The Precision Medicine Market is estimated to be valued at US$ 236.02 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. It allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. Precision medicine is being used to treat and prevent diseases like cancer, diabetes, autoimmune disorders, heart disease, and infectious diseases. With the rise of technologies that analyze a person's genes, proteins, and environment, precision medicine is starting to transform healthcare.
Market Dynamics:
The growing adoption of precision medicine can be attributed to two key drivers. First, advancements in genomic profiling technologies and data analytics capabilities have made it possible to analyze a wide array of molecular and clinical data from individual patients. This has helped identify disease subtypes and patient characteristics at a previously unseen molecular level. Second, pharmaceutical companies and biotech startups are increasingly using precision medicine approaches to develop targeted therapies for diseases. Numerous biomarker-driven clinical trials are ongoing to evaluate drug responses and safety based on a patient’s molecular profile. The convergence of genomics, Big Data analytics, and digital health records holds promise to advance personalized healthcare solutions over the coming years. However, high costs and regulatory challenges still need to be addressed for precision medicine to become mainstream.
Segment Analysis
The precision medicine market is dominated by the cancer precision medicine sub-segment. Cancer precision medicine considers genetic, environmental, and lifestyle factors to devise a targeted treatment plan. As opposed to a one-size fits all approach, precision medicine allows clinicians to choose treatments that are most likely to help for a given patient based on their genetic information. This approach has shown promise in treating various forms of cancer, resulting in the sub-segment's dominance.
PEST Analysis
Political: Governments across the globe are supporting R&D initiatives in precision medicine through funding. This is done to develop effective treatment plans for various diseases.
Economic: The overall rise in healthcare spending worldwide is facilitating the growth of the precision medicine market. The increasing incidence of chronic diseases and high treatment costs using traditional methods are compelling payers and patients to opt for more effective precision medicine therapies.
Social: With growing health awareness, people are willing to pay for advanced diagnostic techniques that can help doctors choose a more tailored therapeutic approach. This is promoting the adoption of precision medicine practices.
Technological: Significant developments in genome sequencing techniques, bioinformatics solutions for big data analytics, and companion diagnostics are positively impacting the precision medicine domain. Technologies enable physicians to better understand a patient's genetic makeup and devise personalized treatment strategies.
Key Takeaways
Global Precision Medicine Market Demand is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing incidence of chronic diseases and rising demand for customized healthcare.
Regional analysis: North America dominated the global market in 2023 and is expected to continue its leadership through 2030. This is owing to the strong presence of leading precision medicine players and rising governmental funding for R&D activities in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period with China and India emerging as highly lucrative countries.
Key players: Key players operating in the precision medicine market are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundation Medicine. These players are focusing on new product launches, collaborations, and expansion strategies to gain a competitive edge in the market.
Read More- https://www.newsstatix.com/precision-medicine-market-size-share-and-growth/
