The precision medicine market stood at USD 63.1 billion in 2020, and is expected to grow at a CAGR of 11.2% during 2021-2027. The key factors driving the growth of the market include; Rapid adoption of Information Technology in healthcare sector, High prevalence of cancer patients across the globe, and Increasing number of research & development activities.

With rising expenditure in the healthcare sector, there has been a remarkable increase in the research and development activities in the field of precision medicine across the globe. Moreover, the high prevalence of cancer patients  across the globe has also aided in the growth of precision medicine market. According to the World Health Organization(WHO), Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. A lot of research in precision medicine has been focused around cancer treatment.

The major challenge that the precision medicine market faces is the lack of skilled professionals. The implementation of precision medicine requires trained personnel in various facets of genetics, pharmacology, and medicine. These individuals are required to have expertise in application of testing instruments and analysis of patient data. Healthcare providers are required to be trained in the fields of biochemistry and molecular genetics, so that they can better interpret the diagnostic results, and analyze the data before applying it to treatment and prevention.

The precision medicine market is segmented into Application( Oncology, Central Nervous System, Cardiology, Infectious diseases, others), by Delivery mode (On-Premise, Cloud-Based), by End Use(Pharmaceuticals, Diagnostics, Others), and Regions(North America, Europe, Asia-Pacific, Central & South America, Middle East & Africa).

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Precision Medicine Market Size, Demand Outlook, COVID-19 Impact, Trend Analysis by Application (Oncology, Central Nervous System, Cardiology, Infectious diseases), by Delivery Mode (On-Premise, Cloud-Based), by End Use, and Industry Estimates 2021-2027 –  “https://quantalignresearch.com/precision-medicine-market-report “

Key insights: 

• Based on the Application, the Cardiology segment is expected to witness highest CAGR during the forecast period
• North America holds the major share of the global precision medicine market
• Asia-Pacific is projected to grow at the highest CAGR during the forecast period

Key players operating in the precision medicine market include: Pfizer Inc., Novartis AG., QIAGEN., AstraZeneca, Roche Holding AG, Precision Medicine Group, Inc, Thermo Fisher Scientific, Eli Lilly and Co., among others., among others.