The Worldwide Precision Medicine Industry is Expected to Reach $738.8 Billion by 2030

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Jul 07, 2021, 10:15 ET

DUBLIN, July 7, 2021 /PRNewswire/ -- The "Precision Medicine Market Research Report: By Type (Therapeutics, Diagnostics, Personalized Medical Care) - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global precision medicine market size is expected to grow at a 12.1% CAGR between 2020 and 2030, to reach $738.8 billion by 2030 from $203.5 billion in 2019, according to the publisher.

Similarly, in 2017, a grant was established by the Argentine government to bring the experimental precision medicine practices to the clinical field. Another such move that is benefitting the precision medicine market advance is the 2015 investment of $215 million by the U.S. government in this field to find a better cure for lung cancer, colorectal cancer, breast cancer, and several other diseases. In the same vein, the government of Hong Kong plans to monitor cancer patients and use precision medicines for better outcomes.

The COVID-19 pandemic is acting as a precision medicine market growth driver, as the surging number of cases and deaths has drastically raised the demand for an effective treatment. Moreover, with different people reacting differently to the disease, which has been characterized by wide-ranging complications, research and development (R&D) activities to come up with personalized treatments have picked pace.

In the past, the precision medicine market was dominated by the therapeutics category, on the basis of type. The technological advancements in the field of gene therapy, along with the various benefits such a treatment offers, are propelling the demand for precision medicines

In the coming years, the telemedicine category will continue to hold the largest share in the precision medicine market, based on the type of personalized medical care. The healthcare sector is quickly adopting telemedicine to widen the access to medical services and reduce the burden on the staff.

Historically, North America was the largest precision medicine market as a result of the rising incidence of lifestyle-associated and chronic diseases, including cancer, cardiovascular diseases (CVDs), and diabetes, and high disposable income of people. Additionally, the region is home to a large number of medical researchers who are extensively studying the potential applications of precision medicine. Moreover, the government here is offering grants and conducting awareness-raising programs.

The highest CAGR in the precision medicine market in the years to come is projected to be experienced in the Asia-Pacific (APAC) region. The increasing government and private funding in the field, improving healthcare infrastructure, and rising purchasing power are propelling the market here. Additionally, market players are coming up with better precision medicine products, including those integrated with artificial intelligence (AI), to improve the overall patient outcomes.

The most-prominent companies in the global precision medicine market are Myriad Genetics Inc., Partek Inc., Pacific Biosciences of California Inc., Randox Laboratories Ltd., Oracle Corporation, Menarini Silicon Biosystems S.p.a., 23andMe Inc., EPIC SCIENCES INC., Precision BioLogic Incorporated, MDxHealth SA, General Electric Company, Intomics, Asuragen Inc., International Business Machines (IBM) Corporation, Almac Group Limited, Bristol-Myers Squibb Company, Eli Lilly and Company, Johnson & Johnson, Sanofi, Bio-Rad Laboratories Inc., Abbott Laboratories, Danaher Corporation, bioMerieux S.A., F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.

Key Topics Covered:

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.1.1 Therapeutics
4.1.1.2 Diagnostics
4.1.1.2.1 Esoteric lab services
4.1.1.2.2 Esoteric tests
4.1.1.2.3 Molecular diagnostics
4.1.1.3 Personalized medical care
4.1.1.3.1 EMR
4.1.1.3.2 Telemedicine
4.1.1.3.2.1 By service
4.1.1.3.2.1.1 Tele consulting
4.1.1.3.2.1.2 Tele monitoring
4.1.1.3.2.1.3 Tele education
4.1.1.3.2.1.4 Tele training
4.1.1.3.2.1.5 Others
4.1.1.3.2.2 By specialty
4.1.1.3.2.2.1 Dermatology
4.1.1.3.2.2.2 Gynecology
4.1.1.3.2.2.3 Cardiology
4.1.1.3.2.2.4 Neurology
4.1.1.3.2.2.5 Orthopedics
4.1.1.3.2.2.6 Others
4.1.1.3.3 DM
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Increasing number of clinical trials for precision medicine
4.2.2 Drivers
4.2.2.1 Increasing government support
4.2.2.2 Rising number of approved personalized medicine
4.2.2.3 Growing medical tourism industry
4.2.2.4 Surging use of AI in precision medicine
4.2.2.5 Impact analysis of drivers on market forecast
4.2.3 Restraints
4.2.3.1 High cost for developing a precision medicine
4.2.3.2 Reimbursement policies
4.2.3.3 Impact analysis of restraints on market forecast
4.2.4 Opportunities
4.2.4.1 Companies across APAC are showing interest toward the development of new precision medicine
4.3 Impact of COVID-19
4.3.1 Supply Side Analysis
4.3.1.1 Current scenario of major key players offerings precision medicines
4.3.1.2 Situation of lockdown and workforce availability
4.3.1.3 Production scenario
4.3.1.4 Situation of major countries supplying precision medicines
4.3.2 Demand Side Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Intensity of Rivalry
4.4.4 Threat of New Entrants
4.4.5 Threat of Substitutes

