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Precision Medicine Market in Asia-Pacific is Growing With Robust CAGR

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Precision Medicine Market in Asia-Pacific is Growing With Robust CAGR

June 01
16:05 2021
Precision Medicine Market in Asia-Pacific is Growing With Robust CAGR
The precision medicine market is progressing at a CAGR of 12.1% during the forecast period by P&S Intelligence.

The precision medicine market generated $203.5 billion in 2019 and it is expected to reach $738.8 billion by 2030, progressing at a CAGR of 12.1% during 2020–2030. This growth can be driven by the rising government support, escalating awareness regarding personalized treatments, rising number of approved personalized medications, increasing use of artificial intelligence (AI) in clinical trials related to precision medications, surging number of regulatory approvals, soaring cases of chronic and genetic diseases, and flourishing medical tourism industry.

Governments across the globe are taking several initiatives to develop personalized treatment, thereby, playing a vital role in the precision medicine market growth. According to the World Economic Forum, Argentina introduced a Precision Medicine Initiative Grant, in 2017, to start the scientific procedures needed to introduce investigational precision medicine approaches into clinical practices. Similarly, the U.S. administration under its Personalized Medicine Coalition announced its plan, in July 2019, to bring down the costs of drugs in the country, to make them comparable with international rates.

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Currently, the precision medicine market is witnessing the trend of clinical trials for developing such medicines. Several pharmaceutical firms and government organizations are getting involved in clinical trials for precision medicines. For example, in June 2018, Molecular Analysis for Therapy Choice (MATCH) was developed by the National Cancer Institute (NCI) to conduct clinical trials about precision medicine and cancer treatment in nearly 6,000 individuals. The participation rate of patients is surging as they can be assessed remotely at their homes, during the clinical trials.

Globally, the North America held the largest share in 2019, and it is expected to continue its dominance during the forecast period. This is due to the rising incidence of lifestyle-associated and chronic diseases, like CVDs and diabetes, burgeoning healthcare spending, and increasing number of government initiatives in the form of awareness programs and funding for precision medicine. Whereas, the Asia-Pacific (APAC) market will register the highest growth in the forecast years, owing to the increasing healthcare expenditure, presence of players developing precision medicines, and growing awareness about these medicines.

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Thus, the rising frequency of critical trials and the magnifying government support will propel the market growth in the coming years.

Market Size Breakdown by Segment

Based on Type

  • Therapeutics
  • Diagnostics
    • Esoteric lab services
    • Esoteric tests 
    • Molecular diagnostics
  • Personalized Medical Care
    • Electronic medical record (EMR)
    • Telemedicine
      • By service
        • Tele consulting
        • Tele monitoring
        • Tele education
        • Tele training
      • By specialty
        • Dermatology
        • Gynecology
        • Neurology
        • Cardiology
        • Orthopedics
    • Disease management (DM)

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe Precision
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

Browse Other Related Reports

Genomics Market – https://www.psmarketresearch.com/market-analysis/genomics-market-revenue

Digital Health Market – https://www.psmarketresearch.com/market-analysis/digital-health-market

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