The Precision Medicine Market is being driven by Growing prevalence of chronic diseases
The Precision Medicine Market is expected to grow at a CAGR of 13% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 78.4 billion. In the realm of Precision Medicine, Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the industry by facilitating the analysis of extensive patient data. This data is instrumental in creating more targeted and customized treatments. The synergies between AI/ML and Precision Medicine are particularly noteworthy in the areas of risk prediction and therapy planning. In the domain of drug discovery, AI/ML algorithms are expediting the process by identifying potential drug targets and predicting new drugs' efficacy. The integration of these advanced technologies is enabling clinicians, doctors, and researchers to address the most intricate challenges in personalized healthcare.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
222 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13% |
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Market growth 2025-2029 |
USD 78.4 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
11.3 |
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Key countries |
US, Germany, Canada, China, UK, Japan, France, Brazil, India, Italy, US, Germany, UK, China, Japan, germany, Brazil, and UAE |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Precision Medicine Market encompasses therapeutic targets identified through mutation analysis, including tumor suppressor genes and epigenetic modifications. It addresses germline and somatic mutations, tumor heterogeneity, and their impact on treatment efficacy and patient outcomes, such as progression-free survival (PFS) and overall survival (OS). Healthcare systems and insurance coverage considerations, ethical implications, intellectual property, and clinical utility are key factors. Precision diagnostics, biomarker discovery, drug repurposing, personalized diagnostics, and companion therapeutics are essential components. Additionally, this market involves treatment algorithms, decision support systems, workflow optimization, data integration, healthcare policy, public health, and global health.
The Precision Medicine Market, a significant segment of the global pharmaceuticals industry, encompasses entities involved in the research and development (R&D) or production of genomic sequencing technologies, targeted therapies, liquid biopsies, companion diagnostics, precision oncology, and personalized medicine. According to Technavio, the global pharmaceuticals market's size is determined by the consolidated revenue generated by manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The market's expansion will be fueled by several factors, including the increasing global population aging, with the proportion of those aged 60 and above predicted to rise significantly. By 2050, approximately one-quarter of the US population and Europe's population ratio is projected to reach this demographic milestone. This demographic shift will lead to a surge in demand for healthcare solutions, particularly in the areas of genomic sequencing, targeted therapies, and personalized medicine.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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