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The precision medicine market size is forecast to increase by USD 66.2 billion, at a CAGR of 12.34% between 2023 and 2028. The market is experiencing significant growth driven by various factors. The escalating prevalence of chronic diseases, such as cancer and cardiovascular disorders, is fostering the adoption of precision medicine approaches for tailored chronic disease management as well as treatments. Moreover, the rising demand for personalized medicine, which offers targeted therapies based on individual patient characteristics, is significantly propelling market expansion. Advancements in genomics and proteomics are further revolutionizing the sector, enabling more accurate diagnostics and treatment strategies.
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The precision medicine market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.
Based on Application, the oncology segment dominated the market in 2018 and was valued at USD 22.10 billion and continued to grow during the forecast period. The application segment of the market encompasses a range of key areas where personalized treatment approaches are being applied to address various healthcare challenges. Companion diagnostics and personalized therapeutics are at the forefront of precision medicine, allowing for tailored treatment plans based on individual patient characteristics.
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Moreover, the precision medicine allows doctors to develop personalized treatment plans tailored to specific genetic mutations. They can identify specific molecular pathways involved in the development and progression of cancer. Precision medicine has various applications in oncology. These drugs are more effective and have fewer side effects when compared to traditional chemotherapy. They inhibit the growth and spread of cancer while minimizing damage to healthy tissues, thus playing a vital role in cancer diagnostics. It is also used in immunotherapy, which uses a patient's own immune system to treat cancer. In addition, precision medicine is used to identify patients who are at higher risk of developing certain types of cancer. Thus, increasing its use in oncology will drive the growth of this segment during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in North America is attributed to factors such as high healthcare spending, advanced healthcare infrastructure, and a strong focus on R&D. Advances in technology, the increasing demand for personalized medicine, and the rising prevalence of chronic diseases will further drive market growth during the forecast period.
Moreover, in the US, the growth of the market will be driven by increased R&D spending and better healthcare infrastructure. Breast cancer is the most common type of cancer among women in the US and the second leading cause of death. The geriatric female population is more prone to develop breast cancer. These factors are expected to drive the growth of the market in the US during the forecast period. The rising incidence of cancer is also driving the growth of the precision medicine market in other countries such as Canada. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The Precision Medicine Initiative (PMI) is advancing our understanding of illness susceptibility through the study of behavioral variability and genetic testing. By analyzing chromosomal abnormalities and single nucleotide polymorphism, researchers can tailor personalized treatment drugs for conditions like epilepsy and multiple sclerosis. Institutions such as the National Cancer Institute (NIC) are at the forefront of this research, focusing on the prevalence of cancer and targeted gene therapy. The precision medicine initiative is driven by the goal of improving the diagnosis and progression of diseases through a deeper understanding of the human genome. While commercialization of these advances is promising, reimbursement policies and positive results in clinical trials are crucial for broader implementation. The integration of genetics and personalized treatment into healthcare underscores a significant shift towards more precise and effective medical interventions.
The growing prevalence of chronic diseases is notably driving precision medicine market growth. Some of the common chronic diseases include diabetes, cardiovascular disease, cancer, respiratory diseases, and neurological disorders. The prevalence of chronic diseases is rising across the world, which is driving the demand. The aging population is also driving the prevalence of chronic diseases. For instance, according to the World Health Organization (WHO), the number of people aged 60 years and above will double to 2.1 billion by 2050 globally. Changes in lifestyle, such as lack of physical activity, poor diet, and tobacco use, also increase the prevalence of chronic diseases.
Precision medicine offers a personalized treatment approach that can be tailored to the genetic and biological characteristics of individual patients. This helps healthcare providers identify genetic and protein-based biomarkers associated with specific diseases, which can lead to the development of targeted therapies that are more effective and have fewer side effects. It can also help identify individuals who are at high risk of developing certain diseases, thereby enabling early intervention and prevention. Therefore, the growing prevalence of chronic diseases is expected to drive the growth of the global precision medicine market during the forecast period.
The growing use of artificial intelligence (AI) and machine learning (ML) is a key trend shaping the market. With the use of these technologies, vast amounts of patient data can be analyzed in a short time to develop targeted and personalized treatments. Artificial Intelligence and machine learning are being used in several areas of precision medicine based on individual genetic and molecular profiles.
The integration of AI/ML algorithms with precision medicine helps clinicians, doctors, and researchers solve challenging issues in personalized healthcare. AI and ML can also help identify potential drug targets and predict the efficacy of new drugs, thereby speeding up the drug discovery process. These technologies can also help identify patients who are most likely to benefit from a particular treatment, thereby improving the efficiency and success of clinical trials. They can find patterns and correlations that might not be visible to human researchers, leading to accurate diagnoses and more effective treatments. Thus, the growing use of AI and ML in the industry is expected to support precision medicine market growth during the forecast period.
Data privacy and security issues associated with precision medicine may impede market growth. It depends on the collection and analysis of large amounts of patient data, such as genetic and molecular information, medical history, and lifestyle factors. However, this data is vulnerable to cyberattacks and data breaches. Therefore, researchers and healthcare providers should implement strong security measures to protect patient data.
It is important to ensure that the use of patient data is in compliance with data protection regulations. Researchers and healthcare providers should obtain informed consent from patients before collecting and using their data. This can be achieved by working to establish standards and guidelines for data collection, storage, and sharing. Thus, data privacy and security issues associated with precision medicine are expected to inhibit precision medicine market growth during the forecast period.
The precision medicine market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the precision medicine market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amgen Inc.: The company offers precision and personalized medicines for various treatments.
The precision medicine market trends and forecasting report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The field of precision medicine is transforming healthcare by focusing on genetic variability and environmental variability to tailor treatments. With advancements in genetic technology, such as genome sequencing and microarray/biochips, researchers at institutions like the Cleveland Clinic are exploring genes and proteins to understand CNS disorders and Alzheimer's disease. Personalized treatment choices and personalized treatment drugs are now feasible thanks to drug discovery technology and pharmacogenomics. However, the high cost of precision medicine and price tags associated with gene therapy clinical trials pose challenges, despite market opportunities and funding programs. Health insurance companies and public healthcare systems face the challenge of addressing the cost of precision medicine regimen. Regulatory bodies are working on approvals for personalized medicines, and pharmaceutical and biotechnology companies are expanding into cell and gene therapies. Despite these advancements, wider adoption remains hindered by reimbursement and financing policies.
Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.34% |
Market growth 2024-2028 |
USD 66.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.61 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biocrates Life Sciences AG, Bristol Myers Squibb Co., Catalent Inc., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., IQVIA Holdings Inc., Johnson and Johnson Services Inc., Lonza Group Ltd., Merck and Co. Inc., Novartis AG, Parexel International Corp., Pfizer Inc., QIAGEN NV, Sanofi SA, Takeda Pharmaceutical Co. Ltd., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our precision medicine market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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