Precision Medicine Market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a CAGR of 11.5 % from 2023 to 2028 according to a new report by MarketsandMarkets. The rising number of product approvals followed by growing focus on genetic testing, a prerequisite for precision medicine therapeutics, are the factors supporting market growth.

Download an Illustrative overview:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=215185595

Browse in-depth TOC on “Precision Medicine Market”

189 – Tables

50 – Figures

240 – Pages

Precision Medicine Market Dynamics:

Drivers:

• Growth in genetic testing and companion diagnostics

Restraints:

• High costs of therapeutics

Opportunities:

• Growing demand for cell and gene therapies

Challenges:

• Challenges associated with adoption of precision medicine

Europe: The second-largest region in the precision medicine market.

The European market is the second-largest Precision Medicine Market globally, mainly due to factors such as presence of key market players in the region. Europe is considered a major hub for precision medicine players and organizations. Moreover, greater awareness among people about newly emerging area of precision medicine, especially compared to developing regions.

By Type

• Inhibitor drugs
• Monoclonal Antibodies
• Cell & Gene Therapy
• Antiviral & Anti-retroviral drugs
• Other Therapeutic Products

By Indication

• Oncology
• Rare Diseases
• Infectious diseases
• Hematological disorders
• Other indications

By End User

• Hospitals and Clinics
• Home care settings

Key Market Players:

The market for precision medicine is competitive, with key players strategizing to capture the market. Prominent players in the precision medicine market are F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), , GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan) among others.

Recent Developments:

• In February 2023, Roche received EC approval for expansion of the Hemlibra (emicizumab) European Union (EU) marketing authorization.
• In January 2022, AstraZeneca (UK) collaborated with Scorpion Therapeutics to develop and commercialize precision medicines against hard-to-target cancer proteins, with an aim to transform oncology treatment. The size of this deal accounted for USD 75 billion.

Get 10% Free Customization on this Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=215185595

The post The Growing Landscape of Precision Medicine: Market Outlook and Trends first appeared on MarketsandMarkets Blog.