SEATTLE, April 18, 2022 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the global precision medicine market is estimated to be valued at US$ 73,946.2 million in 2022 and is expected to exhibit a CAGR of 10.3% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Precision Medicine Market:
Major players operating in the market are focusing on adopting inorganic growth strategies such as partnerships and collaborations to develop precision medicines, which is expected to drive the global precision medicine market growth over the forecast period. For instance, in September 2020, the University of California, San Diego (UCSD) School of Medicine, a medical school that aims to improve health through innovative research, education, and patient care, and Cofactor Genomics, a biotech company, entered into a collaboration to boost patient outcomes in cancer care by utilizing precision medicine techniques. The goal of the collaboration is to increase a physician’s ability to predict tumor response to immunotherapy, particularly in patients with recurrent or metastatic squamous cell carcinoma of the head and neck.
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Key Market Takeaways:
The global precision medicine market is expected to exhibit a CAGR of 10.3% during the forecast period due to the launch of new platforms and solutions in the field of precision medicine. For instance, in June 2020, Infosys Limited, a global leader in next-generation digital services and consulting, announced the launch of an all-new, personalized medicine solution for the pharmaceutical industry. The solution leverages SAP S/4HANA, the SAP C/4HANA suite, the SAP Analytics Cloud solution, and the SCI platform to derive intelligent insights, enabling pharmaceutical companies to address critical business and regulatory requirements, while delivering personalized experiences to patients.
Among technology, the bioinformatics segment is expected to dominate the segment growth over the forecast period, owing to new service launches by the key players operating in the market. For instance, in …
