February 24, 2024
Precision Medicine Market

The Rise of Personalized Healthcare is Driving the Precision Medicine Market

Precision medicine is driven by the increasing focus on personalized healthcare due to advancing technologies in data sciences and genomics. Large Paragraph: Precision medicine aims to provide customized healthcare services to patients based on their specific genetic, lifestyle and environmental factors. It facilitates the development of targeted therapies for diseases by considering individual variability factors. Precision medicine aims to improve diagnosis and treatment outcomes through molecular diagnosis techniques and advanced targeted drug delivery systems. This approach enables the development of therapies tailored to specific patients through the analysis of biomarkers in their genes, proteins, cells or metabolism. Factors such as genomic testing and companion diagnostics are driving advancements in precision medicine.

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, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends in the precision medicine market size is the increasing integration of artificial intelligence. AI is being used for drug discovery, diagnostics, treatment planning, and clinical decision support. It enables faster analysis of large and complex datasets, including genomic data, electronic health records, medical imaging and literature, to identify patterns and derive insights to aid clinical decision making. AI-based tools can help physicians develop personalized treatment strategies by simulating disease progression and drug response in individual patients. This is expected to accelerate research and development of precision therapies. Another trend is the growing application of next-generation sequencing (NGS) technologies. NGS provides a high-throughput and cost-effective method for large-scale sequencing of whole genomes and whole exomes. It is being widely used in cancer research for mutational analysis, biomarker identification and molecular profiling to guide therapy selection. This is supporting the development of more targeted drugs and diagnosis of various types of cancer with high accuracy.

Porter’s Analysis

Threat of new entrants: Low barriers to entry such as intellectual property rights and investments required pose a moderate threat of new entrants in the precision medicine market.

Bargaining power of buyers: Buyers have moderate bargaining power because of the availability of alternative treatment options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the differentiated products and technologies offered by manufacturers and providers in this market.

Threat of new substitutes: Substitutes have low threat as precision medicine offers personalized treatment based on an individual’s genes, lifestyle, and environment.

Competitive rivalry: The market exhibits high competition due to the presence of global as well as regional players offering a variety of precision medicine technologies.

Key Takeaways

The global precision medicine market is expected to witness high growth. 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.

North America is currently dominating the precision medicine market owing to the rising incidence of chronic diseases, increasing focus on precision medicine, and growing adoption of companion diagnostics. The high adoption of precision medicine technologies for disease management and presence of major players in North America is fuelling market growth. Asia Pacific is projected to witness significant growth over the forecast period due to increasing healthcare expenditure and growing awareness.

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. C L Pharm specializes in precision medicine for cancer while ZIM Laboratories focuses on neurological disorders.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it