According to a new Netscribes report published on Research on Global Markets, the Global Precision Medicine Market is expected to have a significant compound annual growth rate (CAGR) of 9.7% and have a market size in excess of USD 96 Bn by 2023.

Precision medicine involves the diagnosis of diseases by evaluating the individual’s genetic makeup and giving a therapeutic treatment. According to Netscribes, precision medicine is gaining rapid pace in the medical community, because of technological advancements like next-generation sequencing, molecular biomarker analysis and much more.

However, Netscribes remains apprehensive about the potential threat to personal data, high diagnostic costs, risk of hardware or software failure, and believes that these may act as major hindrances for the growth of the market.

Key highlights of this report:

  • Drivers and challenges in the global precision medicine market
  • Historical, current and forecasted market size data for end use segments in the global precision medicine market (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, and healthcare IT specialists/big data companies)
  • Historical, current and forecasted market size data for the therapeutics segment in the global precision medicine market (cancer, cardiovascular, central nervous system, psychiatric disorder, and infectious diseases)
  • Analysis of the competitive landscape and profiles of major companies operating in the market

This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for precision medicine across the globe, developing strategies based on the drivers, trends and highlights for each of the segments, and helping brands identify their major competitors, and respond accordingly.

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