by The precision medicine market involves products and services that are tailored to individual patients based on their genetic analysis, clinical history, and other factors. Precision medicine allows doctors and researchers to predict more accurately which treatment and prevention strategies will work best for each person. Advances in fields like genomics, big data analytics, and artificial intelligence are enabling unprecedented customization of healthcare at scale.
The Global Precision Medicine Market is estimated to be valued at US$ 271.9 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
precision medicine market offers significant advantages over conventional treatment approaches by targeting medicines to the people who need them most. Rather than a one-size-fits-all approach, precision medicine takes into account individual variability in genes, environment, and lifestyle for each person. This allows doctors or researchers to predict more accurately which treatment options will work best, while avoiding trails of other treatment options that may prove ineffective or harmful. Advancing technologies are ushering in an era of personalized care that could transform how diseases are diagnosed and treated. The Global Precision Medicine Market encompasses products and services that enable this paradigm shift in healthcare across diverse therapy areas.
Key Takeaways
Key players operating in the precision medicine market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. Growing demand for personalized healthcare and rising adoption of companion diagnostics are fueling market growth. Precision medicine plays an integral role in the treatment of various therapeutic conditions including oncology, central nervous system disorders, immunology, and cardiology. Leading pharmaceutical companies are bolstering their precision medicine capabilities through strategic collaborations and acquisitions.
The growing global burden of chronic diseases is propelling demand for precision medicines. Healthcare providers are increasingly recognizing the clinical validity of precision therapies for preventing, diagnosing, and curing various chronic illnesses. R&D in fields like genomics, big data analytics, and molecular diagnostics is further supporting the discovery and development of precision treatments. The adoption of genomic profiling technologies and molecular diagnostics solutions is surging across key regions to enable targeted disease management approaches.
Precision medicine market players are expanding their geographic footprint to capitalize on high-growth regional markets. In addition to strengthening their presence in developed countries, leading biomakers are focusing on emerging Asian and Latin American countries where the rising healthcare investments are widening access to advanced therapeutics. Several collaborations have been initiated between global drug makers and local players to facilitate technology transfer and regulatory approval of targeted therapies.
Market Key Trends
The increasing influence of artificial intelligence is one of the key trends shaping the precision medicine market Size And Trends . AI has myriad applications in precision healthcare ranging from drug discovery and clinical trial design to disease diagnosis and prognosis prediction. Pharmaceutical players are leveraging AI and machine learning algorithms to generate vast amounts of genomic and clinical data for precision therapy development. Healthcare providers also utilize AI for predictive analytics and decision support in areas such as oncology, thereby facilitating more informed treatment planning. As AI capacities continue to grow, it is poised to revolutionize every step of the precision medicine value chain from R&D to clinical use over the coming years.
Porter’s Analysis
Threat of new entrants: Low economies of scale, high costs of research and development pose entry barriers.
Bargaining power of buyers: Relatively small number of dominant healthcare providers and insurers have considerable influence over pricing and terms of services.
Bargaining power of suppliers: Few core medical technology companies provide diagnostic tools, gene sequencing services, and molecular and genomic databases that have applications in personalized medicine.
Threat of new substitutes: Ongoing innovations in medical technology, diagnostics, and drug development could result in new substitute approaches to disease treatment and care delivery.
Competitive rivalry: Major players focus on building diverse capabilities across diagnostics, drug development, molecular analysis services, and healthcare information technologies to differentiate precision approaches for various therapeutic areas.
Geographical regions where the market is currently concentrated in terms of value include North America and Western Europe. North America leads globally with the highest adoption of genomics and molecular diagnostic testing due to supportive government policies and investments in precision medicine initiatives.
The Asia Pacific region is expected to experience the fastest growth over the forecast period from 2024 to 2031. This is driven by improving healthcare infrastructure, growing medical tourism industries, increasing awareness among patients, and favorable government programs in countries including China, India, and South Korea to promote precision medicine approaches
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
