Global Precision Medicine Market to 2031 - Featuring Qiagen, Novartis and Medtronic Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Precision Medicine Global Market Report 2022: By Technology, By Application, By End-User" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global precision medicine market.
The global precision medicine market is expected to grow from $72.58 billion in 2021 to $83.16 billion in 2022 at a compound annual growth rate (CAGR) of 14.6%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $134.82 billion in 2026 at a CAGR of 12.8%.
This report focuses on precision medicine market which is experiencing strong growth. The report gives a guide to the precision medicine market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
- Novartis AG
- AstraZeneca plc.
- Quest Diagnostics
- Thermo Fisher Scientific inc.
- Bristol-Myers Squibb
- Merck & Co. inc.
- Tepnel Pharma Services
- Abbott Laboratories
- Takeda Pharmaceutical Company Ltd.
- Eli Lilly and Company
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The precision medicine market consists of sales of precision medicines and related services by entities (organizations, sole traders, and partnerships) that are used to treat diseases by relying on genomics and specific biomarker techniques. It allows doctors or physicians to select a treatment plan or drug therapy based on the patient's genetic understanding of their disease, environment, and lifestyle. The precision medicine technologies also assist researchers and doctors in developing accurate treatment and prevention strategies for a particular disease that will work on a specific group of people.
The main technologies involved in precision medicine are bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and others. Bioinformatics technologies involve the application of computational tools to organize, analyze, understand, visualize and store information associated with biological macromolecules. It is used in oncology, respiratory diseases, central nervous disorders, immunology, genetic diseases, others and is implemented in various sectors such as hospitals and clinics, pharmaceuticals, diagnostic companies, healthcare, and IT firms, among others.
North America was the largest region in the precision medicine market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising prevalence of cancer is projected to fuel the growth of the precision medicine market in the coming years. Cancer is one of the main causes of death worldwide, with one out of every five individuals developing cancer at some point in their lives. Precision medicine in cancer entails analyzing DNA from tumors to find mutations or other genetic abnormalities that cause cancer.
Physicians may therefore be able to choose a treatment for a specific patient's cancer that best fits, or targets, the tumor DNA alterations. For instance, according to the International Agency for Research on Cancer (IARC), the global cancer burden increased to 19.3 million cases and 10 million cancer deaths in 2020. Therefore, the rising prevalence of cancer drives the growth of the precision medicine market.
The development of novel precision medicine for pancreatic cancer is shaping the precision medicine market. Extensive research is being undertaken on different approaches to develop precision medicines for pancreatic cancer. For instance, in October 2020, scientists from the University Of Glasgow announced the development of a novel precision medicine approach for treating the damaged DNA in the cancer cells of pancreatic cancer patients.
The team used grown cells from the lab, and replicas of patients' tumors, to find molecular markers, which were used in the prediction and response to several drugs, targeting DNA damage. The researchers tested certain markers using multiple drugs, also developed a strategy that is taken forward into a clinical trial. The trial will help doctors and researchers to predict which patient will respond to one of these drugs, either alone or in combination.
For more information about this report visit https://www.researchandmarkets.com/r/hbtcob
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