Precision Medicine Market Size, Trends and Insights By Technology (Big data analytics, Bioinformatics, Gene sequencing, Companion diagnostics, Others), By Application (Immunology, Respiratory, Oncology, Central nervous system, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030


Report Code: CMI17978

Published Date: August 2022

Pages: 220+

Category: Pharmaceuticals

Reports Description

The precision medicine market presented an earning of USD $78.58 billion by the year 2021 to $89.16 billion in 2022 and is foreseen to touch USD 189.64 billion by the end of 2030 with a compound annual growth rate of 11.5%.

The main purpose of using precision medicine in the field of health care is to facilitate advanced diagnostic facilities for the patients in order to define a particular disease before the complications develop themselves. This makes it easier for the healthcare system to deal with a number of diseases well in advance and provides better results by curing the patients in a shorter period of time.

Precision Medicine Market Size

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The genetic factor of the individual is taken into consideration and evaluated accordingly in order to rule out the possibilities of various chronic diseases. With the increasing prevalence of severe diseases such as cancer demand for precision medicine has increased tremendously in the present market. The high cost which is associated with these medical facilities makes it difficult for the common man to opt for such facilities and hence hampers the growth of the market during the forecast period.

The decreasing disposable income in the hands of the people has hampered the growth of the precision medicine market to a great extent. The faulty lifestyle practices which are followed by people all over the world have also proved to be a major cause of a number of diseases. Precision medicine proves to be the best option as a treatment for curing these multiple diseases.

The occurrence of the COVID pandemic proved to be a major change in the growth of the precision medicine market. The regular follow-ups of various patients and ongoing long-term treatments were hampered due to the occurrence of the pandemic as the hospitals opted for elective procedures and treatments in order to prevent the chances of cross-infection. But with the help of precision medicine, the complications which were created among the vulnerable population could be managed easily.

The increasing awareness regarding the developments which have taken place in the healthcare sector has boosted the size of the precision medicine market to a great extent. The lucrative offers which are provided by the government with the help of the health insurance companies in the form of reimbursement facilities have proved to be a major growth factor for the precision medicine market in recent times which is foreseen to continue in a similar fashion during the forecast period as well.

Growth factors

The increasing demand for modern technology in the field of healthcare sector boost has boosted the demand for precision medicine in the market. A rapidly increasing number of cases of cancer among people has also boosted the demand for precision medicine. The lesser number of side effects which are produced with modern medicines has proved to be a major growth factor for the precision medicine market.

The extensive research and development which is carried out by the key market players in order to introduce advanced and modern medicines into the market which have better efficacy on the health of the people have proved to be a great opportunity for the emerging market. These reasons will prove to be the growth factors which will benefit the market during the forecast period.

Segmental insights

Segmentation of precision medicine market on the basis of technology

On the basis of technology, maximum growth was presented by the drug discovery segment as a result of the extensive research and development programs which are carried out by the key market players in order to introduce advanced medicines into society. Rapid innovations or taking place in the field of technology in order to improve the quality of the drugs and also introduce new medicines into the market that have a better efficacy over the increasing number of chronic diseases all over the world.

Precision Medicine Market (By Application)

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\The aim is to increase the life expectancy of the people by producing maximum benefits which will in turn help the market to record considerable revenue during the forecast period. The use of modern medicines to treat a number of chronic diseases that have recently emerged in society as a result of the salary lifestyle practices which are followed by the people has proved to be a major growth factor for the growth of the market. The efficiency of a new drug is predicted with the help of pharmacogenomics which assists the manufacturer to judge the difference between pharmacodynamics and pharmacokinetics with the help of the genetic data of a particular individual.

The increasing competition between the key market players to introduce new medicines into the market for treating diseases such as cancer has propelled the growth phase of the market tremendously. Bioinformatics forms the next largest segment as per technology and is expected to show tremendous growth as a result of the increasing market during the forecast period. The next segment which is covered under this sector is big data analytics which shows considerable growth over the period of time owing to the increasing demand. Companion diagnostics and gene sequencing form the next segments under this category which helps the market to record considerable growth over the period of time.

Segmentation of precision medicine market on the basis of application

On the basis of application, the increasing prevalence of cancer among people as a result of the rapid modernisation of the systems has proved to be a major growth factor for this segment under this category. The various complications which are associated with the disease of cancer prove to be a major factor which increases the demand for advanced medicines. The huge number of people belonging to the geriatric population has also increased the prevalence of cancer in society.

