by The Precision Medicine Market is estimated to be valued at US$ 236.02 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision medicine involves the use of patients’ genetic profiles and other biomarkers to develop targeted therapies. It uses a personalized approach to provide medical care customized for each individual based on individual characteristics such as lifestyle environment and genetic variations. The goal of precision medicine is to improve outcomes by targeting specific diseases using genetic information for more accurate diagnoses and treatments tailored to each person. This approach aims to maximize effectiveness and minimize unwanted side effects by developing treatments tailored to the individual patients.
Market key trends:
One of the key trends driving the precision medicine market is the growing adoption of AI and machine learning tools for personalized medical care. AI is enabling the use of large datasets to identify patterns and determine correlations that can help clinicians deliver customized treatment plans. AI algorithms are being used to analyze molecular and clinical data to determine what makes people respond differently to certain drugs or treatments. Companies are developing AI-powered tools and platforms that integrate multi-omic data, real-world outcomes, and rich clinical histories to develop predictive models that can help physicians deliver precision medicine. Furthermore, advances in next-generation sequencing technologies, increase in precision therapy approvals, rising R&D investment by pharma companies and growing focus on companion diagnostics are some other factors expected to propel the precision medicine market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement for R&D and clinical trials. However, presence large biosimilar companies are likely to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as precision medicine solutions can be substituted by conventional treatment methods. Large pharmaceutical companies possess high bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers and commoditization of raw materials.
Threat of new substitutes: Threat of substitutes is moderate as precision medicine is still in nascent stage and alternatives are limited. However, other targeted therapy options pose potential threat.
Competitive rivalry: The competitive rivalry is high among existing players to gain major market share through innovative diagnostic techniques and targeted therapies.
SWOT Analysis
Strength: Precision medicine conducts in-depth analysis of molecular and genetic profiles to provide personalized treatment options. This helps in more accurate diagnosis and effective outcomes.
Weakness: High costs associated with R&D, regulatory approvals and clinical validation. Infrastructure required for data storage, analytics and customized report generation is expensive to develop and maintain.
Opportunity: Untapped growth potential in emerging markets. Increasing healthcare expenditure and government initiatives to support precision medicine research offer lucrative opportunities.
Threats: Safety, efficacy and reliability concerns of new diagnostic techniques and therapies. Stringent regulatory compliances delay market entry. Data privacy & security threats related to storage of massive genomic data.
Key Takeaways
Global Precision Medicine Market Demand is expected to witness high growth at a CAGR of 10% over the forecast period, due to increasing application of genomics insights and molecular diagnostics to develop individualized treatment regimens. The market size was valued at US$ 236.02 Mn in 2023.
Regional analysis: North America dominates the precision medicine market and is estimated to grow significantly during the forecast period, due to rising prevalence of chronic disorders, advanced healthcare infrastructure and favorable regulatory environment supporting precision therapy adoption in the region. Asia Pacific exhibits the fastest growth rate owing to growing healthcare spending, increasing patient pool and improving access to precise diagnosis and treatment across major economies like China and India.
Key players operating in the precision medicine market are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
