Precision Medicine Market to grow by USD 66.2 Billion (2024-2028), rising chronic disease prevalence driving revenue, with AI redefining the landscape - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global precision medicine market  size is estimated to grow by USD 66.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.34%  during the forecast period. Growing prevalence of chronic diseases is driving market growth, with a trend towards growing use of artificial intelligence (AI) and machine learning (ML) in precision medicine. However, data privacy and security issues associated with precision medicine  poses a challenge. Key market players include AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biocrates Life Sciences AG, Bristol Myers Squibb Co., Catalent Inc., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gilead Sciences Inc., IQVIA Holdings Inc., Johnson and Johnson Services Inc., Lonza Group Ltd., Merck and Co. Inc., Novartis AG, Parexel International Corp., Pfizer Inc., QIAGEN NV, Sanofi SA, Takeda Pharmaceutical Co. Ltd., and Thermo Fisher Scientific Inc..

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Key Market Trends Fueling Growth

The Precision Medicine Market is experiencing significant growth due to the increasing focus on personalized treatment for various diseases. This approach takes into account environmental, genetic, and behavioral variability to understand illness susceptibility and disease progression. Precision medicine is revolutionizing the way we diagnose and treat conditions such as chromosomal abnormalities in fetuses, cancer, chronic diseases, CNS Disorders including Alzheimer's disease, Epilepsy, and Multiple Sclerosis. Companies like Cleveland Clinic are leading the way with companion diagnostics and genetic testing, using genes and proteins to develop personalized treatment drugs. Technologies like single nucleotide polymorphism detection, microarray/biochips, and genome sequencing are key tools in this field. The biopharmaceutical arena is embracing precision medicine, with Orchard Therapeutics being a notable player. However, reimbursement policies, calculation methodology, and regulatory challenges remain. The market presents numerous opportunities for targeted gene therapy, pharmacogenomics, and personalized therapeutics. Despite these challenges, positive results are driving commercialization. Gene sequencing and genetics and genomics research are paving the way for precision medicine access and wider adoption, even in developing regions. Rare genetic disorders and other rare diseases are also benefiting from this therapeutic approach. The future of healthcare lies in the development and commercialization of precision medicine treatments. 

Precision medicine is experiencing significant advancements with the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies. These technologies facilitate the analysis of extensive patient data, leading to more targeted and personalized treatments. In the realm of diagnosis, AI and ML algorithms enhance clinicians' capabilities, enabling risk prediction and therapy planning. Drug discovery also benefits from these technologies, as AI and ML can identify potential drug targets and predict new drugs' efficacy, expediting the drug development process. 

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• The Precision Medicine Market is experiencing significant growth due to the increasing understanding of the role of genetic, environmental, and behavioral variability in illness susceptibility and disease progression. This market encompasses prescription medicines for chromosomal abnormalities like Down Syndrome, cancer, chronic diseases such as Alzheimer's disease, epilepsy, and multiple sclerosis. Companies like Cleveland Clinic and Orchard Therapeutics are leading the way with companion diagnostics, genetic testing, and personalized therapeutics. However, challenges include environmental variability, genetic variability, and behavioral variability, as well as reimbursement policies, calculation methodology, and regulatory hurdles. Market opportunities lie in targeted gene therapy, genome sequencing, and personalized treatment choices based on molecular profiles and clinical characteristics. Biopharmaceutical players in the oncology application are investing in drug discovery technology, pharmacogenomics, pharmacokinetics, and pharmacodynamics to develop and commercialize precision medicine therapeutics. Despite these challenges, the potential for positive results and wider adoption, especially for rare genetic disorders and other rare diseases, makes this a promising area for the biopharmaceutical arena.
• The precision medicine market faces a significant challenge in ensuring data privacy and security. With the collection and analysis of large patient datasets, including genetic and molecular information, medical history, and lifestyle factors, comes the responsibility to protect this sensitive data from unauthorized access and misuse. Precision medicine data is highly valuable and a potential target for cyberattacks and data breaches. To mitigate this risk, researchers and healthcare providers must implement security measures. These measures include encryption, firewalls, and other security technologies to safeguard data during storage and transmission. Ensuring data privacy and security is crucial to maintain patient trust and confidence in the precision medicine industry.