The faulty lifestyle practices which are followed by the people as a result of rapid urbanization have proved to be a major factor which has boosted the number of cancer cases all over the world. With the help of precision medicine, the patient’s genetic factors are examined and the causative factors are analyzed. This system has facilitated the development of personalized medicines in order to treat particular patients which prove to be more efficient in order to control the spread of disease in a shorter period of time.

The conventional treatments which are followed in the healthcare sector do not evaluate the condition of the patient according to genetics. With the increasing modernization all over the world, the demand for faster treatment options has increased tremendously which has boosted the demand for precision medicine in the healthcare sector. The number of cases which belonged to cancer is forcing it to increase in the future times as a result of its prevalence among people. This is helping the market to record considerable revenue over the period of time under the oncology segment of the precision medicine market.

The disease is related to the central nervous system have also shown tremendous growth in recent times as a result of the increased work pressure and stress which is faced by the people. The prevalence of disorders related to the central nervous system has boosted the demand for precision medicine in the current healthcare sector.

The increasing prevalence of respiratory disorders among people as a result of the increasing pollution in the environment globally has boosted the demand for precision medicine for respiratory diseases. The outbreak of the pandemic had a significant impact on this segment as a result of the weak respiratory systems of the people after being infected by the disease. It also showed a positive impact on the health of the people by making them aware of the importance of health.

Report Scope

Feature of the Report Details
Market Size in 2021 USD $78.58 billion
Projected Market Size in 2030 USD 189.64 billion
CAGR Growth Rate 11.5% CAGR
Base Year 2021
Forecast Period 2022-2030
Prominent Players Novartis, Qiagen, Biocrates Life Sciences, Tepnel Pharma Services, Quest Diagnostics, Menarini Silicon Biosystems, Pfizer, Intomics, NanoString Technologies, Eagle Genomics, Roche, Teva Pharmaceutical, and Others
Key Segment By Technology, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Regional Insights

On the basis of geography, the market has been dominated by the region of North America which has shown the fastest growth as a result of the increasing prevalence of chronic diseases among the people. The existence of modern technology in this sector has also boosted the market for precision medicine by making people aware of the advanced health care facilities which are available for them.

The various initiatives which are taken up by the government and the private organizations in order to spread awareness regarding the advanced health care system and the options which are available for treatment have also supported boosting the market for precision medicine and are forcing to continue in a similar fashion during the forecast period.

The various lucrative offers which are provided by the health care industry and the insurance companies in the form of reimbursement facilities have been backed by the government which helps to increase the size of the market and the revenue return over the period of time.

The increasing life expectancy of the people has boosted the demand for precision medicine as a result of the multiple chronic diseases which are spreading in society. Increasing income has provided are you word disposable income in the hands of the people which makes it possible for them to opt for advanced medical facilities such as precision medicine which helps to detect and manage severe diseases well in advance.

The geographical sector of Europe has also shown not tremendous growth in the demand for precision medicine as a result of the increasing number of chronic diseases among the people. The advanced healthcare facilities which are provided by the government by modernizing the healthcare system have helped the precision medicine market to record considerable growth and are expected to experience further boost during the forecast period.

Precision Medicine Market (trends by region)

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The countries belonging to the Middle Eastern region and Latin America have also contributed significantly to the increasing demand for advanced healthcare systems in order to prevent the occurrence of severe diseases. The Asia Pacific region has shown decent growth in the market as a result of the developing status of the countries which are adopting modern facilities to provide a better lifestyle to the people.

Recent Developments

  • In the year 2017 – Oxford biomedica and Novartis landed into an agreement regarding the supply of key ingredients with a view to manufacturing Kymriah gene therapy components. This deal is foreseen to generate a considerable revenue of around used 100 million for the company of Oxford biomedica within three years. Novartis on the other hand has aimed to develop Kymriah into a USD 1 billion per year generating firm.

Segments covered in the report on the precision medicine market

By Technology

  • Big data analytics
  • Bioinformatics
  • Gene sequencing
  • Companion diagnostics
  • Others

