The global precision medicine market size was valued at USD 88 billion in 2021. It is projected to reach USD 280.67 billion by 2030, growing at a CAGR of 11.12% during the forecast period (2022–2030). Precision medicine is an emerging disease treatment and prevention strategy that considers each individual's genetic, environmental, and lifestyle differences. The ultimate objective of precision medicine is to provide the appropriate treatment to the appropriate patient at the appropriate time. Several disease areas, including oncology, immunology, neurology, and infectious diseases, are currently the subject of precision medicine research. Precision medicine refers to the development of medication according to an individual's genetic profile and provides disease prevention, diagnosis, and treatment recommendations.
The application of molecular biology in the precision medicine market investigates the molecular cause of a patient's disease so that target-based or individualized therapies can be used to treat the patient's health issues. This industry is gaining momentum due to the growing awareness of healthcare among individuals, the integration of smart devices such as smartphones and tablets into healthcare, and the increasing collaborations and agreements between IT firms and diagnostics and biopharmaceutical companies for the development of precise diagnostic tools.
Health providers, consumers (patients), and related users can access the precision medicine data contents and services to improve the healthcare system and develop more precise treatments. Numerous regulatory bodies and consortiums play crucial roles in regulating and standardizing the market for precision medicine. In addition, healthcare and IT/big data players are inventing new software and systems that can record and process the data of many patients significantly more efficiently.
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Progress in Sequencing Methods to Aid Growth
Significant technological advances in DNA sequencing have paved the way for a deeper understanding of certain diseases such as cancer. The advancements have made it possible to develop treatments that are more specifically suited to specific individuals, depending on the genetic profile of those individuals. This transformation of medicine at the molecular level is measurable in patients with breast, lung, or colorectal cancer who have had genetic testing as part of their routine patient care. Understanding the genetic variation eliminates the need for guesswork when selecting an appropriate treatment. The advancements that have been made in computational biology have made the data analytics and analysis phases of gene sequencing much more straightforward. This has led to a reduction in the amount of time needed to complete the process and an improvement in its accuracy. It is anticipated that these factors will allow the global precision medicine market to grow.
Increased Demand for Preventive Health and Wellness Services to Drive Market
Due to technological advancements, patients are becoming more aware of maintaining their health and fitness. Cancer, cardiovascular disease (CVD), and infectious diseases are the focus of precision medicine services, which aim to facilitate treatment for these conditions while also developing more accurate diagnostic tests and methods of disease prevention. The application of precision medicine has been receiving a lot more attention as of late. The advantage of this technology is the ability to give patients the best care possible while avoiding treatments that could be potentially harmful to them by knowing whether a particular medication will work for them. In other words, knowing whether a medication will be effective for a particular patient allows for better care.
In the present situation, it is expanding rapidly, and many patients stand to benefit from this development. This gives rise to the concept of shared decision-making, in which patients and their doctors jointly weigh the benefits and drawbacks of the treatments and craft plans of care tailored to meet each patient's specific requirements. With the collection of more medical data, there has been an increase in understanding of how the treatment a patient receives affects the patient's overall health. It is possible to use precision medicine for preventive care when interventions target disease risk factors to lower the disease risk. One example of this would be the treatment of high blood pressure to prevent patients from experiencing heart attacks or strokes.
Inadequate Understanding of Molecular Mechanisms and Interactions to Restrict Market Growth
The sensitivity of precision medicine products to genetic and environmental changes is one of the major factors restraining the market's expansion. In addition, the interaction between different genes, genes, and environment and environment and environmental factors can contribute to numerous sources of variation that are difficult to explain from an analytical standpoint. The complexity of drug response and disease is another factor that impedes progress. The limited understanding of the application of precision medicine solutions hinders market expansion. Patients are unaware of its benefits and proper application.
In addition, the market is still in its infancy, and numerous research and development programs are in the works. In addition, additional precision medicine applications have yet to be discovered; the applications are currently limited to a handful of disease diagnoses, including cancer, diabetes, and cardiovascular disease (CVD). The Centre for Assessment Technology and Continuous Health (CATCH) aims to improve the measurement of patient phenotypes using novel technologies and devices to increase public awareness. In addition to the patient's microbiome, sensor readings from respiratory cilia, and immune cell genotypes, they intend to measure cellular, behavioral, and other common phenotypes. Majority of people in developing and underdeveloped nations lack access to these technologies due to a lack of infrastructure and government support. The immense potential of sequencing technologies for the next generation and other emerging technologies necessitates extensive research and Development.
