The global precision medicine market is set to witness substantial gains by the end of 2027 due to steadily growing cases of chronic ailments. Precision medicine encompasses the customization of medical treatment for individual patients on the basis of vast amounts of extrinsic and biologic data.

The rapidly advancing fields of gene sequencing, molecular biology, machine learning, as well as other technologies allow precision medicine to use the aforementioned detailed data reserves to improve clinical management and medical decision-making for individual patients in real time through the course of the disease.

The discipline also gives medical professionals a better overall understanding of complex underlying mechanisms through which numerous diseases occur. This gives the medical sector enhanced approaches towards diagnosing, preventing, and treating a wide array of diseases. Better electronic health records integration when it comes to patient care will allow researchers and doctors easier access to medical data.

The overall precision medicine market has been bifurcated into different segments on the basis of product type, application, end-use and region.

With respect to product type, the industry is further categorized into diagnostics and therapeutics. Among these, the therapeutics segment held an industry share of over 54% back in 2020. Going forward, increasing development of novel therapeutic approaches as well as approval of novel drugs will augment the market growth.

In terms of application, the market draws revenues from oncology, immunology, CNS, respiratory, and others. The oncology segment would be growing at a CAGR of nearly 12% over the forecast time period. Growing cases of cancer across the world.

With the COVID-19 pandemic wreaking havoc across the globe, the market is set to see tremendous growth to come from respiratory applications. The coronavirus targets the lungs and has significant as well as long-lasting respiratory side effects even after recovery.

Based on end-use, the industry draws growth from segments like hospitals, research & academic institutes, diagnostic centers, and others. The diagnostic centers segment is held an industry share of more than 24% back in 2020. Increasing number of diagnostic centers, and growing adoption of predictive diagnostics will boost the segmental growth.

From a regional standpoint, the LATAM precision medicine industry held an overall market valuation of more than $2.3 billion back in 2020. This regional growth is attributed to the growing prevalence of cancer cases in Latin America.

The MEA segment is also anticipated to witness sizable gains through the course of the forecast timeframe. Several leading countries across the MEA have been investing in their healthcare sectors after suffering from the consequences of the pandemic. This would be playing a major role in shaping the regional industry outlook.