicine is forecast to a readjusted size of US$ 226330 million by 2030 with a CAGR of 10.0% during review period.
The research report highlights the growth potential of the global Precision Medicine market. Precision Medicine are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Precision Medicine. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Precision Medicine market.
According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person." This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals.
Although the term "precision medicine" is relatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a randomly selected donor; instead, the donor's blood type is matched to the recipient to reduce the risk of complications. Although examples can be found in several areas of medicine, the role of precision medicine in day-to-day healthcare is relatively limited. Researchers hope that this approach will expand to many areas of health in coming years.
The classification of precision medicine includes diagnostics and therapies, and the proportion of diagnostics is about 67%.
Precision Medicine is used for oncology, neurosciences, immunology, respiratory and other field. The most proportion of precision medicine is for oncology, and the market share is about 30%.
Market competition is intense. Johnson & Johnson, Roche, Labcorp, Abbott Laboratories and Novartis are the leaders of the industry, with about 56% market shares.
Key Features:
The report on Precision Medicine market reflects various aspects and provide valuable insights into the industry.
Market Size and Growth: The research report provide an overview of the current size and growth of the Precision Medicine market. It may include historical data, market Segmentation by Type (e.g., Diagnostics, Therapies), and regional breakdowns.
Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Precision Medicine market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Precision Medicine market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Precision Medicine industry. This include advancements in Precision Medicine technology, Precision Medicine new entrants, Precision Medicine new investment, and other innovations that are shaping the future of Precision Medicine.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Precision Medicine market. It includes factors influencing customer ' purchasing decisions, preferences for Precision Medicine product.
Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Precision Medicine market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Precision Medicine market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Precision Medicine market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Precision Medicine industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Precision Medicine market.
Market Segmentation:
Precision Medicine market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.
Segmentation by type
- Diagnostics
- Therapies
Segmentation by application
- Oncology
- Neurosciences
- Immunology
- Respiratory
- Others
This report also splits the market by region:
- Americas
- - United States
- - Canada
- - Mexico
- - Brazil
- APAC
- - China
- - Japan
- - Korea
- - Southeast Asia
- - India
- - Australia
- Europe
- - Germany
- - France
- - UK
- - Italy
- - Russia
- Middle East & Africa
- - Egypt
- - South Africa
- - Israel
- - Turkey
- - GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
- Johnson & Johnson
- Roche
- Labcorp
- Abbott Laboratories
- Novartis
- Illumina
- GE Healthcare
- Intel Corporation
- Biomrieux Sa
- Cepheid
- IBM
- Qiagen
- Thermo Fisher Scientific
- Randox Laboratories
- Almac Group
- Healthcore