Precision Medicine Market

By Delivery Type (On Premise, Off Premise),
By Application (CNS, Oncology, Immunology, Respiratory, Rare Diseases, and Others),
By Administration (Oral, Injectable),
By End Use (Healthcare Suppliers and Diagnostic Suppliers, Academic Bodies and Research Centers, Pharma, and Biotechnology Companies and Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):

Global Analysis and Forecast 2023-2033

Domain:
Healthcare and Pharma
Report Code:
HCP22016
Published Date:
July 2023

The global Precision medicine market will be worth more than USD 200 billion by 2033.

Precision Medicine is a newly emerging field that identifies genetic variability in an individual during diagnosis to help conclude a suitable treatment regimen. Genetics is a prominent factor that can cause variation in responses to the same disease. It has been observed that different individuals have different responses toward the same disease state due to their different genetic makeup. Precision medicine utilizes technology to identify these genetic differences and thus aid professionals in designing a suitable treatment in accordance with an individual's genetic makeup. Oncology or cancer biology is deeply connected with genetics, thus making prominent utilization of precision medicine for cancer treatment. Precision medicine is also used for genetic diseases where the identification of faulty genes is followed by corrective gene therapy. The integration of AI is also used for predictive modeling to gain insights about treatment outcomes. Research and studies are now focusing on deriving practical applications of precision medicine for non-communicable disease states as well.

The companies operating within the Precision medicine industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, AstraZeneca has completed the acquisition of Neogene Therapeutics Inc. (Neogene), an international clinical-stage biotechnology company pioneering the discovery, development, and manufacturing of next-generation T-cell receptor therapies (TCR-Ts). Neogene will operate as a wholly-owned subsidiary of AstraZeneca, with operations in Amsterdam, the Netherlands, and California, US. Furthermore, notable investment towards research and development to launch new and innovative products that support advanced diagnosis and treatment at multiple levels is also practiced by industry stakeholders.

According to the CXOs and primary research conducted, COVID-19 has reflected the role of genetics in immunity to a very significant extent. The pandemic validated the observation that different patients have different responses toward the same infection owing to genetic variability. Precision medicine thus got more recognition for including genetic variability in diagnostic procedures in order to assess the treatment outcomes more effectively. Integration of AI has also opened up the scope for predictive modeling, making it possible to predict the outcomes of treatment prior to the actual procedure.

The Precision medicine market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new technologies, support by researchers and the government towards integration of AI in Precision medicines, and the presence of major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are AstraZeneca, Bristol-Myers Squibb, Biocrates Life Sciences, Eagle Genomics, Eli Lilly And Company, F. Hoffmann-La Roche AG, Novartis, Pfizer, Quest Diagnostics, and Teva Pharmaceutical.

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Contact:
Dhvanil Dave
Quadrant Market Insights
+1-909-488-5693
query@quadrantmarketinsights.com