Expansion of the Emerging Markets to Spur Market Opportunities
Most precision medicine solution providers have restricted their operations to developed markets, leaving the vast potential of emerging markets untapped. Countries like China, India, Australia, and the Middle East and Africa have large populations at high risk for diseases and present a significant opportunity to expand the market for precision medicine. Genetics and precision medicine have advanced significantly in developing nations over the past ten years regarding legislation, product approvals, and the adoption of cutting-edge techniques and procedures in healthcare. Health insurance companies' reimbursement of genetic testing is a significant challenge for developing nations. In recent years, recognized health insurance providers in developing economies have agreed to cover the costs of genetic diagnostic testing for their clients, making this new technology available to patients and their at-risk relatives.
Searching for mendelian germline genetic mutations, such as those that occur in cancer genetics, is likely the starting point for funding programs by the public healthcare systems of emerging nations. This makes screening for mendelian diseases more affordable and accessible to the populations of developing economies. In addition, investment funds in private healthcare systems significantly support small innovative players in emerging regions that focus on developing new and informative genetic tests. A second factor contributing to the expansion of precision medicine in emerging economies is the regulation of genetic testing policies and guidelines. For instance, numerous developing nations' proper and uncomplicated approval of the Genetic Information Non-discrimination Act (GINA) law helped prohibit genetic discrimination in health insurance and employment. This establishes the country's modern and humanized environment for genomic medicine.
The global precision medicine market is segmented by ecosystem and application.
Based on the ecosystem, the global precision medicine market is segmented into sciences, precision diagnostics, precision therapeutics, and digital health and information technology.
The precision therapeutics segment is dominating the market and is expected to grow at a CAGR of 11.62% during the forecast period. In recent years, the growth of the precision medicine market has been phenomenal. Rapidly emerging technologies are expanding the arsenal of tools available for precision medicine and facilitating the development of new therapeutics. Gene therapies, cell therapies, and molecular biomarker analysis have the potential to revolutionize medicine and increase the capacity to treat and cure many incurable diseases.
Liquid biopsies, which analyze blood-isolated cells, DNA, RNA, proteins, or vesicles, have attracted particular interest in acquiring information about the biology of tumors and metastatic tissues. Personalized treatments based on genetic variations are becoming possible due to DNA sequencing advances. The development of biological therapies to further advance personalized treatments has made extraordinary progress.
Based on application, the global precision medicine market is segmented into oncology, neurology/psychiatry, infectious diseases, gastroenterology, cardiovascular, endocrinology, rheumatology, etc.
The oncology segment is the most dominant and is expected to grow at a CAGR of 11.21% during the forecast period. Precision oncology is a significant focus of precision medicine-related research and development. Cancer precision medicine aims to provide the most precise and effective treatment for each cancer patient based on their genetic makeup and unique characteristics. In addition, the heterogeneity of cancer tumors makes cancer a viable research topic. Understanding and analyzing the molecular pathway of each type of cancer will expedite the implementation of precision medicine across the entire spectrum of cancer care. The ultimate objective of cancer precision medicine is to prevent cancer through early detection and to treat late-stage cancer when it is diagnosed.
The market potential of precision medicine concerning different regions, namely North America, Europe, Asia-Pacific, and the Rest-of-the-World (ROW).
Regional Growth Insights Request Sample Pages
North America is dominating the market with the highest revenue and is expected to reach USD 97.32 billion in 2030, growing at a CAGR of 9.7% during the forecast period. The U.S. dominates the precision medicine market in North America. This section analyses the market potential of precision medicine in the United States and Canada. Understanding the biology of various infectious diseases and types of cancer, such as lung, breast, and colorectal cancer has been significantly aided by advanced research and development in molecular diagnostics and targeted therapeutics. Several well-established diagnostics manufacturers in North America are concentrating on expanding their portfolios of NGS-based molecular diagnostics. They also collaborate with service providers and pharmaceutical giants to co-market molecular diagnostics solutions with their complementary precision medicine solutions. In addition, the U.S. government is funding new start-ups in molecular diagnostics and precision medicine.
The global precision medicine market’s major key players are