Precision Medicine Market to Reach $278.61 billion in Value by 2030 - A Study from BIS Research Suggests

FREMONT, Calif., March 2, 2022 /PRNewswire/ -- Precision medicine is a thorough examination of patient-specific data to identify and define illnesses, and eventually using it to treat the diseases.

Precision medicine has the potential to completely transform the healthcare business. It's a new strategy that allows researchers to investigate a variety of ailments by analyzing a subject's genetic composition and then tailoring treatment to each patient.

BIS healthcare offers ground-breaking research and in-depth analysis on the latest emerging trends in the precision medicine market providing insights into the market. The reports include information about the application of molecular biology to study the cause of a patient's disease at the molecular level. This way, target-based therapies or individualized therapies can be applied to cure the patient's health-related problems.

As per BIS research, the global precision medicine market is expected to reach $278.61 billion by the end of 2030. The market is projected to grow at a CAGR of 11.13% during the forecast period, 2020-2030.

Technologies That Employ Precision Medicine

In-Silico Drug Discovery Market 

Bioinformatics technologies can aid in the identification of drug targets using in-silico drug discovery methodologies. The approaches can also be utilized to look for potential binding active sites in target structures.

Computational approaches and computers are used in every phase of drug research and design. During the projected period 2021-2031, the global in-silico drug discovery market is estimated to increase at a CAGR of 10.52 %, from $2.13 billion in 2020 to $6.51 billion in 2031.

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Global Neoantigen Cancer Vaccine Market

Major market factors such as increased cancer prevalence, increasing use of personalized medicine to adapt patient therapy on an individual basis, and considerable external financing for research and development have all contributed to the expansion of the neoantigen cancer vaccine industry.

According to BIS Research's global neoantigen cancer vaccine industry analysis, the market would develop at a substantial CAGR of 77.73 % from 2024 to 2031.

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Cell-Free DNA Isolation and Extraction Market

The global cell-free DNA isolation and extraction market is being driven by continual considerable expenditures by healthcare firms to fulfill industry demand and the rising acceptance of cell-free DNA isolation and extraction kits, tubes, and reagents among key end-users.

The global cell-free DNA isolation and extraction market was worth $169.9 million in 2020 and is predicted to grow to $735.1 million by 2031, with a CAGR of 14.19 % from 2021 to 2031.

Due to the rising prevalence of cancer, rising major player activities, and rising government initiatives in the cell-free DNA isolation and extraction market, the usage of cell-free DNA isolation and extraction kits, tubes, and other consumables has grown.

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NGS Sample Preparation Market 

Predictive genetic testing and prenatal diagnosis are both using advanced genetic diagnostic tools. The effectiveness and consistency of diagnostic screening tests are becoming increasingly important as the number of persons suffering from genetic illnesses rises.

To successfully test a genetic condition, faster findings with fewer mistakes are necessary. The consistency and throughput of sample preparation for genomic sequencing are improved with automated NGS sample preparation.

The global NGS sample preparation market is expected to increase at a CAGR of 14.24 % from $1.47 billion in 2020 to $3.28 billion in 2026.

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Pharmacogenomics Services Market

The pharmacogenomics services industry is growing as the prevalence of infectious diseases and cancers rises, personalized medicine adoption rises, shifting the paradigm from reaction to prevention, the rate of adverse drug reactions rises, and the use of pharmacogenomics for drug discovery and development rises.

The global pharmacogenomics services market is expected to grow at a CAGR of 5.71 % from $5.06 billion in 2020 to $9.34 billion by 2031.

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FREE Sample Report on Molecular Diagnostics Market

About BIS Research: 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals. 

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management. 

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape. 

BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum. In the past 5 years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in Precision Medicine on its Insight Monk platform for the past two years successfully.  

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