Fort Collins, Colorado, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the precision medicine market size was valued at USD 75.2 Billion in 2022 and is expected to reach a market size of USD 174.8 Billion by 2032 with a CAGR of 8.9%.
Precision medicine encompasses a medical strategy widely used for disease prevention and diagnosis based on environmental, genetic, and behavioral variation. It can predict diseases, professionally prescribe medication, and implement the right diagnosis. By minimizing the time, cost, and failure rate of pharmaceutical clinical studies, precision medicine is also frequently used to identify chromosomal abnormalities in cancer, direct treatment for chronic diseases, and the risk of passing genetic problems to the next generation.
The increased incidence of cancer is anticipated to increase the demand for personalized therapies and diagnostics, positively impacting precision medicine market growth. For instance, according to the American Cancer Society, approximately 1.9 million new cancer cases were estimated in 2022, with 0.61 million fatalities expected. According to the International Agency for Cancer Research, the number of cancer cases per year is projected to reach 29.5 million by 2040, with over 16.4 million mortal cases.
The research on the human genome accounts for a huge significance in the medical research industry. To develop the most effective therapy, precision medicine's future lies in understanding a patient's genetic makeup, molecular profile, and clinical characteristics. Therefore, the market is expected to gain more traction in the upcoming years due to the aforementioned factors.
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Segmentation Overview:
The global precision medicine market has been segmented into application, technology, indication, drug, route of administration, end-user, and region. Stem cell therapy is a dominant technology for precision medicine and is projected to account for a dominant position in the forecast period. Based on region, North America is a leading region for the precision medicine market and is expected to remain dominant in the following years.
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Precision Medicine Market Report Highlights:
- The global precision medicine market growth is anticipated at a CAGR of 8.9% by 2032.
- The growing prevalence of chronic disease significantly drives the precision medicine market growth.
- The stem cell therapy segment accounted for a dominating position in 2022 mainly for its popularity.
- Due to increased cancer cases, the oncology segment will remain a prominent indication of therapy in the forthcoming years.
- By end-user, the hospital segment remained dominant in 2022, accounting for a significant market share.
- Some prominent players in the precision medicine market report include Pfizer Inc., Abbott, GlaxoSmithKline plc, Novartis AG, Merck, Bristol-Myers Squibb Company, Johnson & Johnson Services, Sanofi, Bayer AG, Astellas Pharma Inc., and Roche.
Industry Trends and Insights:
- In February 2022, SEngine Precision Medicine Inc. collaborated with Oncodesign to develop personalized solutions for aggressive and untreatable cancer tumors. It can evaluate whether Nanocyclix inhibitor series can be transformed into feasible drug applicants for clinical work.
- To offer liquid biopsy to HER2 and cancer Precede Biosciences has developed a tech platform that offers exclusive research and insights to the biopharmaceutical companies.
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Precision Medicine Market Segmentation:
- By Application: Diagnostics, therapeutics, others
- By Technology: Pharmacogenomics, point-of-care testing, stem cell therapy, pharmacoproteomics, Others
- By Indication: Oncology, central nervous system (CNS) disorders, immunology disorders, respiratory disorders, and Others.
- By Drug: Alectinib, Osimertinib, Mepolizumab, Aripiprazole, Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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