Precision medicine Market Assessment, By Use [Diagnostics, Therapeutics], By Application [Central Nervous System, Respiratory, Immunology, Oncology, Others], By Technology [Point-of-care Testing, Stem Cell Therapy, Pharmacogenomics, Pharmacoproteomics, Ot

Precision medicine Market Assessment, By Use [Diagnostics, Therapeutics], By Application [Central Nervous System, Respiratory, Immunology, Oncology, Others], By Technology [Point-of-care Testing, Stem Cell Therapy, Pharmacogenomics, Pharmacoproteomics, Others], By End-user [Pharmaceutical Companies, Diagnostic Companies, Healthcare IT Companies, Others], By Region, Opportunities and Forecast, 2017-2031F

The global precision medicine market is projected to witness a CAGR of 9.73% during the forecast period 2024-2031, growing from USD 51.69 billion in 2023 to USD 108.61 billion in 2031. Various factors shape the global precision medicine market. These include an increased focus on research, extensive use of precision medicine in chronic diseases, revolutionizing treatment for cancer, increasing use in diagnostics, and growing popularity of precision medicine platforms.

The increased focus on research has a significant impact on the global precision medicine market share. Funding genome centers to produce essential genetic data for precision medicine is one way that programs like the Precision Medicine Initiative (PMI) stimulate innovation. This area of study improves customized treatment strategies. The way precision medicine is revolutionizing cancer treatment is also substantially bolstering the growth of the global precision medicine market. Precision medicine enhances the effectiveness of early detection and therapy. Through the use of cutting-edge technology like gene sequencing and personalized diagnostics, the growing demand for precision medicine in diagnostics is improving disease identification and management.

The global precision medicine market size has also been affected by the extensive use of precision medicine in treating chronic diseases. By customizing treatments to each patient's unique genetic profile and illness characteristics, precision medicine is revolutionizing the way chronic disease care is provided. This individualized approach enhances the results of treatment. Precision medicine is extensively used in treating cancer as it helps in developing more precise and effective therapeutics. Both patient outcomes and care are improved by this method. The growing acceptance of precision medicine platforms greatly impacts the global precision medicine market growth. Precision medicine platforms enable early interventions and potentially life-saving procedures by shifting the focus from reactive to preventative healthcare. By allowing the creation of individualized treatment regimens based on a patient's genetic composition, way of life, and surroundings, these platforms improve patient outcomes. They also reduce the need for trial-and-error methods, promote cost-effective care, and enhance clinical results.

Frederick Health, a top healthcare organization with its main office located in Frederick County, Maryland, decided to improve its precision medicine program on February 27, 2024, by integrating GenomOncology's Precision Oncology Platform with the industry-leading MEDITECH Expanse Genomics solution.

Increased Focus on Precision Medicine Research

One of the major global precision medicine market trends is the heightened emphasis on precision medicine research. Research projects like the Precision Medicine Initiative (PMI) provide funding to genome centers so they can produce the vital genomic data needed for customized therapeutic strategies. The creation of individualized treatment programs based on a patient's genetic composition, way of life, and surroundings is made possible by this study area, improving patient results. Important breakthroughs in precision medicine, such as single nucleotide polymorphism and microarray/biochips, are driving advances in cancer biologics and revolutionizing therapeutic approaches, which, in turn, is fueling the global precision medicine market growth. The human genome is still being studied, and this research has the potential to change medical practices and enhance patient care. This is where precision medicine is headed.

On February 13, 2024, the University of Sydney in Australia announced a five-year research agreement with Bruker, a world-renowned maker of high-performance scientific instruments, marking a significant advancement in precision medicine. As part of the collaboration, the University will get two Bruker atomic force microscopes to expand its top-notch research infrastructure. This month, the next generation of microscopes will be installed.

Extensive Use of Precision Medicine in Chronic Diseases

One major factor fueling the growth of the global precision medicine market is the widespread application of precision medicine in the treatment of chronic illnesses. By customizing medicines to each patient's unique genetic profile and illness characteristics, precision medicine is revolutionizing treatment approaches for chronic diseases, such as cancer, cardiovascular disease, and neurological disorders. Improved patient outcomes result from this tailored strategy, which also reduces side effects and increases therapeutic efficacy. The aging population and the increasing incidence of chronic diseases globally are driving the need for precision medicine in diagnostics and treatments, which is propelling the growth of the global precision medicine market. The focus of healthcare is shifting from reactive to preventative strategies for better health outcomes, owing to precision medicine's capacity to identify patients at higher risk of developing specific diseases early on, enabling preventive actions.

In June 2023, the Oxford Endometriosis Gene (OXEGENE) dataset was licensed to PrecisionLife, a premier biotech company that is advancing precision medicine in complex chronic diseases. This enabled PrecisionLife to create novel, individualized medicines for endometriosis patients. Ten percent of women worldwide are affected with endometriosis, a chronic illness that causes excruciating agony and infertility.

Revolutionizing Treatment for Cancer

One of the main factors propelling the growth of the global precision medicine market is the widespread application of precision medicine in cancer therapy. As more oncologists use precision medicine to treat patients based on their genetic profiles, the market is growing because of the increased availability of more focused and efficient cancer medicines. When compared to normal treatments, precision medicine's customized medicines based on each patient's unique genetic profile and disease features have the potential to shorten side effects and speed up recovery. Precision medicine advancements, including molecular testing in cancer care, allow doctors to choose treatments that maximize beneficial side effects and increase survival rates, which propels market growth.

To boost Moderna's cancer ambitions, the precision medicine startup Caris Life Science, which focuses on artificial intelligence, collaborated with Moderna in October 2023. Moderna's cancer pipeline will be advanced by using Caris's deidentified data library as part of its multiyear agreement. The collaboration will also concentrate on identifying novel biomarkers, improving clinical trial design, and characterizing resistance mechanisms.

Increasing Use in Diagnostics

These days, image-based diagnostics make extensive use of precision medicine, which is greatly fueling the expansion of the global precision medicine market. By considering each patient's distinct genetic and molecular composition, way of life, and environmental influences, this method tailors illness prevention and therapy. By choosing and implementing the best diagnosis and treatment options for each patient, precision medicine in clinical practice seeks to minimize iatrogenic harm, medical costs, and patient benefits. The use of biomarkers is fundamental to customized diagnosis and treatment. Customized diagnosis and treatment are integrated with image-based invasive intervention.

In January 2024, Merck KGaA, a multinational science and technology firm based in Germany, and Quibim, a business that turns imaging data into actionable forecasts of cancer development and therapy responses, collaborated to develop the next generation of image-based diagnostics for precision medicine.

North America Dominating the Market

With a significant revenue share of more than 40%, North America dominates the global precision medicine market. The region's large investments in precision medicine projects, especially in oncology-targeted treatments, and the rising demand for precision medicine applications are acknowledged as contributing causes to this leadership position. The existence of significant industry leaders reinforces North America's predominant position in the advancement and use of precision medicine. The area also leads the precision medicine sector in terms of innovation and growth because of its substantial R&D investments and sophisticated hospital infrastructure.

The US state of California will have a precision medicine center thanks to cooperation announced in January 2024 by Bios Health, a leader in the development of AI-driven precision medicine for the nervous system, with the city of Bakersfield and the Kern Venture Group. Using adaptive dosage technology from BIOS, the facility will function as a center for neurological clinical studies and research and development (R&D).

Future Market Scenario (2024 – 2031F)

• To provide patients with personalized medication, health systems are combining several platforms, such as artificial intelligence and data analytics software. Such ventures are driving the growth of the global precision medicine market.

• The global precision medicine market will advance with the development of novel diagnostics and biomarkers since doctors will be better equipped to find targeted treatments for a wider range of causes.

• In the future, the use of immunotherapy and new diagnostic and bioinformatics tools will propel the expansion of the global precision medicine market.

• The growing emphasis on molecular testing to enhance prognosis, therapeutic decision-making, and outcomes will drive growth in the global precision medicine market.

Key Players Landscape and Outlook

Leading businesses in the global precision medicine market are aggressively forming alliances to improve their skills and methodologies. The growth of the market is being propelled by partnerships, which facilitate the diversification of product offerings, augment R&D endeavors, and stimulate technological innovation in precision medicine. By facilitating the sharing of knowledge, resources, and technology, these strategic alliances help to build increasingly sophisticated precision medicine solutions. Companies can improve their market position, quicken the pace of product development, and successfully meet changing healthcare demands by utilizing partnerships.

For instance, on February 27, 2024, Owkin, a biotech company that advances personalized medicine by fusing human and AI tools, announced a partnership with Amazon Web Services (AWS) to transform drug discovery, accelerate clinical trials, and create AI-driven diagnostics. Through this agreement, Owkin's data handling will be improved, operational efficiency will be maximized, and research into precision medicine will be advanced by utilizing AWS's vast global infrastructure and cloud capabilities.