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Segment Overview 

This precision medicine market report extensively covers market segmentation by

1. Application 
• 1.1 Oncology
• 1.2 CNS
• 1.3 Respiratory
• 1.4 Immunology
• 1.5 Others
2. Technology 
• 2.1 Bioinformatics
• 2.2 Gene sequencing
• 2.3 Drug discovery
• 2.4 Precision molecular diagnostic
• 2.5 Big data analytics
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Oncology-  Precision medicine is revolutionizing the field of oncology by enabling doctors to create customized treatment plans based on a patient's unique genetic and biomarker data. In oncology, this approach allows for the identification of high-risk individuals, early cancer detection, precise cancer type identification, effective treatment selection, and treatment efficacy analysis. Two notable examples of precision medicine in oncology are molecularly targeted therapies and immunotherapy. Molecularly targeted therapies are drugs designed to inhibit specific molecular pathways driving cancer growth, minimizing damage to healthy cells. Immunotherapy harnesses the patient's immune system to fight cancer by targeting molecular markers on cancer cells, leading to better treatment outcomes and fewer side effects. Precision medicine also plays a crucial role in identifying individuals at higher risk for certain cancers, such as breast and ovarian cancer, by analyzing genetic data for mutations like BRCA1 and BRCA2. The growing adoption of precision medicine in oncology will significantly contribute to the expansion of the global precision medicine market in the oncology segment during the forecast period.

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Research Analysis

Precision medicine is a revolutionary approach to healthcare that takes into account the unique genetic, behavioral, and environmental variabilities of each individual to provide personalized treatment. This approach is particularly important in the context of illness susceptibility, as it can help identify those at higher risk for chronic diseases such as cancer, CNS disorders including Alzheimer's disease, epilepsy, and multiple sclerosis. The diagnosis and progression of these conditions can be influenced by various genetic and chromosomal abnormalities. High cost is a significant challenge in the precision medicine market, with the need for expensive genetic testing, prescription medicines, and companion diagnostics. Single nucleotide polymorphisms and genome sequencing are essential tools in precision medicine, enabling the identification of positive results for personalized therapeutics. Targeted gene therapy and personalized treatment drugs are key components of precision medicine, with reimbursement policies playing a crucial role in their commercialization. Prevalence of cancer and other chronic diseases continues to rise, making the need for precision medicine more urgent than ever. Despite these challenges, the potential benefits of this approach are significant, offering the promise of more effective and personalized healthcare solutions.

Market Research Overview

Precision Medicine Market refers to the emerging field of healthcare that utilizes genetic, environmental, and behavioral data to develop personalized treatment plans for diseases. This approach considers the unique variations in an individual's genetic makeup, chromosomal abnormalities, and molecular profiles to diagnose, treat, and prevent illnesses. Precision Medicine encompasses various applications, including cancer, chronic diseases, CNS disorders, and rare genetic disorders. Environmental variability and behavioral variability also play a role in illness susceptibility and disease progression. The Precision Medicine Market presents significant opportunities for personalized therapeutics and diagnostics. Genetic testing, microarray/biochips, and genome sequencing are crucial technologies in this arena. Companion diagnostics, calculation methodology, computational techniques, and targeted gene therapy are also essential components. Reimbursement policies, regulations, and healthcare infrastructure significantly impact the Precision Medicine Market. Price tags, funding programs, public healthcare systems, and healthcare access are key considerations. The biopharmaceutical arena, including Orchard Therapeutics, is commercializing personalized treatment choices based on positive results from genetic testing and molecular profiles. Regulations, guidelines, and policies from regulatory bodies influence the development and commercialization of precision medicine therapeutics. Conventional treatment methods, genomic research, and genetic targeted therapies continue to evolve in this rapidly advancing field. The Precision Medicine Market offers opportunities for biopharmaceutical players in oncology applications and therapeutic approaches for various diseases. The root cause of diseases can be identified through precision medicine, enabling a more effective therapeutic approach. Personalized medicine, wider adoption, and opportunities for treating rare genetic disorders and other rare diseases are significant market drivers. Developing regions are also exploring the potential of precision medicine to improve healthcare outcomes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Oncology
• CNS
• Respiratory
• Immunology
• Others
• Technology
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Precision Molecular Diagnostic
• Big Data Analytics
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio