Precision Medicine Market Size, Regional Outlook, Competitive Landscape, Revenue Analysis & Forecast Till 2027
Reports and Data has recently published a new report on the Global Precision Medicine Market that offers key insights into the current and emerging trends, key companies and market size and market share on a global and regional level. Despite weak development in Western economies as a whole, M&A (mergers and acquisitions) activity in the healthcare sector has increased dramatically. Not only is there a strong growth in pharmaceutical companies, but also considerable growth in economies of emerging markets.
These findings are detailed in Reports and Data Global Precision Oncology Market Report, which indicates that the medicines industry has a promising future. According to RnD, the global Precision Oncology Market is expected to reach USD 99.72 billion in 2027 at a CAGR of 9.9% during the forecast period of 2022-2027. Market consolidation in Western Europe and North America is to blame for the growth in deal valuations. North America led the way in terms of acquisitions last year, accounting for over half of all outbound deals.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China's adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
For the purpose of this report, Reports and Data have segmented into the global Precision Oncology market on the basis of End-user, Technology Type, Application, and region:
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceuticals Companies
- Biotechnology Companies
- Diagnostic Companies
- Healthcare Data Companies
Technology Type Outlook (Revenue, USD Million; 2017-2027)
- Big data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companies Diagnostics
Application Outlook (Revenue, USD Billion; 2017-2027)
- Consumable
- Instruments
- Services
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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The entry of startups and regional players in the recent years and their increasing focus on drug development and research and advancements in therapeutics and medical devices are also expected to contribute to the growth of the market.
Among the product types, the demand for personalized medicine for cancer is expected to dominate other types over the forecast period attributing to growing demand for customized therapies to treat various types of cancer and growing incidence of cancer globally.
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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