Precision Medicine Market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a CAGR of 11.5 % from 2023 to 2028 according to a new report by MarketsandMarkets™. The rising number of product approvals followed by growing focus on genetic testing, a prerequisite for precision medicine therapeutics, are the factors supporting market growth.
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Hospitals and Clinics subsegment accounted is the fastest growing of the precision medicine industry by product & service
Among the end user, the market is segmented hospitals and clinics and home care setting. In 2022, the hospitals and clinics segment accounted for the highest growth rate of the precision medicine market by end user. Growth in this market segment can be attributed to factors such as availability of better facilities and assistance in hospitals and clinics, accessibility to advanced diagnostic tests along with precise therapeutic regime among others.
Oncology is the fastest-growing segment of the precision medicine industry by applications
Among the applications, the precision medicine market is segmented into drug discovery, clinical diagnostics, soil microbiome applications, industrial applications, ecological & environmental applications, veterinary applications, and other applications. In 2023, the drug discovery segment accounted for the fastest-growing share of the usage segment of precision medicine market. Growth in this market segment can be attributed to one of the major factors which is the growing number of research activities for development of new drugs.
Europe: The second-largest region in the precision medicine market.
The European market is the second-largest precision medicine market globally, mainly due to factors such as presence of key market players in the region. Europe is considered a major hub for precision medicine players and organizations. Moreover, greater awareness among people about newly emerging area of precision medicine, especially compared to developing regions.
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Precision Medicine Market Dynamics:
Drivers:
- Growth in genetic testing and companion diagnostics
Restraints:
- High costs of therapeutics
Opportunities:
- Growing demand for cell and gene therapies
Challenges:
- Challenges associated with adoption of precision medicine
Key Market Players:
The market for precision medicine is competitive, with key players strategizing to capture the market. Prominent players in the precision medicine market are F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), , GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan) among others.
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Precision Medicine Market Advantages:
- Personalized Treatment: Precision medicine tailors medical treatment and interventions to individual patients based on their genetic makeup, lifestyle, and specific health characteristics. This approach ensures that treatments are more effective, with fewer adverse effects, as they are customized to the patient's unique needs.
- Improved Diagnostic Accuracy: Precision medicine relies on advanced diagnostic tools and genomic sequencing to identify diseases and their underlying causes with unparalleled accuracy. This leads to earlier and more precise diagnoses, enabling timely and targeted interventions.
- Enhanced Drug Development: Pharmaceutical companies benefit from precision medicine by developing drugs that target specific genetic mutations or biomarkers associated with diseases. This approach streamlines drug development, reduces the likelihood of trial failures, and accelerates the availability of innovative treatments.
- Reduced Healthcare Costs: By avoiding trial-and-error approaches to treatment and focusing on therapies that are more likely to work for a given patient, precision medicine can potentially lower healthcare costs in the long run. Fewer unnecessary treatments, hospitalizations, and adverse reactions contribute to cost savings.
- Preventative Medicine: Precision medicine also emphasizes preventive strategies by identifying individuals at higher risk for certain diseases based on their genetic predispositions and lifestyle factors. This proactive approach allows for early interventions and lifestyle modifications to reduce disease risk.
- Data-Driven Insights: The collection and analysis of extensive patient data, including genomic and clinical information, enable researchers to uncover new insights into disease mechanisms and treatment responses. This data-driven approach accelerates medical research and innovation.
- Patient Empowerment: Precision medicine empowers patients by involving them in their healthcare decisions. Patients gain a better understanding of their health risks, treatment options, and potential outcomes, leading to more informed choices and improved overall healthcare experiences.
- Tailored Therapies for Rare Diseases: Precision medicine is particularly advantageous for rare and orphan diseases, where traditional treatment options may be limited. By identifying specific genetic abnormalities associated with these conditions, researchers can develop targeted therapies that offer hope to patients who previously had few treatment options.
- Global Health Impact: Precision medicine has the potential to address global health challenges by providing tailored solutions to diseases that affect diverse populations worldwide. It can facilitate the development of region-specific treatments and healthcare strategies.
- Long-Term Healthcare Sustainability: As precision medicine advances, it contributes to the sustainability of healthcare systems by focusing resources on treatments that are most likely to be effective, reducing unnecessary healthcare expenditures, and improving overall health outcomes.
In summary, the precision medicine market holds the promise of revolutionizing healthcare by providing individualized, data-driven, and effective treatment options, ultimately benefiting patients, healthcare providers, pharmaceutical companies, and society at large.
Recent Developments:
- In February 2023, Roche received EC approval for expansion of the Hemlibra (emicizumab) European Union (EU) marketing authorization.
- In January 2022, AstraZeneca (UK) collaborated with Scorpion Therapeutics to develop and commercialize precision medicines against hard-to-target cancer proteins, with an aim to transform oncology treatment. The size of this deal accounted for USD 75 billion.
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