The value of the global precision medicine market is expected to jump by a little over $4 billion from 2016 through 2023, according to an Allied Market Research analysis.
Here are five market trends:
1. The global precision medicine market was valued at $3.5 billion in 2016.
2. It is expected to grow at a compound annual growth rate of 11.9 percent from 2017 to 2023.
3. Analysts anticipate it to be valued at $7.7 billion by 2023.
4. The rise in global incidence of cancer and increase in the aging population susceptible to disease are expected to boost market growth.
5. Additionally, government initiatives and grants as well as private companies investing in research and development of precision medicines is predicted to bolster the market.