Market Research Future (MRFR) assessed the global Precision Medicine Market Growth 2021 in the review period till 2025. As per MRFR assessment, the global precision medicine market is expected to surge at 12.48% CAGR in the study period (between 2017 and 2025). By 2025, the precision medicine market value can touch USD 126.14 Bn.
Market Drivers and Restrains
The growing demand for preventive health solutions for disease is likely to explain the inclination towards precision medicine market. It allows physicians to study response of an individual to a therapy on a genetic level, also considering their environment and lifestyle to prolong health. The surge in demand for oncology care with targeted cancer therapy can prompt the market growth in the years to come. However, issues with escalation in price of drug discovery and enforcement of regulatory requirements can impede the precision medicine market rise. The surge in the demand for individualized treatment solution is likely to counter the market rise by 2025.
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The segment analysis of the global precision medicine market is based on therapeutics, submarkets, and ecosystem players.
The sub-market-based segments of the precision medicine market are biomarker-based tests, pharmacogenomics or PGX, companion diagnostics, molecular diagnostics, and targeted therapeutics, among others. The other segment comprises next-generation sequencing, consumer genomics, prosthetics market, human tissues market, and 3d printing. The 3D printing segment is expected to surge with the highest CAGR by 2025.
The ecosystem-based segments of the precision medicine market are diagnostic tool companies, clinical laboratories, pharma biotech companies, and healthcare IT/ big data companies. The diagnostic tool companies segment can hold considerable share of the worldwide precision medicine market. By 2022, the diagnostic tool company value can reach USD 27.56 Bn.
The therapeutics-based segments of the worldwide precision medicine market are cardiovascular disease, cancer/oncology, central nervous system, and infectious diseases among others. The cancer or oncology segment studies different types of cancers and their diagnose them. The central nervous system segment studied psychiatric and neurological disorders. The outbreak of COVID 19 and the rise in number of patients suffering from infectious diseases are causes that are pining the need for precision medicine and can prompt the market growth in the years to come.
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The regional evaluation of the precision medicine market is done for the Americas that include North America and South America, Europe (EU), Asia Pacific, and the Middle East Africa (MEA).