A new area of medicine called precision medicine examines a person's environment, genetic makeup, and lifestyle to decide the optimal course of therapy. The success in treating and preventing cancer has given precision medicine a boost in popularity. This enables medical professionals and researchers to predict how to better treat or avert any disease. Precision medicine is frequently referred to as individualized or personalized medicine. Its main objective is to treat cancer-causing mutations in healthy cells. When treating cancer, precision medicine has a lower risk of side effects than conventional medication.

In 2021, the market for precision medicine was worth USD 65.22 billion and will reach USD 175.6 billion by 2030, growing at an 11.5% CAGR during the forecast period.

Market Dynamics

Drivers 

The world's precision medicine market is expanding primarily due to increased genome sequencing, new technologies like gene therapy, and investments by major players in precision medicine research and development (R&D). Additionally, rising cancer prevalence, chronic infections, and various adverse drug reactions (ADR) are fueling the market's expansion, and nanomedicines can alter disease management for targeted drug delivery. Therefore, decreasing negative side effects, increasing government funding for precision medicine initiatives, and collaborations between software and pharmaceutical companies contribute to the expansion of the market.

Restraints

Furthermore, uneven infrastructure development is a challenging factor for developing countries in the growth of the precision medicine market, and the shortage of skilled IT specialists in healthcare will restrain market growth in the upcoming years. Additionally, developing accurate precision medicine at reasonable prices can limit the market's growth.

Opportunity

The market will experience rapid expansion throughout the forecast period due to developments in precision medicines and diagnostics, game-changing innovations like Next Generation Sequencing (NGS), and big genomic data.

Market Segmentation 

By Technology

In 2021, the drug discovery segment was the global leader with a significant revenue share. This market is growing due to rising interest in pharmacogenomics and precision medicine, as well as increased efforts by both public and private enterprises to conduct research and development to create new medicines. Additionally, the growing focus of biopharmaceutical players on developing precision medicine for treating diseases like cancer will further spur market growth.

By Application 

In 2021, the oncology segment ruled the entire market in terms of application. Globally rising cancer incidence will increase the need for precision medicine and efficient therapy methods. Examining the patient's genes and the underlying causes of the cancer condition is made possible by precision medicine. Additionally, it aids in the development of personalized medicine for the patient, enabling faster recovery times than with traditional therapies.

By End-User

In 2022, the pharmaceutical & biotechnology companies segment led the entire market. The largest share of this segment is due to the participation of significant technology innovators and market players in investment programs.

Regional Analysis 

North America was the global market leader, with a share of 43% in the year 2021. The largest share of this region is due to the rising frequency of cancer and the presence of major market players in this region. Furthermore, encouraging government initiatives and rising investment in the creation of innovative treatments for effective disease management are the main drivers of demand for precision medicine.

Due to low-cost clinical trials of newly discovered diagnostic devices and precision medicine, the Asia Pacific will have profitable growth during the projection period. Additionally, the demand for precision medicines in the region will increase as the economies and disposable income of developing countries like India grow. Due to ongoing research and large investments in medical technologies and infrastructure, the region provides several growth opportunities in the medical field.

Key Players 

· Foundation Medicine, Inc.

· 2bPrecise LLC

· Syapse, Inc.

· Gene42, Inc.

· Fabric Genomics

· PierianDx, Inc.

· Sophia GENETICS SA

· Translational Software, Inc.

· Sunquest Information

· N-of-One, Inc.

· Human Longevity, Inc.

· NantHealth, Inc.

· Flatiron Health, Inc.

· LifeOmic Health

· Tempus Labs, Inc.

· IBM Watson Group

· AB-Biotics SA

· Koninklijke Philips N.V.

· Abbott

· GE Healthcare

· ABBOTT LABORATORIES

· Glaxosmithkline Plc (GSK)

· LABORATORY CORPORATION OF AMERICA HOLDINGS

· Biocrates Life Sciences

· Genelex

· HealthCore, Inc.

· Johnson & Johnson

· Dako A/S

In 2021, the market for precision medicine was worth USD 65.22 billion and will reach USD 175.6 billion by 2030, growing at an 11.5% CAGR during the forecast period. Some of the major trends driving market expansion are the development of affordable genomic and molecular biology testing techniques, the rise in the incidence of cancer and uncommon disorders, and an increase in the use of big data in precision medicine.

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