Global precision medicine market to soar to nearly $173B by 2024: 8 key trends

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The global precision medicine market is anticipated to experience strong growth through 2024, according to Persistence Market Research.

Here are eight key trends in the market:

1. The market's value will reach close to $172.95 billion by the end of 2024, growing at a compound annual growth rate of 14.7 percent between 2016 and 2024.

2. Larger investments, better infrastructure, simplified approval process of drugs along with companion diagnostics will drive market growth.

3. Acute data storage and data privacy as well as costliness of personalized drugs are some of the factors hindering the market.

4. The immunology segment within the market will cross $34 million by the end of 2024.

5. The market will occupy more than 35 percent of the total market share in North America within the forecast period. It will reach a market value of more than $60 million by 2024.

6. The global precision market in Europe will experience an estimated CAGR of more than 13 percent to reach more than $40 million by the end of 2024.

7. The Asia-Pacific region will be the fastest growing region for this market with a CAGR of 14 percent from 2016 to 2024.

8. The market in the Asia-Pacific region will touch approximately $35 million by the end of 2024.

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