By Application

  • Immunology
  • Respiratory
  • Oncology
  • Central nervous system
  • Others

On the basis of Geography

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Precision Medicine Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Precision Medicine Market: snapshot
  • Chapter 3. Global Precision Medicine Market – Industry Analysis
    • 3.1 Precision Medicine Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing number of cases of cancer
      • 3.2.2 The demand for precision medicine
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Technology
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Precision Medicine Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Precision Medicine Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Precision Medicine Market – Technology Analysis
    • 5.1 Global Precision Medicine Market overview: By Technology
      • 5.1.1 Global Precision Medicine Market share, By Technology, 2021 and 2030
    • 5.2 Big Data Analytics
      • 5.2.1 Global Precision Medicine Market by Big Data Analytics, 2022 – 2030 (USD Billion)
    • 5.3 Bioinformatics
      • 5.3.1 Global Precision Medicine Market by Bioinformatics, 2022 – 2030 (USD Billion)
    • 5.4 Gene Sequencing
      • 5.4.1 Global Precision Medicine Market by Gene Sequencing, 2022 – 2030 (USD Billion)
    • 5.5 Companion Diagnostics
      • 5.5.1 Global Precision Medicine Market by Companion Diagnostics, 2022 – 2030 (USD Billion)
    • 5.6 Others
      • 5.6.1 Global Precision Medicine Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Precision Medicine Market – Application Analysis
    • 6.1 Global Precision Medicine Market overview: By Application
      • 6.1.1 Global Precision Medicine Market share, By Application, 2021 and 2030
    • 6.2 Immunology
      • 6.2.1 Global Precision Medicine Market by Immunology, 2022 – 2030 (USD Billion)
    • 6.3 Respiratory
      • 6.3.1 Global Precision Medicine Market by Respiratory, 2022 – 2030 (USD Billion)
    • 6.4 Oncology
      • 6.4.1 Global Precision Medicine Market by Oncology, 2022 – 2030 (USD Billion)
    • 6.5 Central Nervous System
      • 6.5.1 Global Precision Medicine Market by Central Nervous System, 2022 – 2030 (USD Billion)
    • 6.6 Others
      • 6.6.1 Global Precision Medicine Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 7. Precision Medicine Market – Regional Analysis
    • 7.1 Global Precision Medicine Market Regional Overview
    • 7.2 Global Precision Medicine Market Share, by Region, 2021 & 2030 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Precision Medicine Market, 2022 – 2030 (USD Billion)
        • 7.3.1.1 North America Precision Medicine Market, by Country, 2022 – 2030 (USD Billion)
    • 7.4 North America Precision Medicine Market, by Technology, 2022 – 2030
      • 7.4.1 North America Precision Medicine Market, by Technology, 2022 – 2030 (USD Billion)
    • 7.5 North America Precision Medicine Market, by Application, 2022 – 2030
      • 7.5.1 North America Precision Medicine Market, by Application, 2022 – 2030 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Precision Medicine Market, 2022 – 2030 (USD Billion)
        • 7.6.1.1 Europe Precision Medicine Market, by Country, 2022 – 2030 (USD Billion)
    • 7.7 Europe Precision Medicine Market, by Technology, 2022 – 2030
      • 7.7.1 Europe Precision Medicine Market, by Technology, 2022 – 2030 (USD Billion)
    • 7.8 Europe Precision Medicine Market, by Application, 2022 – 2030
      • 7.8.1 Europe Precision Medicine Market, by Application, 2022 – 2030 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Precision Medicine Market, 2022 – 2030 (USD Billion)
        • 7.9.1.1 Asia Pacific Precision Medicine Market, by Country, 2022 – 2030 (USD Billion)
    • 7.10 Asia Pacific Precision Medicine Market, by Technology, 2022 – 2030
      • 7.10.1 Asia Pacific Precision Medicine Market, by Technology, 2022 – 2030 (USD Billion)
    • 7.11 Asia Pacific Precision Medicine Market, by Application, 2022 – 2030
      • 7.11.1 Asia Pacific Precision Medicine Market, by Application, 2022 – 2030 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Precision Medicine Market, 2022 – 2030 (USD Billion)
        • 7.12.1.1 Latin America Precision Medicine Market, by Country, 2022 – 2030 (USD Billion)
    • 7.13 Latin America Precision Medicine Market, by Technology, 2022 – 2030
      • 7.13.1 Latin America Precision Medicine Market, by Technology, 2022 – 2030 (USD Billion)
    • 7.14 Latin America Precision Medicine Market, by Application, 2022 – 2030
      • 7.14.1 Latin America Precision Medicine Market, by Application, 2022 – 2030 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Precision Medicine Market, 2022 – 2030 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Precision Medicine Market, by Country, 2022 – 2030 (USD Billion)
    • 7.16 The Middle-East and Africa Precision Medicine Market, by Technology, 2022 – 2030
      • 7.16.1 The Middle-East and Africa Precision Medicine Market, by Technology, 2022 – 2030 (USD Billion)
    • 7.17 The Middle-East and Africa Precision Medicine Market, by Application, 2022 – 2030
      • 7.17.1 The Middle-East and Africa Precision Medicine Market, by Application, 2022 – 2030 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Novartis
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Qiagen
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Biocrates Life Sciences
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Tepnel Pharma Services
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Quest Diagnostics
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Menarini Silicon Biosystems
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Pfizer
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Intomics
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 NanoString Technologies
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Eagle Genomics
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Roche
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Teva Pharmaceutical
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments

List Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Precision Medicine Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Precision Medicine Market Attractiveness, By Technology
  • 6. Global Precision Medicine Market Attractiveness, By Application
  • 7. Global Precision Medicine Market share by Technology, 2022 and 2030 (USD Billion)
  • 8. Global Precision Medicine Market by Big Data Analytics, 2022 – 2030 (USD Billion)
  • 9. Global Precision Medicine Market by Bioinformatics, 2022 – 2030 (USD Billion)
  • 10. Global Precision Medicine Market by Gene Sequencing, 2022 – 2030 (USD Billion)
  • 11. Global Precision Medicine Market by Companion Diagnostics, 2022 – 2030 (USD Billion)
  • 12. Global Precision Medicine Market by Others, 2022 – 2030 (USD Billion)
  • 13. Global Precision Medicine Market share by Application, 2022 and 2030 (USD Billion)
  • 14. Global Precision Medicine Market by Immunology, 2022 – 2030 (USD Billion)
  • 15. Global Precision Medicine Market by Respiratory, 2022 – 2030 (USD Billion)
  • 16. Global Precision Medicine Market by Oncology, 2022 – 2030 (USD Billion)
  • 17. Global Precision Medicine Market by Central Nervous System, 2022 – 2030 (USD Billion)
  • 18. Global Precision Medicine Market by Others, 2022 – 2030 (USD Billion)
  • 19. Global Precision Medicine Market share, by Region, 2022 and 2030
  • 20. North America Precision Medicine Market, 2022 – 2030 (USD Billion)
  • 21. Europe Precision Medicine Market, 2022 – 2030 (USD Billion)
  • 22. Asia Pacific Precision Medicine Market, 2022 – 2030 (USD Billion)
  • 23. Latin America Precision Medicine Market, 2022 – 2030 (USD Billion)
  • 24. The Middle-East and Africa Precision Medicine Market, 2022 – 2030 (USD Billion)

List Of Tables

  • 1. Global Precision Medicine Market: Snapshot
  • 2. Drivers of the Precision Medicine Market: impact analysis
  • 3. North America Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 4. North America Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 5. U.S. Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 6. U.S. Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 7. Canada Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 8. Canada Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 9. Europe Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 10. Europe Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 11. Germany Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 12. Germany Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 13. France Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 14. France Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 15. U.K. Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 16. U.K. Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 17. Italy Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 18. Italy Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 19. Spain Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 20. Spain Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 21. Rest of Europe Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 22. Rest of Europe Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 23. Asia Pacific Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 24. Asia Pacific Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 25. China Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 26. China Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 27. Japan Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 28. Japan Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 29. India Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 30. India Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 31. South Korea Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 32. South Korea Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 33. South-East Asia Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 34. South-East Asia Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 35. Rest of Asia Pacific Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 36. Rest of Asia Pacific Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 37. Latin America Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 38. Latin America Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 39. Brazil Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 40. Brazil Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 41. Mexico Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 42. Mexico Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 43. Rest of Latin America Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 44. Rest of Latin America Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 45. The Middle-East and Africa Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 46. The Middle-East and Africa Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 47. GCC Countries Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 48. GCC Countries Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 49. South Africa Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 50. South Africa Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 51. Rest of Middle-East Africa Precision Medicine Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 52. Rest of Middle-East Africa Precision Medicine Market Revenue, By Application, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key Market Players

  • Novartis
  • Qiagen
  • Biocrates Life Sciences
  • Tepnel Pharma Services
  • Quest Diagnostics
  • Menarini Silicon Biosystems
  • Pfizer
  • Intomics
  • NanoString Technologies
  • Eagle Genomics
  • Roche
  • Teva Pharmaceutical

FAQs

The “North America” region will lead the global Precision Medicine market during the forecast period 2022 to 2030.

A rapidly increasing number of cases of cancer among people has also boosted the demand for precision medicine.

The key players operating in the Precision Medicine market are Novartis, Qiagen, Biocrates Life Sciences, Tepnel Pharma Services, Quest Diagnostics, Menarini Silicon Biosystems, Pfizer, Intomics, NanoString Technologies, Eagle Genomics, Roche, Teva Pharmaceutical, and Others.

The global Precision Medicine market is expanding growth with a CAGR of approximately 11.5% during the forecast period (2022 to 2030).

The global Precision Medicine market size was valued at USD 66.1 billion in 2021 and it is projected to reach around USD 175.64 billion by 2030.

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