Precision medicine is an advanced patient care and therapy method. It helps in choosing appropriate medicines for patients on the basis of genetic understanding of their disease. Precision medicine is a new method for treating and preventing diseases that considers a person’s unique genetic makeup, environment, lifestyle, and other factors. Doctors and researchers can forecast which treatment and prevention methods should be used for a certain disease or condition more precisely, thanks to precision medicine.
The market for precision medicine in 2021 was USD 65.22 billion, and by 2030, it will be worth USD 175.6 billion, growing at a 11.5% CAGR during the forecast period.
The market is driven by the expanding geriatric population more prone to chronic & infectious ailments. Additionally, rising R&D spending in many nations worldwide will further fuel market expansion during the forecast period.
The primary factor influencing the growth of the market is the rising application of precision medicine tools to comprehend the susceptibility of the coronavirus illness (COVID-19), assess its impact, and identify viable treatments has significantly increased recently. In addition, there is an increased demand for precision medicine techniques due to the rising incidence of cancer and the number of therapeutic candidates undergoing clinical trials. This, together with the continuously funded research and development (R&D) operations and the vastly improved healthcare infrastructure globally, fosters market expansion.
The market growth is hampered by the high cost of precision medicine and the scarcity of skilled specialists in developed and under-developing nations. COVID-19 and the adoption of strict regulations are additional factors restraining market expansion.
The market is expanding due to a rise in new markets, R&D activity, and government programs like the Swiss Personalized Health Network. This health network will support the evolution of personalized healthcare and medicine in Switzerland by presenting opportunities for profitable market expansion. In August 2020, Sanford Health invested USD 50 million to assist Veterans Affairs (V.A.) medical professionals in using precision medicine to effectively dispense medication to individual cancer survivors.
On the basis of technology, the market is segmented into bioinformatics, big data analytics, companion diagnostics, gene sequencing, and other technologies.
The drug discovery segment ruled the entire market with a significant revenue share. The largest share of this segment is due to the rising interest in pharmacogenomics and precision medicine and increased efforts by public & private enterprises to conduct research and development to create new medicines.
On the basis of application, the market is segmented into CNS, oncology, immunology, respiratory, and other applications.
The oncology segment held the largest position in the entire market owing to the rising cases of cancer globally. Breastcancer.org discovered that in July 2020, 31.7% of 534 breast cancer patients delayed receiving treatment. In July 2020, 534 people were diagnosed with breast cancer; nearly 22% reported screening delays, and 9.3% reported treatment delays. A rise in cancer research funding and the numerous uses of precision medicine in oncology medicine research are further factors driving this market growth.
On the basis of end-user, the market is segmented into research centers and academic institutes, healthcare providers, pharmaceutical & biotechnology companies, and others.
In 2022, the pharmaceutical and biotechnology companies segment contributed for the largest market share. The largest share is due to the participation of key players and technology developers in investment-related programs. Per a report on pharmaceutical industries& global healthcare, nearly USD 179 billion was spend by biopharmaceutical companies on R&D globally in 2021.
The rising pervasiveness of interesting sicknesses is additionally expected to help the development of the market. The rising degree of understanding and connection of qualities of the human genome has prepared for endeavors on contriving different customized medication and restorative activities. For example, in September 2022, an exploration study did at the College of California at Irvine proposed a clever strategy for the administration of acquired retinal sicknesses (IRDs) by utilizing accuracy genome altering that is unmistakable to a singular’s necessities.
North America contributed the largest market share of 40% in 2022. The largest market share of this region is due to an increase in cancer cases, an upgraded healthcare system, a rise in the demand for and usage of precision medicine, large investments in R&D, the growth of digitalization, and policies implemented in key markets. 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.
- Foundation Medicine, Inc.
- 2bPrecise LLC
- Syapse, Inc.
- SOPHiA GENETICS SA
- Gene42, Inc.
- Fabric Genomics
- Sunquest Information
- PierianDx, Inc.
- LifeOmic Health
- N-of-One, Inc.
- Translational Software, Inc.
- Human Longevity, Inc.
- NantHealth, Inc.
- Tempus Labs, Inc.
- IBM Watson Group
- Flatiron Health, Inc.
- Koninklijke Philips N.V.
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- Biocrates Life Sciences
- Johnson & Johnson
- AB-Biotics SA
- GE Healthcare
- ABBOTT LABORATORIES
- Glaxosmithkline Plc (GSK)
- HealthCore, Inc.
- Dako A/S
The market for precision medicine in 2021 was USD 65.22 billion. And by 2030 it will be worth USD 175.6 billion, growing at a 11.5% CAGR during the forecast period. The rapidly rising cases of cancer drive the market for precision medicine.
The Coronavirus pandemic flare-up obstructed the duration of exploration for novel medication revelation. Nonetheless, innovation arranged results in the market, for example, telemedicine came into perseverance after the occurrence of pandemic circumstance. Besides, the Coronavirus pandemic has moved the interest for customized medication in measuring a singular’s resistance to battle Coronavirus disease. For example, an examination study distributed in Elsevier. In 2020 has shown that Coronavirus diseases are connected with quality variations on chromosomes. And loss of variations present on the X-chromosome.
Customized medication is likewise progressively utilized for applications in buddy diagnostics that are definitively intended for the assurance of the reasonability of subjects to a particular treatment and to measure the subject’s reaction to a restorative system. Buddy diagnostics assume a fundamental part in formulating effective accuracy. Medication thinking about the miniature climate, patient’s genome qualities, nationality, and way of life decisions.
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