Future of Precision Medicine Market: Analysis & Insights 2024-2031
Precision Medicine Market summary:
The Precision Medicine Market is anticipated to grow at a compound annual growth rate (CAGR) of 9.50% from 2024 to 2031
This market involves an advanced approach to patient care and treatment by selecting personalized treatments based on a genetic understanding of the disease. Often referred to as personalized medicine, precision medicine takes into account individual variability in genes, environment, and lifestyle. This allows doctors and researchers to predict which treatment and prevention strategies are best suited for specific diseases or conditions.
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Precision Medicine Market Trends:
The precision medicine market is being driven by the rise of online collaborative platforms for precision medicine. Significant collaborations in 2018 include Validic's partnership with SAP to integrate health data from clinical devices and LabCorp's collaboration with Definiens to enhance precision medicine development globally. These initiatives facilitate the seamless integration of digital pathology with clinical-trial design and tissue-based testing solutions, accelerating biomarker validation and companion diagnostic co-development. Additionally, 2bPrecise LLC's partnership with PierianDx Inc. provides a comprehensive precision medicine solution by combining genomic and clinical data to aid precise decision-making at the point of care.
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Precision Medicine Market Segmentation
The global precision medicine market is segmented by application, including central nervous system (CNS), oncology, hematology, immunology, and others.
By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others
By Application: Oncology, CNS, Immunology, Respiratory, Others
By Product: Consumables, Instruments, Services
By End-Users: Pharma & Biotech Companies, Diagnostic Tool Companies, Healthcare IT/Big Data Companies, Clinical Laboratories
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Key Players in Precision Medicine Market:
- Pfizer
- Medtronic
- Eagle Genomics Ltd
- Ferrer Incode
- Laboratory Corporation Of America Holdings
- Roche Holding Ag
- Intomics
- Biocrates Life Sciences Ag
- Qiagen
- Teva Pharmaceuticals
- Nanostring Technologies
- Novartis
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