Selbyville, Delaware As per the report titled ‘GLOBAL Precision Medicine Market 2021-2028’, available with Market Study Report LLC, global precision medicine market is touted to record an appreciable growth rate of 9.79% CAGR over 2021-2028.

Rising burden of chronic diseases among the geriatric population is the primary growth driver of global precision medicine market. Moreover, investments by both government and private sector in oncology, along with growing health awareness among people and escalating demand for preventive care are accelerating the industry expansion. Further, increasing digital collaboration among research groups and organizations is boosting industry growth.

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Speaking of the negatives, security concerns associated with data sharing and stringent drug approval process are hindering the overall market expansion.

Based on application spectrum, global precision medicine industry is split into oncology, neurology/physiatry, infectious diseases, lifestyle and endocrinology, cardiovascular, gastroenterology, and others. Considering component, the industry is categorized into applied science, precision diagnostics, and precision therapeutics.

Geographically, key to the overall market remuneration are North America (U.S., Canada), Asia Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries), Latin America (Latin America, Brazil), Europe (Russia, Germany, France, Italy, Spain, U.K.), and Middle East and Africa (Turkey, United Arab Emirates, Saudi Arabia, South Africa).

Asia Pacific precision medicine market to expected to grow exponentially during the forecast period, creditable to surging healthcare awareness, increasing adoption of advanced diagnosis procedures, and significant progress in R&D. Further, spike in demand for sequencing technologies owing to rise in prevalence of various diseases is adding considerable traction to the regional market expansion.

Quest Diagnostics, Inc., Qiagen N.V., Pfizer N.V., Novartis AG, NanoString Technologies, Inc., Labcorp, Intomics A/S, F. Hoffmann-La Roche AG, Eli Lilly and Company, Eagle Genomic Ltd., Danaher Corp., Bio-Rad Laboratories, Inc., Biocrates Life Sciences AG, Astrazenca plc, and Abbott Laboratories are the top competitors in global precision medicine market sphere.

Questions & Answers: Global Precision Medicine Market

Q1: What are the key growth determinants of global precision medicine market?

A: Rising burden of chronic diseases among the geriatric population is the primary growth driver of the market. Moreover, investments by both government and private sector in oncology, along with growing health awareness among people and escalating demand for preventive care are accelerating the industry expansion.

Q2: What are the growth prospects of Asia Pacific precision medicine market?

A: Surging healthcare awareness, increasing adoption of advanced diagnosis procedures, and significant progress in R&D are supporting Asia Pacific precision medicine industry.

Q3: Which are the leading players in global precision medicine market?

A: Quest Diagnostics, Inc., Qiagen N.V., Pfizer N.V., Novartis AG, NanoString Technologies, Inc., Labcorp, Intomics A/S, F. Hoffmann-La Roche AG, Eli Lilly and Company, Eagle Genomic Ltd., Danaher Corp., Bio-Rad Laboratories, Inc., Biocrates Life Sciences AG, Astrazenca plc, and Abbott Laboratories are the top competitors in the market.

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