Global Precision Medicine Market – Opportunities and Forecast 2022-2029 by Technology (Big Data Analytics, Gene Sequencing, Companion Diagnostics, Drug Discovery, Bioinformatics), Application (Oncology, Neurology, Immunology, Respiratory, Hematology, Others), and Geography (Oncology, Neurology, Immunology, Respiratory, Hematology, Others).
Precision medicine has gained traction in recent years, and this trend is expected to continue because to the unique treatment approaches it provides. Precision medicine focuses on disease prevention and treatment based on an individual’s genetic profile and lifestyle. In contrast to typical medicines, which may not be beneficial for the entire population, this technique provides precise therapy and disease preventive strategies.
Because of the rising patient preference for personalised treatment, advancements in wireless technologies and big data analytics, and a tremendous increase in genetic diseases such as cancer, major pharmaceutical companies are eyeing precision medicine as a lucrative business investment opportunity. Furthermore, over the last several years, there has been a significant surge in research fields related to precision medicine, indicating a good future expansion.
Government policies that favour precision medicine are likely to have a beneficial impact on the market’s growth. The UK government, for example, has set aside USD 212.8 million through its Industrial Strategy Challenge Fund, which was established in December 2017, to build technologically advanced infrastructure to manufacture new medication such as precision medicine. President Barack Obama created the Precision Medicine Initiative in 2015 while in the United States to boost research in the sector.
Illumina, Inc., GE Healthcare, Roche Group, bioMerieux SA, IBM Corporation, Novartis AG, and Abbott Laboratories are among the prominent companies in the precision medicine market.
The worldwide precision medicine market may be divided into three categories: technology, application, and major geographies. The market has been divided into Gene Sequencing, Big Data Analytics, Companion Diagnostics, Bioinformatics, and Drug Discovery based on technology. The market is divided into Oncology, Neurology, Immunology, Respiratory, Hematology, and Others based on application.
For the forecast period of 2022 to 2028, this research report on the precision medicine market provides an in-depth study of the worldwide precision medicine market based on technology, application, and main geographies. The research focuses on the primary industry factors that are fueling growth as well as the obstacles that market participants are facing. The market size and forecast for precision medicine are provided in this research report. In addition, the research examines the competitive environment, significant competitors, and their 2018 strategies. The report’s competitive landscape section gathers and emphasises recent market developments.
The following are some of the key questions addressed in this research report:
1- How quickly is the precision medicine market expanding? What will be the future growth trend?
2- What are the present market’s main drivers and restraints? What effect will drivers and restraints have in the future?
3- What are the revenue and forecast breakdowns by region? Which regions have the most potential for growth in the precision medicine market?
4- What are the different application areas and how do they seem to be growing?
On the basis of technology, application, and geography, the worldwide precision medicine market is divided as follows:
Market for Precision Medicine in the World by Technology
Analytics based on Big Data
Gene Sequencing is a technique for determining the sequence of genes in a person
Companion Diagnostics is a company that specialises in companion diagnostics.
Drug Research and Development
Bioinformatics is a branch of computer science that deals with the analysis of biological data.
Market for Precision Medicine by Application in the World
Oncology is the study of cancer.
Neurology is a branch of medicine that deals with the brain.
Immunology is the study of the immune system.
Hematology is a branch of medicine that deals with blood.
Geographical Distribution of the Global Precision Medicine Market
North America is a continent in North America.
Europe is a continent in Europe.
The Rest of the World
The Competitive Landscape of the Global Precision Medicine Market
Major Players and Their Strategic Approaches
New products are being released.
Mergers and acquisitions are a common occurrence in the business world.
Collaborations, partnerships, agreements, and joint ventures are all examples of joint ventures.