Global Precision Medicine Market, by Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), by Application (Oncology (Breast Cancer, Lung Cancer, and Others), Central Nervous System, Hematology, Respiratory, Immunology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 73,946.2 Million in 2022 and is expected to exhibit a CAGR of 10.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increased adoption of inorganic strategies such as partnerships and collaborations by the key players in the market is expected to drive growth of the global precision medicine market over the forecast period. For instance, in May 2019, Amgen Inc., a biopharmaceutical company, entered into a partnership with Syapse, Inc., a company powering precision medicine insights through its global provider network, announced a precision medicine collaboration in oncology. As a part of this agreement, Amgen and Syapse will develop observational research analytics to assess treatment outcomes for areas of unmet need in oncology.
Global Precision Medicine Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been significantly impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic caused the healthcare system to change and understand the potential benefits of precision medicine, thereby prompting researchers to research more about the advantages provided by them. The COVID-19 infection is highly variable, ranging from asymptomatic infections to severe, life-threatening manifestations. Personalized or precision medicine can play an important role in understanding individual susceptibility to infection as well as inter-individual variability in clinical course, prognosis, and response to treatment. Including personalized medicine into clinical practice can transform health care by enabling the design of preventive and therapeutic strategies for individual profiles, improving the detection of outbreaks, or defining transmission patterns at an increasingly local level. Researchers are carrying out further research on COVID-19 infection and precision medicines as a treatment option, which is expected to drive the market growth. For instance, in June 2020, the San Antonio Partnership for Precision Therapeutics (SAPP), an organization formed to maximize therapy effectiveness, announced the funding of three collaborative COVID-19 research efforts in San Antonio. Thus, due to the increasing research on precision medicine, the COVID-19 pandemic is expected to drive the global precision market growth over the forecast period.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Precision Medicine Market”- Forecast to 2028, Global Precision Medicine Market, by Technology (Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, and Big Data Analytics), by Application (Oncology (Breast Cancer, Lung Cancer, and Others), Central Nervous System, Hematology, Respiratory, Immunology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, the increasing grants and funds to advance precision medicine research are expected to drive growth of the global precision medicine market over the forecast period. For instance, in October 2019, the National Institutes of Health (NIH), a medical research agency, awarded a US$ 3.7 million grant to Washington University School of Medicine, a leader in improving human health, to fund an open-source database that will aim to boost precision medicine and genomic research for cancer.
Key Takeaways of the Global Precision Medicine Market: