Precision medicine is a sophisticated approach to patient care and treatment. It involves selecting the right medication for patients by analyzing their genetics and understanding their disease. Precision medicine is a new method for treating and preventing diseases that considers a person’s unique genetic makeup as well as their environment, lifestyle, and other factors. Doctors and researchers will be able to forecast which treatment and prevention methods should be used for a certain disease or condition more precisely, thanks to precision medicine.
In 2021, the market for precision medicine was USD 65.22 billion, and by 2030, it will reach USD 175.6 billion, growing at a 11.5% CAGR during the forecast period.
Some of the major trends driving market expansion are the development of affordable genomic and molecular biology testing techniques, the rise in the incidence of cancer and uncommon disorders, and expanding use of big data in precision medicine.
Market Dynamics
Drivers
Increased efforts to define genes, a surge in online collaboration forums, and developments in cancer biology are stimulating the growth of the market. As the prevalence of life-threatening medical disorders, including cancer and rare diseases, has increased over the past few years, numerous gene treatments, diagnostics, and medications have been introduced in this field. For instance, the Globocan 2021 fact sheet estimates that by 2025, there will be 21.8 million additional instances of cancer. The rising number of cancer cases will increase the need for precision medicine and, as a result, foster the expansion of the market.
Restraints
However, risks associated with data sharing, the move from healthcare that is based on treatment to healthcare that is preventative, and diminishing trends in the FDA’s approval rate for pharmacotherapy could hinder the growth of the examined industry.
Opportunity
The market is expanding due to the emergence of new markets, increased research and development efforts, and government initiatives such as the Swiss Personalized Health Network. The purpose of this health network is to promote personalized healthcare and medicine in Switzerland and to provide opportunities for profitable market expansion. In order to assist Veterans Affairs (V.A.) doctors in using precision medicine to better tailor medication to specific cancer survivors, Sanford Health invested USD 50 million in August 2020.
Market Segmentation
By Technology
The drug discovery technology grew significantly, with the largest revenue share in 2021. Pharmacogenomics progress will open the door to a considerable expansion of drug discovery in precision medicine.
Using genetic information about individuals, pharmacogenomics aids in forecasting a drug’s effectiveness and aids in comprehending the distinctions between pharmacokinetics and pharmacodynamics. Additionally, the growing focus of biopharmaceutical manufacturers on the advancement of precision medicine for the treatment of diseases like cancer will further fuel market expansion.
By Application
The oncology application held the top spot in the global market for precision medicine in 2021 with a sizable revenue share. Globally rising cancer incidence will increase the need for precision medicine and efficient therapy methods.
Regional Analysis
In 2021, North America was the major market contributor, with a revenue share of approximately 49.26%. The market in North America is developing due to the rising incidence of cancer and the presence of major market participants. Furthermore, encouraging government initiatives and increased investment in the creation of cutting-edge treatments for efficient illness management are the key drivers of demand for precision medicine.
The market in Asia Pacific will expand quickly. This is partly due to the region’s ability to draw international investment due to the low cost of performing clinical trials for recently discovered precision medications and diagnostics. The region’s industry is also expanding due to favorable government measures to adopt personalized healthcare solutions.
Key Players
- 2bPrecise LLC
- Syapse, Inc.
- Gene42, Inc.
- Fabric Genomics
- Foundation Medicine, Inc.
- PierianDx, Inc.
- Sophia GENETICS SA
- N-of-One, Inc.
- Translational Software, Inc.
- Human Longevity, Inc.
- NantHealth, Inc.
- Sunquest Information
- LifeOmic Health
- IBM Watson Group
- Abbott
- AB-Biotics SA
- Tempus Labs, Inc.
- Flatiron Health, Inc.
- Koninklijke Philips N.V.
- GE Healthcare
- ABBOTT LABORATORIES
- HealthCore, Inc.
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- Biocrates Life Sciences
- Genelex
- Glaxosmithkline Plc (GSK)
- Johnson & Johnson
- Dako A/S
In 2021, the market for precision medicine was USD 65.22 billion, and by 2030, it will reach USD 175.6 billion, growing at a 11.5% CAGR during the forecast period. The market for precision medicine is growing as a result of the rising rate of cancer.
The developing occurrences of respiratory illnesses, fast mechanical headways in medical care, and the rising geriatric populace is driving the development of the market. Likewise, expanded utilization of remedial respiratory gadgets, for example, nebulizers, oxygen concentrators, and humidifiers, will assist with driving the business development. The developing commonness of respiratory sicknesses, like rest apnea and persistent obstructive pneumonic illness, is supposed to fuel the development of the respiratory fragment. As per WHO projections, 3.2 million individuals passed on overall in 2019 with gentle to extreme Constant Obstructive Pneumonic Issues (COPD). Moreover, as indicated by WHO projections, COPD will be the third most prominent reason for mortality internationally.
The Coronavirus pandemic has sped up the utilization of computerized reasoning (simulated intelligence) in the medical services industry. Utilizations of simulated intelligence have worked on an assortment of medical services administrations, including accuracy medication, populace wellbeing, persistent sickness the board, and clinical imaging. The utilization of man-made reasoning in Coronavirus the executives sped up the market extension. A Coronavirus mortality risk number cruncher, for example, was presented by a group from the Johns Hopkins School of General Wellbeing utilizing man-made brainpower. With the utilization of man-made brainpower, this adding machine directed general wellbeing drives including assets for avoidance, like N-95 covers. Besides, simulated intelligence was applied to assign scant assets and characterize treatment needs for patients with Coronavirus. A web-based emergency device model was presented by a group of scientists at the Overall Clinic of Individuals’ Freedom Armed force, Beijing, China, to deal with thought Coronavirus pneumonia in grown-up patients.
Significant organizations are progressively taking on joint efforts and organizations as systems to keep up with their market position. For instance, Intel teamed up with the College of Pennsylvania’s Perelman Institute of Medication to make a computer based intelligence model that guides in the recognition of mind malignant growth. Penn Medication teamed up with 29 global associations to fabricate this instrument utilizing a protection safeguarding strategy known as united learning. This innovation will permit different organizations to team up and prepare the simulated intelligence model without sharing delicate patient information.
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