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.
Precision medicine refers to a medical model using characterization of individuals’ phenotypes and genotypes (e.g., molecular profiling, medical imaging, lifestyle data) for tailoring the right therapeutic strategy for the right person at the right time. This model takes into account variability in people’s genes, environment, and lifestyle. The precision medicine market consists of medical products and technologies used for precise disease diagnosis and treatment. Advancements in genomics and proteomics have increased the adoption of precision medicine by enabling medical professionals to match treatments to patients based on their genetic makeup. The increasing advancement of technologies has enabled clinicians to conduct molecular and genetic tests and match treatments to the individual characteristics.
Market key trends:
The key trends in the precision medicine market include increasing adoption of genomic medicine and companion diagnostics. Genomic medicine enables use of an individual’s DNA information in medical decision making and disease management while companion diagnostics provide information that helps medical professionals select appropriate therapy and proper treatment monitoring. With continuous investments in R&D and increasing understanding of genetics, precision medicine is emerging as a promising medical approach to maximize therapeutic success while reducing unwanted side effects.
Threat of new entrants: The precision medicine market requires substantial investments in R&D for drug development and diagnostic testing. Regulatory compliance further increases barriers. This reduces threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options and diagnostic tests. However, increasing prevalence of chronic diseases enhances dependence on precision therapies.
Bargaining power of suppliers: Major players control the supply chain and suppliers have lower bargaining power. Established suppliers face threat from new entrants.
Threat of new substitutes: Substitutes like traditional drugs pose threat depending on stage of disease. However, targeted treatment benefits of precision medicine restrict substitution.
Competitive rivalry: Intense competition exists among large players to gain greater market share through innovations, partnerships and M&As.
Global Precision Medicine Market Demand is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing focus on personalized healthcare.
Regional analysis: North America dominates the precision medicine market due to supportive regulatory environment and presence of key players. Europe exhibits high adoption of precision therapies. Asia Pacific is the fastest growing region owing to rising healthcare expenditures and expanding diagnostics industry.
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, bioMÃ©rieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundational Medicine. Key players are focused on partnerships, M&As and new product launches for market penetration.