Westford, USA, July 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global precision medicine market will attain a value of USD 75.30 billion by 2031, with a CAGR of 11.4% during the forecast period (2024-2031). The precision medicine market will grow exponentially through rapid genomic research, biotechnology, and data analytics. With growing incidences of chronic diseases like cancer and cardiovascular conditions, there is an impending requirement for personalized treatment plans that precision medicine offers. The basis of precision medicine is, therefore, a unique concept where two individuals infected by the same disease do not necessarily have to respond to the sickness in the same way physically.
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Precision Medicine Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 31.75 Billion |
| Estimated Value by 2031 | $ 75.30 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Indication and End Use |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration of Artificial Intelligence and Machine Learning |
| Key Market Drivers | Rising Incidence of Chronic and Genetic Diseases |
Hospitals & Clinics Dominate the Market Share by Offering Advanced and Improved Diagnostic Treatments
The hospitals and clinics segment forms the dominant end-user landscape within the precision medicine market, as hospitals are the very places that provide acute care to patients requiring advanced diagnostics and personalized treatments. Hospitals are better equipped and skilfully adept at adopting complex genome-based tests and molecular diagnostics. Substantial investments by healthcare systems and government initiatives in integrating precision medicine into standard clinical practices are also predicted to dominate the segment by improving patient outcomes and raising healthcare efficiency.
Home Care Settings to be the Fastest Growing as Individual Patient Care Becomes More Prevalent
Home care settings are one of the most rapidly growing areas in precision medicine. Technologies that mean tests can be conducted away from hospitals have been the driver of this growth, where care is then given to patients as an individual—something which has not been possible other than in hospitals. The drivers like portable diagnostic instruments and companion diagnostics, together with remote monitoring systems and telemedicine services are driving the growth of this market.
North America Dominates the Global Market Owing to the Rising Number of Cancer Patients
North American precision medicine market is expected to hold major market share in this forecasted period. Cancer being the leading cause of death in this region, have underscored the need for more enhanced treatment modalities such as precision medicine. The region has established key facilities for genomic studies and individualized treatment. The degree of awareness regarding precision medicine is very high, and the emphasis on the ever-increasing need to provide patients with individualized cancer treatments favours the growth of the market.
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Precision Medicine Market Insights:
Drivers
Restraints
Prominent Players in Precision Medicine Market
The following are the Top Precision Medicine Companies
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
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