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Precision Medicine Market Size, Share, and Analysis, By Type (Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral), By Application (Oncology, Rare diseases, Hematology, Infectious, and Others), By Technology (Genomics, Transcriptomics and Epigenomics, and Others), By End User (Hospitals & Clinics, Home care), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032
Precision Medicine Market is expected to grow at a CAGR of 12.1% in the forecast period (2023-2032), with the market size valued at USD 39.66 billion in 2021 and projected to reach USD 138.6 billion by 2032.
Precision medicine, sometimes referred to as personalized medicine, is a healthcare strategy that customizes medical judgments, therapies, and treatments to specific patients by considering their distinctive genetic make-up, way of life, and environmental circumstances. It has become more well-known as a result of developments in genomics, genomic sequencing technology, and data analysis, which make it possible to identify genetic variations linked to diseases and provide tailored treatments. Precision medicine includes diagnostic tools, biomarker testing, and the integration of complicated patient data utilizing artificial intelligence and machine learning. It is mostly prominent in oncology but is moving into other medical fields. It is a dynamic and evolving industry since regulatory bodies are actively involved in forming the regulatory framework, yet issues with data privacy, standardization, and reimbursement still exist.
Precision Medicine Market is expected to reach USD 138.6 billion, growing at a CAGR of 12.1%. Advances in genomics and genetic sequencing technology are principally responsible for the sector of precision medicine's present remarkable expansion. These developments make it easier to find the genetic differences linked to diseases and to provide personalized treatments after that. Precision medicine is finding uses outside of oncology, increasing demand for diagnostic equipment and biomarker testing. The precision of treatment decisions is also being improved by the incorporation of substantial patient data and the use of artificial intelligence for data analysis. Precision medicine is positioned as a dynamic and promising strategy for improving patient care and outcomes thanks to regulatory authorities' support and the continual evolution of guidelines.
Source: Fatpos Global
Based on the Type, the market is divided into Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral, and Others. Notably, the inhibitor medication category became the main player in this market in 2022. The demonstrated efficacy of inhibitor medications and the accessibility of a sizable number of commercially licensed pharmaceuticals falling under this category are two aspects that contribute to this leadership position. Additionally, a variety of important medical indications, including oncology and uncommon illnesses, are covered by inhibitor medications, which increases their market share and significance. The prominence of this section highlights its important contribution to the development of precision medicine.
By Application, the Precision Medicine Market is typically segmented into Oncology, Rare diseases, Hematology, Infectious, and Others. Oncology has the biggest percentage of these due to a number of factors. There has been a marked rise in the number of oncology medications approved for personalized or precision treatment methods, which reflects the rising acceptance of the advantages of targeted cancer therapies. The prevalence of various cancer kinds has also been expanding globally, which has increased the need for precisely targeted therapies to address the many problems that cancer patients face around the world. As a result, oncology becomes a leader in the field of precision medicine, highlighting its crucial role in determining the direction of personalized healthcare.
Source: Fatpos Global
Expansion of Genetic Testing and Related Procedures to Boost the Market
Only after a wide range of diagnostic tests has been used to evaluate the patient's genes, looking at unique variants, genetic mutations, and variances is a precision medicine regimen advised. Additionally, the therapeutic strategy comprises giving the patient a suitable therapy or medication regimen depending on the findings of genetic testing. The availability of tests for cancer screening, prenatal screening, and the accessibility of direct-to-consumer testing (DTC) are among the factors influencing the growth of genetic testing. Furthermore, genetic testing greatly speeds up the creation of companion diagnostics. Diagnostic techniques called companion diagnostics (CDx) are used to identify the patients most likely to benefit from a certain therapeutic intervention. These assessments enable the selection of individualized treatment alternatives, advancing precision medicine.
Increasing Demand for Cell and Gene Therapies will Hasten Market Expansion
Due to their potential to cure conditions for which there are now no viable medicines, cell and gene therapies have recently seen an increase in demand. These categories mostly cover rare genetic abnormalities, chronic diseases found in specialized domains like oncology, and other uncommon illnesses. Due to the increase in demand, pharmaceutical and biotechnology firms now have an alluring opportunity to invest in the creation and marketing of novel cell and gene therapies. Additionally, as cell and gene therapies have specific therapeutic benefits, they are referred to as customized medicine. For of the enormous advantages that cell and gene treatments provide, there is a growing market for them, which creates a big potential for precision medicine.
High Cost of Therapy is Hurting the Market
Following a thorough examination of the patient's genetic profile using diagnostic genetic tests, precision medicine treatments are given. As a result, the overall costs of receiving treatment via precision medicine can be high. This might make it more difficult for people to get precision medicine if they are struggling financially or live in areas with inadequate healthcare infrastructure. However, it is anticipated that prices for customized medications will likely drop in the near future. This is for the reason that major players are working together to develop therapies at lower costs, and as regulatory agencies and healthcare providers are supporting precision medicine adoption and accessibility more and more.
Precision Medicine Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to significant expenditures made within the region, North America establishes its supremacy in the precision medicine market. Furthermore, the market's growth rate in North America is expected to be further accelerated by the increased adoption and use of precision medicine.
The Asia-Pacific area, meanwhile, is anticipated to rise significantly due to strong government measures. Furthermore, the adoption of big data in healthcare and the rise in cancer incidence are anticipated to accelerate market expansion in this area.
Source: Fatpos Global
Precision medicine has been significantly impacted by the COVID-19 pandemic. The pandemic originally resulted in a drop in the use of precision medicine in 2021–2022, despite the fact that there have been an increasing number of promising clinical-stage and commercialized monoclonal antibody medicines, some of which have been repurposed from other applications. Restrictions and fewer individuals receiving diagnostic and therapeutic services for various diseases were to blame for this reduction. But since 2022, demand for precision medicine has grown as financial stability has improved and more people are aware of how it might enhance patient outcomes. The pandemic has brought attention to the value of precision medicine in the treatment of a variety of illnesses, emphasizing the necessity for individualized medicines and risk assessment, particularly in the context of infectious diseases like COVID-19.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 12.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Type |
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By Technology |
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By Application |
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By End Users |
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By Region |
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Precision Medicine Market size was values at USD 39.66 billion in 2021 and is projected to reach the value of USD 138.6 billion in 2032, exhibiting a CAGR of 12.1% during the forecast period.
A healthcare strategy known as "precision medicine" caters medical interventions and treatments to specific individuals based on their genetic, dietary, and environmental characteristics. It strives to deliver individualized and more effective medical care by considering each patient's particular traits and requirements.
The Inhibitor segment and the Oncology segment accounted for the largest Precision Medicine Market share.
Key players in the Precision Medicine Market include Illumina, Inc., Thermo Fisher Scientific, Inc., Roche Holding AG, Qiagen N.V., Myriad Genetics, Inc., Exact Sciences Corporation, Bristol-Myers Squibb, Novartis AG, Amgen Inc., AstraZeneca PLC, Gilead Sciences, Inc., Bio-Rad Laboratories, Inc., Foundation Medicine, Inc., Becton, Dickinson and Company (BD), Tempus, Inc., and Other Prominent Players.
Expansion of genetic testing & related procedures and increasing demand for cell and gene therapies are the factors driving the Precision Medicine Market.
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