Precision Medicine Market, By Application (Oncology, Central Nervous System, Hematology , Immunology , Respiratory , and Others), By Technology (Bioinformatics, Gene Sequencing, Precision Molecular Diagnostics, Big Data Analytics, and Others), By End User (Biopharmaceutical Companies, Diagnostic Laboratories, Academic & Research Institutions, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI145

Pages :170

Formats :

Excel and PDF

Industry : Pharmaceutical

Precision Medicine Market Size and Trends

The precision medicine market is estimated to be valued at USD 92.31 Bn in 2024 and is expected to reach USD 195.22 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.3% from 2024 to 2031.

Precision Medicine Market Key Factors

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The market is expected to witness significant growth over the forecast period. Emerging technologies enabling more personalized diagnostic and treatment options are driving increased demand. Advancements in fields like pharmacogenomics, genomic sequencing, and companion diagnostics have improved the ability to customize care based on individual factors. Rising incidence of cancer and other chronic diseases internationally also contributes to the need for precision approach. However, high initial costs associated with developing and implementing personalized therapies may limit market expansion potential without further cost reductions over time.

Increasing technological advancements

Increasing technological advancements such as the launch of diagnostic tools that will help doctors evaluate or carry out proper diagnosis of a disease and subsequently guide the patients with proper therapy are expected to drive the market growth during the forecast period. For instance, on February 16, 2022, Invitae Corporation, a leading medical genetics company, announced the launch of FusionPlex Dx and LiquidPlex Dx in Europe, as part of its industry-leading Anchored Multiplex PCR chemistry in-vitro diagnostic (IVD) products. Invitae Corporation is a leading provider of high-quality innovation for precision oncology in the fight against cancer. The FusionPlex and LiquidPlex tests will allow more patients to get access to the right cancer therapy at the right time.

Precision Medicine Market Concentration By Players

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Growing prevalence of chronic diseases

The rising prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, has been quite significant in the recent years. These diseases place a huge burden on both patients as well as the healthcare systems. Precision medicine aims to utilize a patient's molecular profile to develop customized treatment and disease management plans best suited to the patient's needs. This approach can help deliver optimal outcomes for chronic disease patients and lower healthcare costs in the long run. By being able to understand the biological makeup of individual patients and how their specific disease will likely progress, precision medicine enables healthcare providers to tailor treatment to each patient's unique genetics, lifestyle and environmental factors. For example, in case of cancer, targeted treatment options based on molecular profiling of a patient's tumor can significantly improve survival rates compared to traditional one-size-fits-all chemotherapy protocols. Since chronic diseases account for a huge majority of healthcare spending globally, the ability of precision medicine to make treatment more effective for these complex long term conditions is expected to drive their increased adoption.