Feb 28, 2023

English - UK

Pramod Pawar

Precision Medicine Market to Reach USD 254 billion, Globally by 2032

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

  • Global precision medicine market expected to reach USD 216.5 billion in 2028. This is a 9.1% increase over the previous forecast period.
  • Due to increasing cancer incidence and the need for targeted therapies, the market share in precision medicine is highest in the oncology sector.
  • 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.
  • Due to increased investment in research and developing, increasing awareness and increasing government initiatives, Asia Pacific will be the region with the fastest growing precision medicine market.

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

  • Technological advances: Recent technological advances, including genome sequencing, gene editing and bioinformatics have greatly improved our ability identify and understand disease-causing genes, pathways and pathways. This has led to the development of precision medicine.
  • Globally, the prevalence of chronic disease is increasing: There are more chronic diseases like diabetes and cancer. Precision medicine is a personalized approach to disease prevention and treatment that can improve patient outcomes and quality of life.
  • Patients-centric healthcare is becoming more important. Precision medicine places patients in the centre of their care, tailoring treatment plans to suit their individual needs based on their genetic and environmental makeup. Precision medicine is becoming more popular among healthcare providers to improve patient outcomes.
  • There is a growing demand for personalized medicine. Patients increasingly want personalized treatments that meet their specific needs. This is possible through precision medicine, which provides targeted treatments that are more efficient and have fewer side effect.
  • Government funding and support: All over the globe, governments are funding and investing in precision medicine initiatives. They also provide funding and support for research. The Precision Medicine Initiative, for example, was established in the United States in 2015 to advance precision medicine research and improve patient care.
  • These and other factors are expected to drive the market for precision medicine to expand rapidly over the next few years.

Restraints

  • Precision medicine treatments are expensive
  • In developing countries, there are no reimbursement policies
  • There are few skilled professionals who specialize in precision medicine.
  • Concerns about ethical issues related to the use genetic data

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Opportunities

  • Precision medicine is in high demand due to advances in genomics and personalized medical care.
  • An increasing number of chronic diseases like cancer, heart disease, and neurological disorders.
  • Funding and government initiatives for precision medicine research.
  • Increased investments by biopharmaceutical companies and biotechnology companies in precision medicine development.
  • There is a growing demand for personalized healthcare services.

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

  • Precision medicine development and implementation can be costly.
  • Precision medicine techniques are not standardized.
  • There is a limited supply of qualified professionals who can perform precision medicine.
  • Concerns about the use personal data to provide precision medicine are ethical.
  • Access to precision medicine is limited in developing countries.

Recent Developments

  • Telemedicine is growing in popularity as a means to provide precision medicine services to patients remotely. This trend has been accelerated by the COVID-19 pandemic, which saw more patients seek remote healthcare options.
  • Investment from venture capital firms, government agencies, and pharmaceutical companies is being attracted to the precision medicine market. The precision medicine market was worth $78.85 billion in 2020 and is expected to grow to $216.75 million by 2028.
  • Personalized medicine has become a major part of cancer treatment. The use of immunotherapies and targeted therapies to treat specific genetic mutations in cancer cells is leading to better patient outcomes and fewer side effects.
  • AI is used to analyze large quantities of patient data in order to find patterns and provide more accurate diagnoses. To create personalized treatment plans for patients, machine learning algorithms are used.
  • The precision medicine market is evolving rapidly. These developments will continue as technology advances and people demand personalized healthcare services.

Market Segmentation

  • Based on Technology
  • Big Data Analytics
  • Bioinformatics
  • Gene Sequencing
  • Drug Discovery
  • Companion Diagnostics
  • Other Technologies

Based on Application

  • Oncology
  • Respiratory Diseases
  • Central Nervous System Disorders
  • Immunology
  • Genetic Diseases
  • Other Applications

Based on the End-User

  • Hospitals and Clinics
  • Pharmaceuticals
  • Diagnostic Companies
  • Healthcare and I.T. Firms
  • Other End-Users

Market Key Players

  • Synapse, Inc.
  • E. Healthcare
  • AB-Biotics SA
  • Abbott Laboratories
  • HealthCore, Inc.
  • Hoffmann-La Roche AG
  • Johnson & Johnson
  • Eli Lilly and Company
  • Novartis AG
  • Other Key players

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Report Scope

Report AttributeDetails
The market size value in 2022USD 83.4 Bn
Revenue forecast by 2032USD 254 Bn
Growth RateCAGR Of  12.1%
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years2017-2022
Base Year2022
Estimated Year2023
Short-Term Projection Year2028
Long-Term Projected Year2032

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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Author

Prudour Private Limited



Email:

Pramod@market.biz

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