Published Date : 02 Mar 2023
The global precision medicine market size is projected to attain around USD 175.64 billion by 2030 and growing at a compound annual growth rate (CAGR) of 11.5% over the forecast period from 2022 to 2030.
Precision medicine is a medical concept that recommends customizing healthcare by modifying treatments, medical decisions, and products to a subset of patients rather than using a one-drug-fits-all approach. Diagnostic testing is frequently used in precision medicine to determine appropriate and optimal therapeutics based on a patient’s genetic content or other cellular studies. Molecular diagnostics, imaging, and analytics are some of the tools used in precision medicine.
Based on the application, the oncology segment is expected to have a significant revenue share due to the rise in the incidence of cancer, as well as the prevalence and suitability of precise treatment for the same.
Precision Medicine Market Report Scope
|Market Size in 2023||USD 18.75 Billion|
|Projected Forecast Value in 2030||USD 175.64 Billion|
|Growth Rate||11.5% from 2022 to 2030|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Technology, By Application, By End User, By Sequencing Technology, By Product, By Route of Administration, By Drugs|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America is the largest segment of the precision medicine market in terms of region. Precision medicine has made great progress in the treatment of specific cancers such as breast cancer and intestinal cancer.
Europe region is the fastest-growing region in the precision medicine market. The European region has superior medications, diagnostic tools, and electronic health records, attempting to make it the precision medicine market’s second-largest shareholder.
Surge in importance of companion diagnostics
The companion diagnostics and precision medicine have become increasingly important in medical practice, resulting in better diagnosis, monitoring, and treatment in a variety of medical domains. It can be used to find patients who are likely to respond well to certain medications and treatments. These tests are frequently performed in combination with a particular medicine.
With a surge in demand for high-priced specialist therapies and the necessity for safer and more effective medications, companion diagnostics has a lot of potential. With their ability to identify therapeutic target molecules, precision medicine plays a critical role in the development of companion diagnostics. As a result, the surge in the importance of companion diagnostics is driving the precision medicine market during the forecast period.
High capital investment
Due to the variance of precision medicine performance in illness diagnosis, validating precision medicine takes a long time. As a result, the validation procedure becomes both costly and time-consuming. As different precision medicine categories tend to have common development and validation process steps, the process and schedule for developing and validating precision medicine is similar across all medical drug categories, with a few exceptions.
Precision medicine requires more time for clinical validation and utility than predictive and safety precision medicine. Thus, high capital investment is restricting the market growth during the forecast period.
Challenges associated with precision medicine validation
The evaluation of assays or measurement of performance characteristics such as specificity, sensitivity, and reproducibility are all part of the precision medicine validation process. Precision medicine must be validated before they may be used to support development, biopharma investment, and medical treatment decisions. The high costs of precision medicine, on the other hand, are a significant issue for businesses, particularly small businesses.
Furthermore, variables such as natural fluctuation in precision medicine and molecular heterogeneity add to the precision medicine validation process’s difficulties. Another issue is the length of time it takes to establish an assay, which means that the ability to produce assays lags behind the ability to generate precision medicine. Thus, the validation of precision medicine is a huge challenge for the market.
Major Key Players:
By Sequencing Technology
By Route of Administration
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