Global Precision Medicine Market Growth (Status and Outlook) 2023-2029

Global Precision Medicine Market Growth (Status and Outlook) 2023-2029

According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person." This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals.
Although the term "precision medicine" is relatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a randomly selected donor; instead, the donor’s blood type is matched to the recipient to reduce the risk of complications. Although examples can be found in several areas of medicine, the role of precision medicine in day-to-day healthcare is relatively limited. Researchers hope that this approach will expand to many areas of health in coming years.
LPI (LP Information)' newest research report, the “Precision Medicine Industry Forecast” looks at past sales and reviews total world Precision Medicine sales in 2022, providing a comprehensive analysis by region and market sector of projected Precision Medicine sales for 2023 through 2029. With Precision Medicine sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Precision Medicine industry.
This Insight Report provides a comprehensive analysis of the global Precision Medicine landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Precision Medicine portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Precision Medicine market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Precision Medicine and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Precision Medicine.
The global Precision Medicine market size is projected to grow from US$ 116450 million in 2022 to US$ 226330 million in 2029; it is expected to grow at a CAGR of 10.0% from 2023 to 2029.
The classification of precision medicine includes diagnostics and therapies, and the proportion of diagnostics is about 67%.
Precision Medicine is used for oncology, neurosciences, immunology, respiratory and other field. The most proportion of precision medicine is for oncology, and the market share is about 30%.
Market competition is intense. Johnson & Johnson, Roche, Labcorp, Abbott Laboratories and Novartis are the leaders of the industry, with about 56% market shares.
This report presents a comprehensive overview, market shares, and growth opportunities of Precision Medicine market by product type, application, key players and key regions and countries.
Market Segmentation:
Segmentation by type
Diagnostics
Therapies
Segmentation by application
Oncology
Neurosciences
Immunology
Respiratory
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Johnson & Johnson
Roche
Labcorp
Abbott Laboratories
Novartis
Illumina
GE Healthcare
Intel Corporation
Biomrieux Sa
Cepheid
IBM
Qiagen
Thermo Fisher Scientific
Randox Laboratories
Almac Group
Healthcore

Please note: The report will take approximately 2 business days to prepare and deliver.