Global Precision Medicine Market Size to Reach USD 148.2 Billion in 2032 | Xcellent Insights

Pune, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The Global Precision Medicine Market has witnessed remarkable growth, reaching a size of approximately USD 57.69 billion in 2022, and is projected to further expand to USD 110.9 billion with a robust CAGR of 11.5% during the forecast period. Precision medicine, often referred to as customized or tailored medicine, is an emerging field within healthcare that focuses on tailoring medical treatments to an individual's unique genetic makeup, environment, and lifestyle. This personalized approach has the potential to revolutionize healthcare by enabling more precise diagnoses, predicting disease outcomes, and implementing preventive measures. One of its primary objectives is to target specific genetic mutations that can lead to diseases, particularly in the context of cancer. Precision medicine treatments, especially in cancer cases, have shown the potential to reduce adverse effects and expedite recoveries compared to standard treatments.

Notably, advancements in precision medicine have already resulted in significant breakthroughs and treatments that have received regulatory approval, from bodies like the FDA. These treatments are customized based on individual characteristics, such as a patient's genetic profile, and hold great promise to cure various diseases. Molecular testing has become a standard practice, particularly in cancer care, allowing physicians to select therapies that not only improve survival rates but also, minimize the risk of harmful side effects. This personalized approach is driving the adoption of precision medicine within the healthcare industry.

Market Dynamics:

Precision medicine also play a vital role in preventing adverse drug reactions and expanding treatment options, thereby contributing to the growth of the medical tourism sector in European countries. Initiatives, such as the establishment of advanced therapy treatment centers in the United Kingdom, with significant investments, are aimed towards advancing precision medicine and gene therapies.

Technological advancements have played a pivotal role in propelling the field of precision medicine. Innovations in genomic sequencing, molecular diagnostics, and data analytics have been instrumental in this growth. Next-generation sequencing (NGS) technologies, in particular, have revolutionized genomic research, enabling comprehensive sequencing of entire genomes. This breakthrough allows for the identification of genetic alterations and biomarkers associated with specific diseases.

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Moreover, advancements in data analytics and machine learning algorithms have facilitated the integration of diverse datasets, resulting in actionable insights for personalized treatment decisions. The emergence of AI-enabled personalized medicine promises individuals access to their unique genome, empowering them to receive tailored treatments and protocols for life-altering diseases.

However, the precision medicine field also faces challenges, including the high costs associated with this approach and a shortage of skilled professionals, particularly in developing and underdeveloped nations. Additionally, the COVID-19 pandemic and stringent regulations have imposed constraints on market expansion.

Nonetheless, the growth of emerging markets increased engagement in research and development initiatives, and government programs like the Swiss Personalized Health Network are contributing to market expansion. Investments like Sanford Health's USD 50 million commitment to assist V.A. physicians in applying precision medicine for individual cancer survivors further underscore the growing importance of this field.

Manufacturers' heightened focus on incorporating cutting-edge technologies, such as Next Generation Sequencing (NGS) Tests, molecular diagnostics applications, Cancer genome sequencing, Evidence-based medicine, Molecular medicine, CRISPR, Biomarkers, Biobanking, and Genetic sequencing, is expected to create favorable opportunities for the continued growth of the personalized medicine market throughout the projected period.

Report Coverage:

Report Details Outcome
Market Size in 2022 USD 57.69 Billion
Revenue CAGR 11.5%
Market Size in 2032 USD 110.9 Billion
Base Year for Estimation 2022
Historical Data 2018-2021
Forecast Period 2023-2028
Segments Covered Product Type, Application, End Use, and Region
Qualitative Info
  • Value Chain Analysis
  • Pricing Analysis
  • Regional Outlook
  • Market Trends
  • Market Share Analysis
  • Competition Analysis
Technological Advancements
Customization Scope 10 Hours of Free Customization and Expert Consultation

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Competitive Landscape:

North America holds a dominant position in the precision medicine market, primarily fueled by substantial investments in precision medicine initiatives across the region. These investments are earmarked for various applications within precision medicine, with a particular emphasis on oncology-targeted therapies. North America is at the forefront of advancements in precision medicine, leading in both its development and implementation. Notable players like Pfizer Inc. and Thermo Fisher Scientific Inc. are key contributors to the region's precision medicine landscape.

Some Key Players Listed in the Report Include:

  • Pzifer Inc.
  • Synapse, Inc.
  • Abbott Laboratories
  • E. Healthcare
  • Novartis AG
  • AB-Biotics SA
  • HealthCore, Inc.
  • Johnson & Johnson
  • Hoffmann-La Roche AG
  • Eli Lilly and Company
  • Other Key players

Precision Medicine Industry Recent Developments:

  • In November 2022, MedStar Health, in collaboration with Zephyr AI, Inc., announced a partnership aimed at creating AI-enabled precision medicine tools to enhance outcomes for chronic diseases, starting with type 2 diabetes (T2D). This collaboration seeks to augment a Zephyr AI product, known for its predictive analytics capabilities, by leveraging de-identified T2D datasets from MedStar Health and their expertise in patient management. The AI tool is expected to play a pivotal role in enhancing the prospects of T2D interventions while reducing adverse outcomes such as dialysis, chronic kidney disease, foot ulcers, and amputations. This partnership represents a significant stride in utilizing AI and machine learning (ML) to assess the progression of chronic diseases and provide support for chronic disease management.
  • In May 2023, Google Cloud forged a strategic alliance with Pfizer and Colossal Biosciences, focusing on leveraging AI tools to advance precision medicine. The collaboration centers around a multiomics suite designed to interpret and discover insights from genomic data, thereby facilitating precision medicine efforts. Additionally, the partnership introduces a target and lead identification suite that employs AI-based data sharing through Google Cloud, catering to various healthcare organizations. AI tools like AlphaFold2 and Vertex AI are instrumental in enabling organizations to predict outcomes and enhance the accuracy of precision medicine practices.
  • During the same month of May 2023, Closed Loop Medicine joined forces with Pharmanovia to develop a software version of anti-hypertensive therapy. This innovative Software-as-a-Medical device combines Closed Loop Medicine's expertise with Pharmanovia's anti-hypertensive drug, optimizing patient dosages. As a result, it significantly improves blood pressure control while minimizing the occurrence of side effects, marking a notable advancement in hypertension treatment.

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The global Precision medicine market has been segmented based on Technology, Application, End Use, and Region

Precision Medicine Segment by Technology

  • Drug Discovery
  • Big Data Analytics
  • Gene Sequencing
  • Other Technologies

Precision Medicine Segment by Application

  • CNS
  • Immunology
  • Oncology
  • Respiratory
  • Other Applications

Precision Medicine Segment by End-Use

  • Pharmaceutical & Biotechnology Companies
  • Healthcare Providers
  • Research Centers & Academic Institutes
  • Other End uses

Direct Purchase Report:

Precision Medicine Segment by Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Russia
    • Reat of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Southeast Asia
    • India
    • Rest of Asia Pacific
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA

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