NEW YORK, Dec. 11, 2023 /PRNewswire/ — The precision medicine market size is estimated to grow by USD 54.07 billion from 2022 to 2027. The market is estimated to be growing at a CAGR of 11.32% during the forecast period. The growing prevalence of chronic diseases notably drives market growth. Diabetes, cardiovascular disease, cancer, respiratory diseases, and neurological disorders are some of the common chronic diseases. The growing geriatric population also drives the market demand for precision medicines during the forecast period. For instance, according to the World Health Organization (WHO), the number of people aged 60 years and above will double to 2.1 billion by 2050 globally. Other factors that drive the market demand include changes in lifestyle, such as lack of physical activity, poor diet, and tobacco use. Hence, the growing prevalence of chronic diseases is expected to drive the growth of the global precision medicine market during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and the forecast period (2023-2027) – View a Sample report
Precision Medicine Market – Market Dynamics
Factors such as the growing prevalence of chronic diseases, growing demand for personalized medicine, and the advancements in genomics and proteomics will drive the growth of the Precision Medicine Market during 2023-2027. However, data privacy and security issues associated with precision medicine might hamper the market growth.
Significant Trends
A leading trend in the precision medicine market is the growing use of artificial intelligence (AI) and machine learning (ML). As a result of the use of these technologies, vast amounts of patient data can be analyzed in a short time to develop targeted and personalized treatments.
Additionally, the integration of AI/ML algorithms with precision medicine helps clinicians, doctors, and researchers solve challenging issues in personalized healthcare. Also, AI and ML can help identify potential drug targets and predict the efficacy of new drugs, in turn, speeding up the drug discovery process. Hence, the growing use of AI and ML in precision medicine is expected to support the growth of the global precision medicine market during the forecast period.
Major Challenges
A major challenge hindering the precision medicine market is data privacy and security issues. These medicines depend on the collection and analysis of large amounts of patient data, such as genetic and molecular information, medical history, and lifestyle factors. But this data is vulnerable to cyberattacks and data breaches and thus, researchers and healthcare providers should implement strong security measures to protect patient data.
Furthermore, it is important to ensure that the use of patient data is in compliance with data protection regulations. Before collecting and using their data, researchers and healthcare providers should obtain informed consent from patients. Hence, data privacy and security issues associated with precision medicine are expected to inhibit the growth of the global precision medicine market during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
Company Profiles
The precision medicine market report provides complete insights on key vendors including AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biocrates Life Sciences AG, Bristol Myers Squibb Co., Catalent Inc., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., IQVIA Holdings Inc., Johnson and Johnson Services Inc., Lonza Group Ltd., Merck and Co. Inc., Novartis AG, Parexel International Corp., Pfizer Inc., QIAGEN NV, Sanofi SA, Takeda Pharmaceutical Co. Ltd., and Thermo Fisher Scientific Inc..
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- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!
Precision Medicine Market – Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Precision Medicine Market – Market Segmentation
This precision medicine market report extensively covers market segmentation by application (oncology, CNS, respiratory, immunology, and others), technology (bioinformatics, gene sequencing, drug discovery, precision molecular diagnostic, and big data analytics), and geography (North America, Europe, Asia, and Rest of World (ROW)).
- The market share growth by the oncology segment will be significant for overall market growth during the forecast period. Generally, precision medicines allow doctors to develop personalized treatment plans tailored to specific genetic mutations. With this technology, doctors can identify specific molecular pathways involved in the development and progression of cancer. Such drugs are more effective and have fewer side effects when compared to traditional chemotherapy. Precision medicine also inhibits the growth and spread of cancer while minimizing damage to healthy tissues. Hence, the increasing use of precision medicine in oncology will drive the growth of this segment during the forecast period.
For more information on segments and their impact on market growth, request a sample report!
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Technology
- Market Segmentaion by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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