Feb 28, 2023
English - UK
Pramod Pawar
Precision Medicine Market Overview
The rapidly expanding field of precision medicine focuses on the development of personalized treatments that are based on individual patient's environmental, genetic, and lifestyle factors. The increasing investment in research, advances in genomics, proteomics, and the rising incidence of chronic diseases will all contribute to the growth of precision medicine.
The global precision medicine market size is expected to be worth around USD 254 Bn by 2032 from USD 83.4 Bn in 2022, growing at a CAGR of 12.1% during the forecast period from 2022 to 2032.
Precision medicine is a new field that guides treatment according to an individual's genetic makeup, lifestyle and environment. Because precision medicine is able to treat cancer, precision medicine has become a popular field. This allows researchers and doctors to make more accurate predictions about the treatment and prevention strategies needed for any given disease. Precision medicine can also be called personalized medicine or individualized medicine. It targets mutations in normal cells that turn into cancerous cells. Precision medicine is used in targeted cancer treatment and has fewer side effects. It also provides faster recovery than conventional drugs.
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The Key Takeaways
Regional Snapshot
North America is the largest market for precision medicine in the world due to its advanced healthcare infrastructure, favorable reimbursement policies and high adoption rate of precision medicine technologies. With a large share of the global precision medicines market, the U.S. is North America's largest market. Europe is second, followed by Asia Pacific, which is expected be the fastest-growing due to increased investment in research, development, increasing awareness and government initiatives.
Drivers
Restraints
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Opportunities
Gene therapy is one of the most lucrative markets in which precision medicine companies are operating. The large investments made in genome sequencing will drive the growth of precision medicine. As a personalized, effective treatment option for cancer, gene therapy is expected to be more in demand as the global prevalence of this disease increases. WHO predicts that cancer incidence will rise by 50% and reach 20 million people by the end of the decade. Gene therapy is a possible treatment option for the rising global burden of cancer.
The global gene therapy market will be fueled by the increased adoption of new genomic technologies such as NGS or high-density mikroarray and favorable government initiatives. The number of gene therapy clinical trial reports is increasing.
Challenges
Recent Developments
Market Segmentation
Based on Application
Based on the End-User
Market Key Players
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Report Scope
Report Attribute | Details |
The market size value in 2022 | USD 83.4 Bn |
Revenue forecast by 2032 | USD 254 Bn |
Growth Rate | CAGR Of 12.1% |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
Historical Years | 2017-2022 |
Base Year | 2022 |
Estimated Year | 2023 |
Short-Term Projection Year | 2028 |
Long-Term Projected Year | 2032 |
FAQ
Q: What is precision medical?
A: Precision medicine refers to a medical approach where treatments are tailored to a person's lifestyle, genetic, and environmental factors.
Q: What are the advantages of precision medicine?
A: Precision medicine is a way to provide more effective treatment with fewer side effects, better disease prevention and personalized healthcare services.
Q: Which diseases can precision medicine treat?
A: Precision medicine can be very useful in the treatment of cancer, cardiovascular disease, and neurological disorders.
Q: What is the difference between precision medicine and traditional medicine?
A: Traditional medicine is a one-size fits all approach. Precision medicine considers individual genetic and environmental factors in order to tailor treatment plans.
Q: Is precision medicine expensive?
A: While precision medicine implementation and development can be costly, the long-term benefits of better health outcomes and lower healthcare costs make it worthwhile.
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