Global Precision Medicine Market Size Demonstrates Consistent Growth with a CAGR of 11.12%, with North America Taking a Leading Role

  • By Grand News Network
  • |
  • November 8, 2023

New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Precision medicine is a new approach to treating and preventing disease that considers each individual's genetic, environmental, and lifestyle differences. Giving the proper treatment to the right patient at the right time is the goal of precision medicine.

According to Straits Research, "North America is dominating the market with the highest revenue and is expected to reach USD 97.32 billion in 2030, growing at a CAGR of 9.7% during the forecast period,"

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Key Drivers

DNA sequencing technology has undergone significant technological advancements, which have paved the way for a deeper understanding of some diseases like cancer. Depending on the genetic profiles of those individuals, the advancements have made it possible to develop treatments that are better suited to them. Patients with breast, lung, or colorectal cancer who have undergone genetic testing as part of routine patient care can measure this molecular transformation of medicine. As a result, the process's accuracy and the time required to finish it have increased. With the collection of more medical data, there has been an increase in understanding of how the treatment a patient receives affects the patient's overall health. It is possible to use precision medicine for preventive care when interventions target disease risk factors to lower the disease risk. One example of this would be the treatment of high blood pressure to prevent patients from experiencing heart attacks or strokes.

Growth Opportunities

Most precision medicine providers focus on developed markets, leaving emerging markets untapped. Large populations at risk for diseases requiring gene sequencing in China, India, Australia, the Middle East, and Africa present an opportunity to expand the precision medicine market. Genetics and precision medicine have made significant progress in developing countries over the past decade ...

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