LONDON, Nov. 30, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the precision medicine market, the precision medicine market is expected to be supported by the emergence of novel pathogenic infestations, thus driving the demand for genomic sequencing. Incidence of emerging/ re-emerging infections due to novel pathogens has significantly affected human health. Diseases such as SARS, Zika virus, Ebola and COVID-19 have increasingly infested various parts of the world, leading to an increase in the global disease burden. It is estimated that zoonotic infectious agents constitute about 60% of the known human pathogens and up to 75% of emerging human pathogens, thus driving the demand for sequencing genes of animal microbial, and supporting the growth of the market.
The precision medicine market segments by technology are big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics and other technology. The big data analytics market was the largest segment of the precision medicine market segmented by technology, accounting for 29.6% of the total in 2020. Going forward, the gene sequencing market is expected to be the fastest growing segment in the precision medicine market segmented by technology, at a CAGR of 11.1% during 2020-2025.
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The Business Research Company’s report titled Precision Medicine Global Market Report 2023 – By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases), By End-User (Hospitals And Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare And IT Firms), COVID-19 Growth And Change covers major precision medicine companies, precision medicine market share by company, precision medicine manufacturers, precision medicine market size, and precision medicine market forecasts. The report also covers the global precision medicine market and its segments.
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The global precision medicine market is expected to grow from $62.75 billion in 2020 to $72.58 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The precision medicine market is expected to reach $118.32 billion in 2025 at a CAGR of 13%.
The pandemic has accelerated the need for personalized care and continuous research in precision medicine. Companies in the market are predicting further growth in revenue going forward. The pandemic has expanded the application and awareness of precision medicine across healthcare including vaccine development, improved blood testing methods and others. Even though the impact of the COVID-19 pandemic begins to minimize, the effort of expanding precision medicine across diseases will grow for the betterment of individuals. Further, the rising awareness of genomics technologies led by the COVID pandemic will continue, as adoption of genome study for treatment of patients in hospitals will remain even in the post-pandemic era. Genome sequencing will become a standard of care for cancer screenings, prenatal and neonatology carrier screenings and tumor testing, thus accelerating the growth for precision medicine.
North America was the largest region in the precision medicine market, accounting for 34.9% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the precision medicine market will be Eastern Europe and North America where growth will be at CAGRs of 12.1% and 11.3% respectively. These will be followed by Asia Pacific, and Middle East, where the markets are expected to grow at CAGRs of 11.1% and 10.4% respectively.
Precision Medicine Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide precision medicine market overviews, precision medicine market analyze and forecast market size and growth for the whole market, precision medicine market segments and geographies, precision medicine market trends, precision medicine market drivers, precision medicine market restraints, precision medicine market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Bioinformatics Global Market Report 2023 – By Products and Serivces (Knowledge Management Tools, Data Analysis Platforms, Services), By Application (Metabolomics, Molecular Phylogenetics, Transcriptomics, Proteomics, Chemoinformatics, Genomics), By End Users (Pharmaceutics, Animal Study, Agriculture, Forensic Science), COVID-19 Growth And Change
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