A type of medicine that uses information from a person's genes or proteins to prevent, diagnose, or treat disease. In cancer, precision medicine uses specific information about a person's tumour to help diagnose, plan treatment, and find out how well the treatment is working. To work up or make a diagnosis. Although the term precision medicine is relatively new, the concept has been a part of healthcare for many years, Precision medicine is a combination of molecular biology techniques and systems biology with a therapeutic as well as a disease prevention approach. Precision medicine is also known as personalized medicine which can tailor therapies that can be customized to an individual's genetic makeup, lifestyle, and environment. Precision medicine is a way that healthcare providers can provide and plan specific care for their patients, based on specific genes, proteins and other substances in a person's body, an approach sometimes called personalized medicine or personalized care. Precision medicine approaches identify patient phenotypes with less-than-typical responses to treatments or unique healthcare needs. AI leverages sophisticated computation and inference to generate insights, enables systems to reason and learn, and empowers physician decision-making through enhanced intelligence.

The future of precision medicine depends on how we integrate these technologies and the knowledge and skills to use them in clinical practice. This means ongoing research to understand what information is important and relevant changes in patient management that work. Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics Big Data Analytics etc. As the precision medicine market is categorized into various technologies, the drug discovery segment dominates with a revenue share of around 2.17%. The CNS application segment accounted for 15.5% revenue share in 2021, and the oncology segment was the largest market contributor, accounting for nearly 42% revenue share in 2020 based on application.

In terms of end-user, the biotechnology and pharmaceutical companies segment led the market with a share of around 33.5% in 2020, with the hospital segment dominating the market with 54% revenue in 2021. An increase in government initiatives and growing interest in the biopharmaceutical industry related to precision medicine are the major factors driving the growth of the precision medicine market. Moreover, the availability of better infrastructure and a simplified drug approval process with companion diagnostics across the globe are some of the major factors driving the growth of the global precision medicine market during the forecast period. Moreover, growing online collaborative platforms, as well as proper storage of genome data which is a significant part of this market, are other factors driving the growth of the global precision medicine market. Trends such as the introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and increasing use of big data for accuracy are some of the key factors driving the market growth.Precision Medicine Market was valued at US$ 90.1 Billion in 2024 and is projected to grow at a CAGR of 1.70% to reach US$ 275.9Billion by 2034.

The report “Precision Medicine Market, By Product (Instruments, Services, Consumables), By Route of Administration (Injectable, Oral), By Drugs (Mepolizumab, Osimertinib, Aripiprazole Lauroxil, Alectinib, Others),  By Technology (Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics, and Big Data Analytics), By Sequencing Technology (Chain Termination Sequencing, Nanopore Sequencing, Sequencing by Ligation, Pyrosequencing, Ion Semiconductor Sequencing, Sequencing by Synthesis), By Application (Oncology, CNS, Respiratory, Immunology, Hematology, and Others),  By End User (Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies, Healthcare Providers, Other End User) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends Analysis and Forecast till 2034 “

Key Highlights:

• In February 2023, to boost research and innovation in the pharmaceutical industry, India's Narendra Modi government is developing a new policy that will cover a wide range of treatments, from gene therapy to precision medicine.
• In January 2023, personalized therapy simulation company CellWorks announced in January the launch of two separate business units that will take an in silico approach to testing potential new precision technology drugs in both the pre-clinical and clinical phases.
• In November 2022, AWS launched Amazon Omics for precision medicine, to enhance clinical insights at the point of care and help identify the best treatment or prevention for patients, Amazon Web Services launched a service that uses artificial intelligence (AI), machine learning,  And other AWS and partner products and services to run IT-heavy bioinformatics workflows.
• In October 2020, Dyseutics plc announced the launch of the DXRX-Diagnostic Network designed to accelerate the end-to-end development and commercialization of precision medicine diagnostics by shortening the time to peak adoption of biomarker testing for cancer screening.

Analyst View:

Precision medicine is an emerging field, which guides treatment according to a person's genetic makeup, lifestyle and environment. The use of precision medicine in targeted therapies, especially in cancer, has fewer side effects with faster recovery compared to conventional medicine.                

Precision medicine, also called personalized medicine, helps doctors find unique disease risks and treatments that will work best for them. A type of medicine that uses information about a person's genes or proteins to prevent, diagnose, or treat disease. In cancer, medicine uses specific information about a person's tumour to help make an accurate diagnosis, plan treatment, and find out how well the treatment is working. To work up or make a diagnosis. Precision medicine is a term that refers to tailoring treatments to subpopulations of people who differ in their sensitivity to a particular disease or response to a particular drug. A broader ability for physicians to use a patient's genetic and other molecular information as part of routine medical care, an improved ability to predict which treatments will work best for specific patients, and a better understanding of the underlying mechanisms by which various diseases occur.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Precision Medicine Market, By Product (Instruments, Services, Consumables), By Route of Administration (Injectable, Oral), By Drugs (Mepolizumab, Osimertinib, Aripiprazole Lauroxil, Alectinib, Others),  By Technology (Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics, and Big Data Analytics), By Sequencing Technology (Chain Termination Sequencing, Nanopore Sequencing, Sequencing by Ligation, Pyrosequencing, Ion Semiconductor Sequencing, Sequencing by Synthesis),  By Application (Oncology, CNS, Respiratory, Immunology, Hematology, and Others), By End User (Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies, Healthcare Providers, Other End User) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

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Key Market Insights from the report:

Precision Medicine Market was valued at US$ 90.1 Billion in 2024 and is projected to grow at a CAGR of 1.70% to reach US$ 275.9Billion by 2034.The Precision Medicine Market is segmented based on product, route of administration, drugs, technology, sequencing technology, application, end user and Region.

• Based on Product, Precision Medicine Market is segmented into Instruments, Services, and Consumables.
• Based on Route Administration, Precision Medicine Market is segmented into Injectable, Oral.
• Based on Drugs, Precision Medicine Market is segmented into Mepolizumab, Osimertinib, Aripiprazole Lauroxil, Alectinib, and Others.
• Based on Technology, Precision Medicine Market is segmented into Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics, and Big Data Analytics.
• Based on Sequencing Technology, Precision Medicine Market is segmented into Chain Termination Sequencing, Nanopore Sequencing, Sequencing by Ligation, Pyrosequencing, Ion Semiconductor Sequencing, and Sequencing by Synthesis.
• Based on Application, Precision Medicine Market is segmented into Oncology, CNS, Respiratory, Immunology, Hematology, and Others.
• Based on End Users, Precision Medicine Market is segmented into Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies, Healthcare Providers, and Other End Users.
• By Region, the Precision Medicine Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Precision Medicine Market:

The prominent players operating in the Precision Medicine Market include Intomics, GENinCode, NanoString,  Novartis AG, Intomics A/S, Ferrer Incode SL, Nanostring Technologies, Inc., Pfizer, Inc., Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics Incorporated. The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge their businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

• Explains an overview of the product portfolio, including product development, planning, and positioning
• Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
• Detailed analysis of the market revenue over the forecasted period.
• Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
• Study the segments that are anticipated to dominate the market.
• Study on the regional analysis that is expected to register the highest growth over the forecast period

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