Precision medicine, also referred to as personalized medicine, is an emerging approach for disease treatment and prevention that takes into account individual variability in people’s genes, environment, and lifestyle for each person. Precision medicine allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease may work best for each person. Many major companies and research institutions are investing in precision medicine to better understand the genetic basis of disease. With developments in next-generation sequencing and other high-throughput technologies, genomic and clinical information is increasingly being incorporated into clinical decision-making in oncology and other disease areas. Precision medicine offers the possibility to target prevention, diagnosis and treatment according to a person’s specific genetic makeup. Through various means including molecular level characterization of diseases and clinical data-driven biomarkers, precision medicine aims to provide enhanced predictive, preventive, and personalized solutions to health care.
The global Precision Medicine Market is estimated to be valued at US$ 84.5 Billion 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 key trends:
Precision medicine leverages advances in genomics, data science, and molecular diagnostics in an aim to provide better therapeutic tools to manage complex diseases. Some key trends shaping the global precision medicine market include growing investment in genomics and biomarker research, rising focus on precision therapeutics, increasing adoption of molecular diagnostic tools in oncology and companion diagnostics, and collaboration between pharmaceutical companies and clinical laboratories. Genomic profiling, biomarker analysis and real-world clinical data is enabling better understanding of disease heterogeneity and response to drugs. This is facilitating more targeted approaches to disease management. Pharmaceutical firms are partnering with diagnostic companies and clinical laboratories to provide companion diagnostics along with their precision drugs for enhancing personalized treatment protocols. As clinical validity and utility of molecular diagnostics increases, precision medicine is gradually transitioning from niche to mainstream healthcare over the coming years.
Threat of new entrants: Precision medicine is an emerging field with high research costs. This poses significant barriers to entry for new companies.
Bargaining power of buyers: Individual patients have limited bargaining power, while large healthcare providers and insurance companies have significant influence over prices.
Bargaining power of suppliers: A few major diagnostic companies dominate the supply of tools for precision medicine like companion diagnostics and next-generation sequencing instruments. This gives them strong bargaining power over buyers.
Threat of new substitutes: No close substitutes exist for precision medicine’s patient-specific diagnosis and treatment approach in pharmaceuticals and drug development.
Competitive rivalry: Competition is intense among large pharmaceutical companies investing heavily in precision medicine. New entrants from the diagnostics sector also increase competition.
The Global Precision Medicine Market Demand is expected to witness high growth over the forecast period.
North America currently dominates the market due to rising focus on targeted therapy and presence of leading industry players. The Asia Pacific region is expected to grow at the fastest pace owing to increasing healthcare expenditure and demand for advanced healthcare technologies.
Key players operating in the precision medicine market are Johnson & Johnson, Novartis, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Pfizer Inc., AstraZeneca, and GlaxoSmithKline plc. Precision medicine promises more effective patient outcomes through better understanding of individual patient’s genetic makeup. Major players are investing heavily in R&D of personalized medicines and companion diagnostics to cater to diverse patient populations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it