The global precision medicine market size was USD 57.69 Billion in 2021 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to latest analysis by Emergen Research. Precision medicine market revenue growth is primarily driven by factors such as advancement in cancer biology, increased adoption of gene therapy globally, increasing use of big data analytics in precision medicine in developed economies, and patient’s involvement in personal healthcare. Precision medicine is an emerging field, which guides therapy according to individual’s genetic makeup, environment, and lifestyle. It helps medical professionals and scientists to develop more precise diagnoses, prognoses, and preventative measures for every given disease. In addition, goal of precision medicine, often known as customized medicine or tailored medicine, is targeting specific mutations that turn healthy cells into malignant ones. Precision medicine's focused treatments, especially for cancer, have fewer adverse effects and faster recoveries compared to standard medicine.
Moreover, precision medicine's growth has already resulted in substantial new discoveries and FDA-approved medicines. These treatments are tailored to specific individual characteristics, such as a person's genetic makeup or genetic profile of a patient's tumor, which have shown significant promise in treatment of a range of diseases. Furthermore, patients suffering from a variety of malignancies are routinely subjected to molecular testing as a part of their medical therapy. This enables physicians to select cancer treatments that increase a patient's chance of surviving the disease and reduce likelihood of adverse side effects.
The Global Precision Medicine Market research, released by Emergen Research, provides in-depth analyses of the industry's fundamental mechanisms and structure. The report delves deeply into the major industry segments and sub-categories and provides a comprehensive analysis of the competitive environment, main regional markets, product and application segments, technology landscape, sales distribution networks, and significant industry data. The report's market insights were produced through in-depth market research, in-depth market surveys, and expert interviews.
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The report offers insightful information about the market dynamics of the Molecular Diagnostics Point of Care market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Molecular Diagnostics Point of Care market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Molecular Diagnostics Point of Care market.
Further key findings from the report suggest
- POC MDx research is used in the majority of consumer incomes for infectious diseases due to the existence of several big business companies with a wide product selection.
- Another factor accountable for the dominance of this section is the rising burden of infectious disease in developed and developing countries.
- The biggest business segment to produce sales is PCR-based POC studies. The widespread use of PCR-based technology for PCR products for molecular diagnosis and marketing has created plenty of incentives for the growth of the segment.
- North America was the largest region, contributing much of the world's revenue due to the existence of the highly technical, medical system, government, and private investments in RD to improve MDx POC tests.
- In May 2020, Becton Dickinson to extend the MDx diagnostic acquisition to the points of care
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Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
Abbott Laboratories, Bayer Healthcare, Roche Diagnostics, Bio-Rad Laboratories, Danaher Corporation, BioMerieux, Dako, Abaxis Inc., OraSure Technologies Inc., and Nipro Diagnostics, among others
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Molecular Diagnostics Point of Care Market Segmentation:
Test Location Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Over-the-Counter (OTC)
Technology Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Genetic Sequencing-based
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2019-2030)
- Infectious Diseases
- Prenatal Testing
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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