Precision medicine is an innovative medical model that proposes customization of healthcare, with medical decisions, practices, and products tailored to the individual patient. Some key examples include genetic testing for susceptibility or risks related to diseases, pharmacogenetic testing to see how the individual metabolizes and responds to drugs, and tests to help reveal which therapeutic approaches may work well. The global precision medicine market is gaining massive popularity due to surging demand for personalized healthcare with customized therapeutic and diagnostic interventions tailored to individual patient characteristics. Genetic testing helps analyze an individual’s genes, proteins, or other biomarkers to determine which medical therapies and procedures will work best for that patient.
The global precision medicine market is estimated to be valued at US$ 236.02 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Progressive advancements in the fields of genomics and bioinformatics are expected to drive the precision medicine market growth over the forecast period. Genomic research is helping identify specific biomarkers that can be used to target prevention and treatment of various chronic conditions. For instance, development of biomarkers by analyzing genetic signatures is helping tailor therapies for cancer patients. In addition, growing integration of AI and machine learning capabilities in genomic data analysis is fueling discovery of new biomarkers and therapeutic targets. Such developments are supporting personalized treatment approaches in conditions like cancer and cardiovascular diseases. Meanwhile, growing focus on drug development through analysis of genetic differences among individuals is also propelling precision medicine market expansion. However, lack of clear regulatory guidelines and reimbursement policies present significant challenges, especially in developing nations. In addition, high costs associated with genetic profiling, coupled with infrastructural challenges for genomic data storage and analysis remain major bottlenecks.
Segment Analysis
The precision medicine market is dominated by the oncology segment which holds more than 30% share of the overall market. Precision oncology uses genomic profiling to detect cancer mutations and select targeted drugs or immunotherapies. It helps in choosing effective therapies based on a person’s genetics and biology. This approach has led to better survival rates and quality of life for cancer patients.
PEST Analysis
Political: Governments across the world are supporting precision medicine initiatives through funding and regulation. For example, the United States has launched the Precision Medicine Initiative to advance treatment based on a person’s genes, lifestyle and environment.
Economic: The rising healthcare spending on chronic diseases and growing demand for personalized care is fueling market growth. However, the high costs associated with genomic testing and data storage solutions can hinder widespread adoption.
Social: Development of patient networks and advocacy groups have increased awareness about precision therapies. Patients are more willing to share medical records for better outcomes. However, privacy and security of genetic data remains a concern.
Technological: Continued research in omics technologies, artificial intelligence and electronic health records is enabling insights from large datasets. Advances in genomic profiling, drug development and diagnostics have made precision medicine more feasible in clinical settings.
Key Takeaways
The global precision medicine market is expected to witness high growth over the forecast period driven by increasing cancer cases, rising geriatric population and growing genetic testing adoption. The global Precision Medicine Market is estimated to be valued at US$ 236.02 Mn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the precision medicine market led by the large healthcare expenditure and supportive regulatory environment in the US for precision therapies. The Asia Pacific region is anticipated to grow at the fastest rate owing increasing healthcare spending of countries like China and India.
Key players: Key players operating in the precision medicine market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. These players are focusing on partnerships, new product launches and increasing investment in genomic research to strengthen their market position.