The Global Precision Medicine Market Is Witnessing High Growth Owing To the Increasing Incidence of Cancer Cases in the World

 

Precision Medicine Market, by Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), by Application (Oncology (Breast Cancer, Lung Cancer, and Others), Central Nervous System, Hematology, Respiratory, Immunology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Precision Medicine Market is a new approach to medicine that focuses on treating people as individuals and tailoring treatments to them. It is a form of health care that uses big data and artificial intelligence to develop personalized treatment plans that are tailored to the patient's unique genetic, environmental, and social factors. The goal of precision medicine is to identify and treat diseases, improve outcomes, and reduce costs. However, precision medicine is not a cure for every disease, and there are many challenges to overcome. Precision medicine requires a system of collaboration and data sharing. This means that data must be shared between providers and labs so that results can be integrated. Data interoperability is a major concern for clinicians. In addition, results must be interpreted and actionable at the point of care. Accuracy is also a primary concern. Developing standardized technology is essential so that results from different labs can be analyzed and compared.

Competitive Landscape:

Major players operating in the global precision medicine market include Foundation Medicine, Inc., Bristol-Myers Squibb Company, Myriad Genetics, Inc., AstraZeneca PLC, Cepheid, GlaxoSmithKline plc, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, bioMérieux SA, Laboratory Corporation of America Holdings, Thermo Fisher Scientific Inc., Medtronic, Quest Diagnostics Incorporated, QIAGEN, Merck & Co., Inc, Teva Pharmaceutical Industries Ltd., Novartis AG, Pfizer Inc., Tepnel Pharma Services Limited, NanoString, GENinCode, and Intomics.

Key Market Drivers:

The increasing incidence of rare diseases and cancer cases in the world is expected to augment the growth of the global precision medicine market. For instance, according to Globocan 2020 fact sheet, around 19,292,789 new cancer cases were diagnosed globally.

Moreover, advancements related to precision medicine are estimated to enhance the growth of the global precision medicine market. 

Covid-19 Impact Analysis:

During the COVID-19 pandemic, there have been several developments in the global precision medicine market. For instance, in May 2021, AdventHealth increased its genomics program with the introduction of a data-driven precision medicine system, which will be integrating and structure the longitudinal patient data with molecular testing data.

Key Takeaways:

·        North America is expected to dominate the growth of the global precision medicine market, owing to the high developments by key players in the region. For instance, in February 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research partnership agreement for the research and developments related to personalized cancer treatments.

·        Europe is estimated to witness high growth in the global precision medicine market, owing to the increasing partnership between key players in the region. For instance, in January 2022, AstraZeneca signed a partnership agreement with Scorpion Therapeutics, in order to commercialize, develop, and discover precision medicines.