by Precision Medicine Market Growth refers to the concept of tailoring medical treatment based on a patient’s specific genotype and characteristics. Precision medicine aims to provide targeted disease prevention and treatment using a patient’s genetic profile. The growing need for customized healthcare and targeted therapeutics has led to the development of precision medicine as an advanced medical approach. Better insights into genomic sequencing and genetic mapping have allowed physicians to understand how genes, environment, and lifestyle choices impact individual health. This has enabled precision approaches to disease diagnosis and treatment.
The global precision medicine market is estimated to be valued at US$ 271.9 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key Takeaways
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. Precision medicine allows targeted disease prevention and facilitates customized treatments tailored for an individual patient’s genes, environments, and lifestyle. The increasing demand for personalized healthcare drives growth opportunities in the precision medicine market. The rising prevalence of cancer worldwide also fuels the demand for precision oncology solutions. Furthermore, advancements in genetic testing, big data analysis, and improvement in diagnostics technologies are expanding market growth on a global scale.
Market drivers
The primary market driver for precision medicine is the increasing application in cancer treatment. According to the World Health Organization, cancer is one of the leading causes of death globally, with approximately 10 million deaths in 2020. Precision oncology involves comprehensive genomic profiling of patient tumors to identify genomic alterations and mutations and customize cancer treatment accordingly. Genomic testing allows physicians to match patients with targeted therapies, clinical trials, or immunotherapies based on an in-depth understanding of tumor genetics. This drives better treatment outcomes and higher survival rates. Precision cancer diagnostics and therapeutics are thus expected to witness significant demand over the forecast period.
PEST ANALYSIS
Political: Precision medicine in healthcare is supported by various governmental initiatives and reimbursement policies. However, stringent regulations and ethical issues related to precision medicine could slow down its adoption.
Economic: Precision medicine helps reduce long-term healthcare costs by early diagnosis and targeted treatment. Yet, the high initial costs of R&D, genetic screening and customized therapeutics pose challenges for wide implementation of precision medicine.
Social: Precision medicine aligns with trends towards personalized healthcare and empowering individuals to take control of their health. However, there are also social concerns around genetic discrimination and data privacy.
Technological: Advancements in genomics, big data analytics and biospecimens repositories are driving opportunities in precision medicine. Further developments are still needed to fully unravel disease complexity at molecular level and bring targeted therapies to clinical use.
GEOGRAPHICAL CONCENTRATION
In terms of value, North America accounts for the largest share of the precision medicine market currently, due to favorable reimbursement scenarios and presence of major market players in the US and Canada. Europe is the second largest regional market driven by rising focus on customized treatment approaches particularly in the UK, Germany, France and Italy.
FASTEST GROWING REGION
The Asia Pacific region is projected to witness the highest growth during the forecast period in the precision medicine market regional analysis . This can be attributed to growing healthcare expenditure, increasing government funding for precision medicine research and rising incidence of chronic diseases in densely populated countries such as China and India. Favorable regulatory guidelines are also expected to boost market developments across Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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