Global Precision Medicine Market Share, Size, Growth, Report, Analysis, Forecast: By Technology: Bioinformatics, Gene Sequencing, Drug Discovery, Precision Molecular Diagnostics, Big Data Analytics; By Application: Diagnostics, Therapeutics, Others; By Therapeutic Areas; By End User; Regional Analysis; Competitive Landscape; 2023-2031

Precision Medicine Market Outlook

The global precision medicine market size reached a value of USD 72.4 billion in 2022. The market is anticipated to grow at a CAGR of 12.3% during the forecast period of 2023-2031, reaching a value of USD 205.7 billion by 2031. The growth can be attributed to the increased demand for precision medicine, advancements in sequencing technologies, and the growing application of precision medicine in various fields.

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Precision Medicine Market: Introduction and Insights

Precision medicine is defined as a developing approach to illness treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. This method will help doctors and researchers to forecast which disease treatment and preventative efforts will work more accurately in specific groups of people. It contrasts with a one-size-fits-all approach, in which disease treatment and prevention measures are developed for the person with consideration for individual differences.

Precision medicine is relatively a new concept in the healthcare system, which includes pharmacogenomics. Pharmacogenomics is the study of how a person's response to specific medications is influenced by their genes. This relatively new area combines the study of genes and their roles with pharmacology, the science of pharmaceuticals, to create effective, secure medications and doses that are customised to genetic variations in an individual.

Scientists and doctors worldwide have accommodated huge amount of patient’s data to study and create personas for future references. This approach is used to develop targeted medicines for the patient by following the data that contains patient’s health history. This data is thoroughly studied and examined by scientists and healthcare professionals to collect the data that is useful in development of precision medicines. The research that is based on the patient’s health history is performed on the molecular data to identify changes or mutation at genetic level. It is widely used in cancer research and diseases that are genetically inherited by the patient. This data is used by next-generation sequencing (NGS) to develop the treatment and diagnose the conditions.

Numerous aspects of health and healthcare could be improved with the help of precision medicine. As the All of Us Research Program progresses and new tools and methods for handling data are developed, some of these advantages will soon become obvious. Long-term precision medicine research will produce further benefits, some of which may take years to happen.

A few of the benefits of precision medicine market include:

• New approaches for protecting study participants, notably the confidentiality of their data and their right to privacy.

• Generating, analysing, and sharing enormous sets of medical data with new tools.

• To support innovation and guarantee that these products are both safe and useful, the FDA must improve its regulation of tests, medications, and other technology. To support innovation and guarantee that these products are both safe and useful, the FDA must improve its regulation of tests, medications, and other technology.

• New collaborations between researchers from various fields, institutions, pharmaceutical corporations, and organisations that support patients.

• Increased capability for doctors to use genetic and other molecular data from patients as part of standard medical care.

• Improved capacity to forecast which therapies will be most effective for a certain patient and better understanding of the mechanism of various diseases.

• EHRs (Electronic Healthcare Records) will be better integrated into patient care, facilitating easier access to medical data for physicians and researchers.

Some challenges for precision medicine market include the following:

• The Precision Medicine Initiative presents ethical, social, and legal concerns. Privacy and the security of participants' personal and health data must be protected. Participants must be aware of the risks and advantages of participating in research, therefore informed consent procedures must be robust.

• Precision medicine costs are also a problem. The Precision Medicine Initiative will cost the federal government many millions of dollars, and Congress will need to approve funding for the ongoing project over a few years.

• The cost of medications created to treat diseases caused by molecular or genetic abnormalities is anticipated to be high. Payment for these tailored medications from third-party payers (such as private insurance firms) is also probably going to be a problem.

Precision Medicine Market Segmentations

The market can be categorized into the following segmentations:

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Market Breakup by Technology

• Bioinformatics

• Gene Sequencing

• Drug Discovery

• Precision Molecular Diagnostics

• Big Data Analytics

Precision Medicine Market Breakup by Application

• Diagnostics
  • Gene Testing
  • Direct To Consumer (DTC)
  • Esoteric Lab Service
• Therapeutics
  • Omics Medicine
  • Pharmaceutical
• Healthcare Information Technology
  • Telemedicine
  • Medical Devices
• Alternative Medicine
  • Nutrition and Wellness
  • Retail Nutrition

Precision Medicine Market Breakup by Therapeutic Areas

• Oncology

• Central Nervous System

• Hematology

• Respiratory

• Immunology

• Others

Market Breakup by End User

• Hospitals

• Diagnostic Centres

• Research and Academic Institutes

• Others

Precision Medicine Market Breakup by Region

• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Italy
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • ASEAN
  • Australia
  • Others
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Others
• Middle East and Africa
  • Saudi Arabia
  • United Arab Emirates
  • Nigeria
  • South Africa
  • Others

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Key Trends in the Precision Medicine Market

The idea of precision medicine is a methodical approach meant to defeat diseases like cancer. The primary focus of many precision medicine programs is cancer. Precision oncology focuses on matching each cancer patient with the most precise and correct treatment based on their genetic profile, which may ultimately allow them to benefit from the treatment provided.

Globally rising cancer incidence, pharmacogenomics' reduction of trial-and-error drug prescribing, rising use of predictive biomarkers for cancer diagnostics, and swift technology breakthroughs in oncology are all factors driving the growth of precision medicine market.