Chapter 5. Global Market Size and Forecast
5.1 By Type
5.1.1 Precision Medicine Diagnostics Market, by Type
5.1.2 Personalized Medical Care Market, by Type
5.1.2.1 Telemedicine market, by service
5.1.2.2 Telemedicine market, by specialty
5.2 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape
11.1 Product Benchmarking of Key Players
11.2 Strategic Developments of Key Players
11.2.1 Product Launches and Approvals
11.2.2 Partnerships and Collaborations
11.2.3 Others

Chapter 12. Company Profiles
12.1 Myriad Genetics Inc.
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 Pacific Biosciences of California Inc.
12.2.1 Business Overview
12.2.2 Key Financial Summary
12.3 Partek Inc.
12.3.1 Business Overview
12.4 Randox Laboratories Ltd.
12.4.1 Business Overview
12.4.2 Product and Service Offerings
12.5 Menarini Silicon Biosystems S.p.a.
12.5.1 Business Overview
12.5.2 Product and Service Offerings
12.6 Oracle Corporation
12.6.1 Business Overview
12.6.2 Product and Service Offerings
12.6.3 Key Financial Summary
12.7 23andMe Inc.
12.7.1 Business Overview
12.7.2 Product and Service Offerings
12.8 Precision BioLogic Incorporated
12.8.1 Business Overview
12.8.2 Product and Service Offerings
12.9 EPIC SCIENCES INC.
12.9.1 Business Overview
12.9.2 Product and Service Offerings
12.10 Intomics
12.10.1 Business Overview
12.10.2 Product and Service Offerings
12.11 MDxHealth SA
12.11.1 Business Overview
12.11.2 Product and Service Offerings
12.11.3 Key Financial Summary
12.12 Asuragen Inc.
12.12.1 Business Overview
12.12.2 Product and Service Offerings
12.13 Almac Group Limited
12.13.1 Business Overview
12.13.2 Product and Service Offerings
12.14 International Business Machines Corporation
12.14.1 Business Overview
12.14.2 Product and Service Offerings
12.14.3 Key Financial Summary
12.15 Bristol-Myers Squibb Company
12.15.1 Business Overview
12.15.2 Product and Service Offerings
12.15.3 Key Financial Summary
12.16 Johnson & Johnson
12.16.1 Business Overview
12.16.2 Product and Service Offerings
12.16.3 Key Financial Summary
12.17 Eli Lilly and Company
12.17.1 Business Overview
12.17.2 Product and Service Offerings
12.17.3 Key Financial Summary
12.18 Sanofi
12.18.1 Business Overview
12.18.2 Product and Service Offerings
12.18.3 Key Financial Summary
12.19 Abbott Laboratories
12.19.1 Business Overview
12.19.2 Product and Service Offerings
12.19.3 Key Financial Summary
12.20 Bio-Rad Laboratories Inc.
12.20.1 Business Overview
12.20.2 Product and Service Offerings
12.20.3 Key Financial Summary
12.21 Danaher Corporation
12.21.1 Business Overview
12.21.2 Product and Service Offerings
12.21.3 Key Financial Summary
12.22 F. Hoffmann-La Roche Ltd.
12.22.1 Business Overview
12.22.2 Product and Service Offerings
12.22.3 Key Financial Summary
12.23 bioMerieux S.A.
12.23.1 Business Overview
12.23.2 Product and Service Offerings
12.23.3 Key Financial Summary
12.24 General Electric Company
12.24.1 Business Overview
12.24.2 Product and Service Offerings
12.24.3 Key Financial Summary
12.25 Thermo Fisher Scientific Inc.
12.25.1 Business Overview
12.25.2 Product and Service Offerings
12.25.3 Key Financial Summary

Chapter 13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/gatrl3