The market for Precision Medicine will grow at a healthy 5.7% CAGR, from its estimated value of $65.22 billion in 2021 to $175.6 billion by 2030.
Precision medicine, also regarded as personalized medicine, is a cutting-edge approach to the diagnosis, treatment, and prevention of diseases that takes into account the unique variations in each person’s genes, environment, and lifestyle. This enables medical professionals and researchers to foresee the kinds of treatments and illness preventive methods that will be required. To determine the underlying biological causes of a patient’s sickness, system biology & panoramics are used. It has a number of benefits, including effective treatment that is tailored to a patient’s specific illness category, lower treatment costs, and a reduction in the need for frequent medication administration.
Drug development and discovery are particularly connected to precision medicine. There are myriad reasons why the industry has recently become quite appealing. In the previous seven years, R&D spending in the healthcare sector has increased, and newer technologies & drug development processes are in use. Precision medicine technologies will become increasingly popular and in demand as the utilization of machine learning algorithms & artificial intelligence in the field of medication development increases.
- The market is expected to grow significantly as a result of the increased incidence of cancer, the expansion of therapy options in clinical trials, as well as the rise in genetic illnesses. According to National Cancer Institute, there are 442.4 new instances of cancer for every 100,000 men and women each year. Every year, 158.3 out of every 100,000 men and women die from cancer. An estimated 16,850 adolescents and children between the ages of 0 and 19 receive cancer diagnoses, and 1,730 of them pass away from the illness.
- In order to conduct clinical trials in precision medicine, a number of pharmaceutical corporations partnered with governmental institutions. In order to treat cancer tumors in roughly 6,000 people, the NCI (National Cancer Institute) launched the Molecular Analysis för Therapy Choice (MATCH) initiative and carried out clinical studies involving precision medicine. Additionally, the patients are evaluated remotely at their homes, which cuts down on trip expenses and time and increases patient participation, which in turn fuels market expansion.
The market’s expansion is plummeted by the high cost of precision medicine as well as the scarcity of competent labor in developing and undeveloped nations. The COVID-19 epidemic and the adoption of strict rules are further limiting the market’s expansion.
The market is fostering as a result of a rise in new markets, R&D activity, and government programs like the Swiss Personalized Health Network. This health network will support the evolution of personalized healthcare and medicine in Switzerland by presenting chances for profitable market expansion. In order to assist Veterans Affairs (V.A.) doctors in using precision medicine and better tailor medication to specific cancer survivors, Sanford Health contributed USD 50 million during August 2020.
The market is bifurcated into:
· Gene Sequencing
· Big Data Analytics
· Companion Diagnostics
· Pharmaceutical & Biotechnology Organizations
· Healthcare Providers
· Other End Users (non-profit organizations)
· Research Centers and Academic Institutes
· Canadian Provinces
· Rest of N.A.
· Rest of Europe
· South Korea
· Remaining APAC
· Saudi Arabia
· Rest of L.A.M.E.A.
Depending on the technology, this drug discovery sector held a proportion of 21.5 percent of the market throughout the anticipated period. The segment growth is being driven by factors including an increase in research & development initiatives by both private and public firms to develop novel pharmaceuticals, advancements in pharmacogenomics, and a rise in the need for developing precision medicine.
By Applications, the market was dominated by the oncology segment in 2020, with a share of 40% and a CAGR of 10.8%. It is mostly caused by the increasing number of cancer cases around the world.
The Pharmaceutical and Biotechnology Organizations section, based on End Users, had the highest share of thirty-three percent and an 11 percent CAGR in 2020. The segment’s overall expansion is being fueled by elements including the use of cutting-edge technology and the existence of significant market participants involved in numerous investment initiatives. In comparison to other high-technology businesses, biopharmaceutical companies spend 179 billion USD on R&D globally, according to the pharmaceutical sector and global health 2021 report.
In terms of regions, North America greatly outpaced all other regions in 2020, with a share of much more than 40%. The North American region’s highest percentage can be primarily attributed to the region’s highly developed healthcare infrastructure, an increase in cancer cases, growth in digitalization, significant R&D spending, increased demand for precision medicine, as well as the key initiatives taken by the top market players.
· 2bPrecise LLC
· Syapse, Inc.
· Foundation Medicine, Inc.
· Gene42, Inc.
· SOPHiA GENETICS SA
· Fabric Genomics.
· Translational Software, Inc.
· PierianDx, Inc
· Human Longevity, Inc.
· N-of-One, Inc.