Global Precision Medicine Market Report 2023-2028: Growing Focus on Genomic Research and Growth in Genetic Testing and Companion Diagnostics
DUBLIN, Nov. 20, 2023 /PRNewswire/ -- The "Precision Medicine Market by Type (Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral), Indication (Oncology, Rare diseases, Hematology, Infectious), End user (Hospitals & Clinics, Home care) & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The precision medicine market is expected to reach USD 50.2 billion by 2028 from USD 29.1 billion in 2023, at a CAGR of 11.5% during the forecast period. The key factors driving the growth of the precision medicine market include growing initiatives related to genomic research, and the increasing number of regulatory approvals for personalized therapeutics. Moreover, rising demand for cell and gene therapies is an opportunity area for this market.
The precision medicine market has been segmented based on type, indication, end user and region.
By type, the monoclonal antibodies segment accounted for the second largest share of the precision medicine market
Based on type, the precision medicine market is categorized into inhibitor drugs, monoclonal, cell & gene therapy, antiviral & antiretroviral drugs, and other therapeutic products. In 2022, monoclonal antibodies accounted for the highest growth rate owing to factors such as the benefits offered by monoclonal antibodies over traditional medicines. These advantages have led to shifting focus of the clinical pipeline dominantly on monoclonal antibodies.
By end user, the hospitals and clinics segment accounted for the largest share in the precision medicine market
Based on end user, the precision medicine market is segmented into hospitals and clinics and home care settings. In 2022, the hospitals and clinics segment accounted for the largest share of the precision medicine market. Growth in this market segment can be attributed to the availability of services such as genetic testing, diagnostics and counselling in hospital setups. Besides, hospitals have easy accessibility to therapeutic products which are made available for patients opting for precision medicine regimes.
North America: the largest share of the precision medicine market
North America accounted for the largest share of the precision medicine market. The large share of the North America region can be attributed to major factors such presence of technologically advanced infrastructure in healthcare settings offering precision medicines, and easy accessibility to advanced therapeutics among others. Besides, the region has a well established healthcare system which further supports the growth of this market.
Europe: The fastest-growing region in the precision medicine market.
The European precision medicine market is projected to grow at the highest CAGR during the forecast period. This is attributed to one of the major factors including the growing initiatives for precision medicine advancements with the presence of some of the key players in the market. Some examples of these players include F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), AstraZeneca (UK), and GlaxoSmithKline plc (UK) among others.
Key Topics Covered:
- Precision Medicine Market, by Type, 2023 Vs. 2028 (USD Million)
- Market, by Indication, 2023 Vs. 2028
- Market, by End-user, 2023 Vs. 2028
- Geographical Snapshot of Market
- Precision Medicine Market Overview - Increasing Regulatory Approvals for Precision Medicines to Drive Market
- North America: Market, by Type and Country - Inhibitor Drugs Segment Accounted for Largest Market Share in North America (2022)
- Market, by Indication - Oncology Segment to Dominate Market During Forecast Period
- Precision Medicine Industry: Geographical Growth Opportunities - Germany to Register Highest Growth Rate During Forecast Period
- Growing Focus on Genomic Research
- Growth in Genetic Testing and Companion Diagnostics
- Increasing Regulatory Approvals for Personalized Therapeutics
- High Costs of Therapeutic Development
- Rising Demand for Cell and Gene Therapies
- Challenges Associated with the Adoption of Precision Medicine
- Abbvie Inc.
- Agios Pharmaceuticals, Inc.
- Alnylam Pharmaceuticals, Inc.
- Amgen, Inc.
- Argenx Se
- Bluebird Bio, Inc.
- Blueprint Medicines Corporation
- Bridgebio Pharma, Inc.
- Bristol Myers Squibb
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Gilead Sciences, Inc.
- GlaxoSmithKline plc
- Horizon Therapeutics plc
- Immunocore Ltd.
- Incyte Corporation
- Johnson & Johnson
- Macrogenics, Inc.
- Merck KGaA
- Mirati Therapeutics, Inc
- Novartis Ag
- Pfizer Inc.
- Regeneron Pharmaceuticals, Inc.
- Rhythm Pharmaceuticals, Inc.
- Rigel Pharmaceuticals, Inc.
- Sarepta Therapeutics, Inc.
- Seagen, Inc.
- Taiho Pharmaceutical Co., Ltd (Part of Otsuka Holdings Co., Ltd.)
- Takeda Pharmaceutical Company Limited
- Trevena, Inc.
- Vertex Pharmaceuticals Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/c4qd6g
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