Precision Medicine Market worth $50.2 billion by 2028 , growing at a CAGR of 11.5%

(IT-NEWSWIRE.COM, December 07, 2023 ) The report "Precision Medicine Market by Type (Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral), Indication (Oncology, Rare diseases, Hematology, Infectious), End user (Hospitals & Clinics, Home care) - Global Forecast to 2028 ", is expected to reach USD 50.2 billion by 2028 from USD 29.1 billion in 2023, at a CAGR of 11.5% during the forecast period. 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.

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Hospitals and Clinics subsegment accounted is the fastest-growing of the precision medicine market by product & service

Among the end user, the market is segmented hospitals and clinics and home care setting. In 2022, the hospitals and clinics segment accounted for the highest growth rate of the precision medicine market by end user. Growth in this market segment can be attributed to factors such as availability of better facilities and assistance in hospitals and clinics, accessibility to advanced diagnostic tests along with precise therapeutic regime among others.

Oncology is the fastest-growing segment of the precision medicine market by applications

Among the applications, the precision medicine market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological & environmental applications, veterinary applications, and other applications. In 2023, the drug discovery segment accounted for the fastest-growing share of the usage segment of precision medicine market. Growth in this market segment can be attributed to one of the major factors which is the growing number of research activities for development of new drugs.

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 precison medicine, especially compared to developing regions.

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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.

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Precision Medicine Market worth $50.2 billion by 2028 , growing at a CAGR of 11.5%