May 29, 2024
Precision Medicine Market

Artificial Intelligence in Precision Medicine is Fastest Growing Segment Fueling the Growth of Precision Medicine Market

The global Precision Medicine Market is estimated to be valued at US$ 236.02 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. This approach allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. Greater application of precision medicine can help target causes of disease and customize treatment, with the goal of improving health outcomes and minimizing unwanted side effects.

Market key trends:
One of the major trends in the precision medicine market is increasing incorporation of artificial intelligence for data analysis. Large amounts of data from patient genomes and electronic health records need to be analyzed to implement precision medicine approaches. AI helps in identifying patterns, predicting outcomes, and determining best treatment options for individual patients based on their specific disease characteristics and biomarkers. AI techniques such as deep learning and machine learning are being applied to analyze huge healthcare datasets and accelerate precision medicine. This represents significant opportunity for growth of the overall precision medicine market during the forecast period.

Segment Analysis
The global precision medicine market is segmented into diagnostics, therapeutics and others. The diagnostics segment dominated the market in 2022 owing to rising adoption of companion diagnostics for selecting appropriate treatment options. The diagnostics segment comprehensively evaluates an individual’s genes, proteins, and environment to develop customized disease prevention and treatment. Growing applications of biomarkers and development of companion diagnostics to be used with targeted therapies are boosting the growth of diagnostics segment.

Key Takeaways
Global Precision Medicine Market Demand is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for customized treatment regimens.

Regional analysis
North America dominates the global precision medicine market and is expected to continue its dominance over the forecast period owing to rising healthcare expenditure and availability of advanced healthcare infrastructure in the US and Canada. Asia Pacific is expected to exhibit the fastest growth rate over the forecast period thanks to increasing awareness about precision medicine and improving healthcare infrastructure in emerging countries like China and India.

Key players
Key players operating in the precision medicine market are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundational Medicine Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it