Precision medicine is an innovative medical approach that leverages the interplay of environmental, genetic, and behavioral factors to enhance disease prevention, diagnosis, and treatment. By harnessing this approach, it becomes possible to predict an individual's susceptibility to certain illnesses, track disease progression, and tailor prescription medicine accordingly. Precision medicine also finds extensive application in detecting chromosomal abnormalities in fetuses, guiding therapy for chronic diseases, and assessing the risk of genetic disorders. Through reducing time, cost, and failure rates in pharmaceutical clinical studies, precision medicine offers transformative potential in healthcare.
According to Data Bridge Market Research, the Precision Medicine Market accounted for USD 7.33 billion in 2022, and expected to reach USD 114.54 billion by 2030. The market is expected to grow with a CAGR of 12.6 % in the forecast period of 2023 to 2030.
“Increasing rate of CNS disorders”
Millions of individuals worldwide are impacted by various diseases, including Alzheimer's disease, epilepsy, multiple sclerosis, and other central nervous system (CNS) disorders. Epilepsy alone affects over 50 million people globally, while Alzheimer's disease accounts for the majority of cases, ranging from 60% to 70%. The growth of the industry is being propelled by the growing emphasis on targeted therapeutics and the significant advancements in personalized medical treatment approaches for individuals with CNS disorders. This factor contributes to the expansion of the market.
What restraints the growth of the precision medicine market?
“High cost of precision medicine”
The market growth of precision medicine is hindered by the substantial costs associated with precision medicine samples and diagnostic equipment. Compared to traditional medicines, the research and development (R&D) process for precision medicines is more expensive due to the requirement of companion diagnostics and genetic testing. The high costs of these essential components pose challenges to the market as they increase overall expenses and limit accessibility, thereby impeding the growth potential of precision medicine.
Segmentation: Global Precision Medicine Market
The precision medicine s market is segmented on the basis of application, technologies, indication, drugs, route of administration, and end users.
- On the basis of application, the precision medicine market is segmented into diagnostics, therapeutics, and others.
- On the basis of technologies, the precision medicine market is segmented into pharmacogenomics, point-of-care testing, stem cell therapy, pharmacoproteomics, and others.
- On the basis of indication, the precision medicine market is segmented into oncology, central nervous system (cns) disorders, immunology disorders, respiratory disorders, and others.
- On the basis of drugs, the precision medicine market is segmented into alectinib, osimertinib, mepolizumab, aripiprazole lauroxil, and others.
- On the basis of route of administration, the precision medicine market is segmented into oral, injectable.
- On the basis of end user, the precision medicine market is segmented into hospitals, homecare, specialty clinics, others.
Regional Insights: North America dominates the Precision Medicine Market
North America dominates the market because of the region's huge investment in precision medicine. Furthermore, the surge in the adoption and wide use of precision medicine will enhance this region's market's growth rate.
Asia Pacific is expected to be the fastest developing region during the forecast period of 2023-2030 due to several appropriate initiatives taken by the government in this region. Furthermore, the onset of big data in healthcare and growing cancer incidence will boost this region's market's growth rate.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-precision-medicine-market
Recent Developments
- In 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to manufacture the latest advanced tailored cancer treatment for patients suffering from aggressive and untreatable cancers.
The Prominent Key Players Operating in the Precision Medicine Market Include:
- Moderna, Inc. (U.S.)
- Personalis, Inc. (U.S.)
- CureVac SE (Germany)
- Celldex Therapeutics (U.S.)
- BioNTech SE (Germany)
- Advaxis, Inc. (U.S.)
- Agenus Inc. (U.S.)
- Immatics Biotechnologies GmbH (Germany)
- Gritstone Oncology (U.S.)
- ImmunityBio, Inc. (U.S.)
- bioMérieux SA (France)
- Bayer AG (Germany)
- Pfizer Inc. (U.S.)
- GSK plc (U.K.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
Above are the key players covered in the report, to know about more and exhaustive list of precision medicine market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Precision Medicine Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
