Precision Medicine Market Expecting Remarkable Growth by 2023

The global precision medicine market is estimated to reach at $7,746 million by 2023, registering a CAGR of 11.9%

PORTLAND, OREGON, US, November 17, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Precision Medicine Market by Technology, Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global precision medicine market accounted for $3,516 million in 2016, and is estimated to reach at $7,746 million by 2023, registering a CAGR of 11.9% from 2017 to 2023. North America was the highest contributor in the precision medicine market in 2016; however, Asia-Pacific is anticipated to witness a highest growth rate throughout the forecast period.

Access Full Summary at: https://www.alliedmarketresearch.com/precision-medicine-market

Precision medicine is novel approach toward disease treatment in healthcare, medications are customized based on patients personalized healthcare needs such as, influence of genes & surrounding environment on patients health and result of various tests carried out on various levels. Follow-up on tests and treatment can be planned based on response of the patients toward treatment, which reduces side effects of drug and multiple administration of medications.

The precision medicine market is expected to grow at a productive rate the during forecast period. Surge in global incidence of cancer and increase in aging population susceptible to diseases are expected to boost the demand of precision medicines. Government initiatives & grants and private companies investing in R&D of precision medicines boost the market growth. However, strict regulation set by governments and risk associated with sharing genetic data of patients impedes the growth of precision medicine market.

Drug discovery generated the highest revenue in 2016, and is anticipated to continue this trend in the future. The requirement of quality drugs and versatile therapies for treatment is expected to boost the growth of this segment. Gene sequencing grows at a surprising rate and is expected to continue to grow during the forecast period.

For Purchase Inquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2311

North America holds the highest market share in 2016 owing to high prevalence rate of cancer and modern healthcare facilities. Moreover, adoption of experimental medicines and growth in awareness about precision medicines is expected to boost the North America market.

Key Findings of the Precision Medicine Market:

• The sequencing by synthesis segment is projected to grow at the highest CAGR during the analysis period.
• Consumables segment generated the highest revenue and is expected to continue its dominance in future.
• North America dominated the market and is projected to grow at a CAGR of 11.0%.
• China is expected to grow at the highest CAGR of 16.8% in Asia-Pacific.
• The epigenomics segment is anticipated to grow at the highest CAGR of 14.1% during the forecast period.

Other Trending Reports:

Macular Edema and Macular Degeneration Market | Forecast 2030
Vertebral Compression Fracture Devices Market | Forecast 2030
Healthcare Interoperability Solutions Market | Forecast 2030

About Us:

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn


Source: EIN Presswire