Due to the enhanced healthcare system and significant investment in research and development, precision medicine is expected to expand in the United States. For some cancer types, such as colorectal cancer and breast cancer, precision medicine has significantly improved cancer treatment. Applications for precision medicine, which are expected to make up the majority of the market, are mostly focused on enhancing the treatment of cancerous diseases.

One of the main factors contributing to the segment's dominance is the increased incidence of cancer and the increase of drug targets for the condition that is now undergoing clinical trials. It is anticipated that the market for precision medicine would grow as a result of the government's strong financial backing and the quickening development of genetic analysis.

Therapeutic Landscape  of Precision Medicine Market

Oncology sector has been a pioneer in precision medicine. The widespread cytotoxicity and severe side effects of current "one size fits all" cancer medicines, together with the discovery of associated tumour-specific vulnerabilities as prospective drug targets, are probable contributing factors to the shift toward tailored therapies.

One of the first clinical success stories for targeted chemotherapy was imatinib, which targets the BCR-ABL fusion gene in chronic myelogenous leukaemia (CML) and gain-of-function mutations in the genes encoding mast/stem cell growth factor receptor KIT or platelet-derived growth factor receptor (PDGFR) in gastrointestinal stromal tumours (GISTs).

An aggressive form of breast cancer with a poor prognosis that overexpresses tyrosine-protein kinase erbB-2 (HER2) reacts favourably to trastuzumab, a monoclonal antibody that targets HER2, and has demonstrated a considerable survival benefit in these patients.

The pathway-based approach to treating cancer has come under criticism as anti-cancer medication resistance has emerged. The next generation of kinase inhibitors has been created as a result of improvements in our understanding of tumour resistance and the mutations that cause it. The T790M mutation, which confers resistance to existing EGFR inhibitors, is the target of osimertinib, a third-generation EGFR tyrosine kinase inhibitor.

Due to the KRAS gene mutation, over 40% of patients with metastatic colon cancer do not react to cetuximab and panitumumab. Due to this finding, it was suggested that the following medications only be administered to patients who did not have a KRAS gene mutation.

Precision Medicine in Asthma

• In most asthmatic patients, the IL-5 eosinophil route is less significant, and inhibiting it has no clinically significant advantages. This serves as an illustration of the significance of disease heterogeneity in selecting the best medication for patients. An established piece of research indicates that the effectiveness of the IgE antibody omalizumab depends on free IgE levels being less than 50 g/mL. To get the required drop in IgE levels, its dosage is modified for body weight and baseline IgE.

Precision Medicine in Metabolic Disorders

Diabetes Mellitus: Most patients do not achieve proper blood glucose control despite the availability of several classes of DM medications, both oral and insulin preparations because treatment is frequently based on trial-and-error or on medication affordability rather than the underlying pathophysiology. This is primarily because all guidelines focus on the management of an average patient rather than precision medicine and care.

New types of sodium-glucose co-transporter-2 (SGLT2) inhibitors, DPP-4 inhibitors, and GLP-1 receptor agonists extend the capacity to treat type 2 DM with decreased rates of hypoglycemia, less frequent blood glucose self-monitoring, and without weight gain. The early development of these medications was based on metabolic physiology.

The investigation of genetic variation at SLC5A2 (the gene encoding for SGLT2) and GLP1 receptor in individuals and large population studies later supported the mechanisms of action and safety of SGLT2 inhibitors and GLP1 agonists.

Dyslipidemia: In order to pursue PCSK9 as a potential pharmacological target for the treatment of hypercholesterolemia, genetic, phenotypic, and molecular data were involved in the development of proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitors. It has been established that PCSK9 is a hepatic secretory protein that circulates and attaches to LDL receptors, which are the main means by which circulating cholesterol is cleared. This binding then causes LDL receptor endocytosis and subsequent destruction.

By increasing the number of LDL receptors that are available as a result of PCSK9 inhibition, plasma LDL-C levels are decreased. Following administration of alirocumab and evolocumab, a considerable decrease (36–60 percent) in LDL-C was seen, which led to their US FDA approval.

Other than this, precision medicines are also applicable for the preventive measure of adverse drug events, chemotherapy, and cancer, among many others.

Emerging Trends  and Technologies in the Precision Medicine Market

Diagnostic, digital devices, imaging advancements, and the availability of plethora of analytics tools operating across numerous institutions and stakeholders are among the key drivers of the market growth. Precision medicine in this entire ecosystem will be functioning using these three key factors:

• Data collection method through the use of behavioural and diagnostic tools that track our health and illness states.

• Individualized treatments utilising state-of-the-art analytics tools and tailored therapies.

• Business models necessary to maintain value and promote further growth.

Precision Medicine Market Competitive Landscape

The report gives an in-depth analysis of the key players involved in the precision medicine market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• Novartis AG

• Pfizer, Inc.

• Catalent, Inc.

• Johnson & Johnson, Inc.

• F. Hoffmann-La Roche AG

• AstraZeneca Plc

• GE Healthcare

• Sanofi

• Bristol Myers Squibb

• Amgen, Inc.

• Gilead Sciences, Inc.

• Illumina, Inc.

• Biotechne Corp.

• Danaher Corporation

• Abbott Laboratories

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.