Precision medicine is an emerging approach to healthcare that takes into account an individual’s genetic, environmental, and lifestyle factors to tailor treatment plans and therapies. This approach is expected to revolutionize the healthcare industry by enhancing patient outcomes and reducing healthcare costs.
In 2021, the market for precision medicine was worth USD 65.22 billion, and by 2030 it will be worth USD 175.6 billion, at a 11.5% CAGR during the forecast period.
The precision medicine market is driven by factors such as increasing demand for personalized healthcare, advancements in genomics and proteomics technologies, and increasing investment by governments and private organizations in precision medicine research and development.
Market Dynamics
Drivers
- The increasing understanding of genetics and proteomics has led to the development of advanced technologies such as next-generation sequencing, which can quickly and accurately analyze large amounts of genetic information quickly and accurately. These technologies are essential for the development of personalized treatment plans and therapies.
- Patients are becoming more aware of the potential benefits of precision medicine, and they are demanding more personalized healthcare.
- Governments & private organizations are investing rapidly in precision medicine research and development. For example, in 2015, the US government launched the Precision Medicine Initiative to accelerate the development of personalized treatments.
- Chronic disorders such as cancer, diabetes, and heart disease are becoming more prevalent. Precision medicine can improve patient outcomes by providing personalized treatment plans and therapies.
- Healthcare costs are rising globally, and precision medicine has the potential to reduce costs by improving patient outcomes and reducing unnecessary treatments.
- The expanding use of artificial intelligence and machine learning in precision medicine is helping to identify patterns and trends in large datasets, which can help healthcare providers develop more effective treatment plans.
Restraints
Precision medicine is a growing field. Growing diagnostics prices constrain the market’s expansion. Due to concerns about cyber risks, the production of significant amounts of personal data during diagnosis and treatment may threaten the development of precision medicine. Strict criteria and limitations are impeding the development of individualized treatment.
Opportunity
Many businesses that provide solutions for precision medicine are confining their activities to developed markets. Other nations with sizable populations are at risk for specific diseases, including China and India, Australia, the Middle East, and Africa. This offers a fantastic chance to grow the market for precision medicine.
Market Segmentation
By Technology
Drug discovery technology had significant growth recently and ruled the market in terms of revenue in 2021. Pharmacogenomics progress will open up a new opportunity for the expansion of drug discovery in precision medicine. Using genetic information about individuals, pharmacogenomics aids in forecasting a drug’s effectiveness and aids in comprehending the distinctions between pharmacokinetics and pharmacodynamics. Additionally, the growing focus of biopharmaceutical manufacturers on developing precision medicine for treating diseases like cancer will fuel market expansion.
By Application
The oncology application held the top spot in the global market for precision medicines in 2021 with a sizable revenue share. Globally rising cancer incidence will increase the need for precision medicines and efficient therapy methods. Examining the patient’s genes and the underlying causes of the cancer condition is made possible by precision medicines. Additionally, it aids in developing tailored medicine for the patient, enabling faster recovery times than with traditional therapies.
Regional Analysis
North America was the biggest regional market in 2022, with a revenue share of nearly 40%. An increase in cancer cases, an upgraded healthcare system, a rise in the demand for and usage of precision medicines, large investments in R&D, the growth of digitalization, and policies implemented in key markets account for the majority of North America’s population. Per the American Cancer Society, there were an additional 1.8 million cases of new diseases and 606,520 cancer-related deaths in the US.
Key Players
- Foundation Medicine, Inc.
- 2bPrecise LLC
- Syapse, Inc.
- N-of-One, Inc.
- Gene42, Inc.
- SOPHiA GENETICS SA
- Fabric Genomics
- PierianDx, Inc.
- Translational Software, Inc.
- NantHealth, Inc.
- LifeOmic Health
- Human Longevity, Inc.
- Sunquest Information
- IBM Watson Group
- Koninklijke Philips N.V.
- Tempus Labs, Inc.
- Flatiron Health, Inc.
- Abbott
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- AB-Biotics SA
- HealthCore, Inc.
- GE Healthcare
- Biocrates Life Sciences
- Genelex
- ABBOTT LABORATORIES
- Glaxosmithkline Plc (GSK)
- Johnson & Johnson
- Dako A/S
In 2021, the market for precision medicines was worth USD 65.22 billion, and by 2030 it will be worth USD 175.6 billion, at a 11.5% CAGR during the forecast period. Primary trends driving market expansion are the development of affordable genomic and molecular biology testing techniques, the rise in the incidence of cancer and uncommon disorders, and an increase in the use of big data in precision medicines.
Related Reports:
Hemodialysis Market Report – The global hemodialysis market will witness a robust CAGR of 5.1%, valued at $85.49 million in 2021, expected to appreciate and reach $130.36 million by 2030, confirms Strategic Market Research.
