[184 Pages Report] The Precision Medicine Market size was estimated at USD 68.12 billion in 2023 and expected to reach USD 75.70 billion in 2024, at a CAGR 11.22% to reach USD 143.43 billion by 2030.
Precision medicine refers to the strategy of tailoring disease prevention and treatment solutions by considering the differences in patient’s genetics, environments, and lifestyles. This concept can be utilized as an effective prevention technique for cancers, heart diseases, cystic fibrosis, and diabetes. Precision medicine is used to predict disease susceptibility, improve disease detection, and offer customized disease-prevention strategies. Government efforts to improve research and development activities in the precision medicine sector and simultaneously improve the accessibility of healthcare treatment options for lower-income individuals are increasing rapidly. Joint efforts between pharmaceutical, software, and bioinformatics companies to characterize the genes have expanded drug discovery. However, the lack of reimbursement for precision medicine-based treatment and standardized reimbursement codes and definitions hampers patient adoption and R&D activities. Additionally, the complicated FDA pharmacotherapy approval process and subsequent commercialization challenges of the product pose significant hurdles. However, efforts by government and regulatory agencies to ensure the accuracy of gene sequencing and next-generation sequencing have improved compliance with regulations. Additionally, the adoption of AI, ML, and cloud-based solutions allows researchers to use complex data from electronic health records to detect early-onset diseases, including Alzheimer’s and dementia.
Big data analytics and bioinformatics technologies utilize molecular, clinical, and digital data derived from experimentation and electronic health records for the development of precision medicines and therapies. Companion diagnostics refer to tests used to detect specific genetic mutations and biomarkers in patients who have a higher probability of responding to precision medicine treatment techniques. Gene sequencing and Next-generation sequencing are utilized in precision medicine to sequence multiple genes and identify disease-associated gene mutations to facilitate matching of patients to appropriate therapies.
Precision medicine for the treatment of CNS disorders can be used to facilitate comprehensive genetic assessment, identifying biomarkers, and modification of treatments according to the patient's genetics. Immune disorders, including Inflammatory Bowel Disease (IBD) and Systemic Lupus Erythematosus, can be effectively targeted by precision medicine by evaluation of biomarkers implicated in these diseases. Colorectal cancer, stomach cancer, and lung cancer can be tackled by utilization of a personalized medicine regime that offers individualized treatment options tailored to specific tissues, genetic mutations, and factors relevant to each case of cancer. For respiratory diseases, precision medicine has been used for the assessment of patients for bronchoscopic or surgical interventions such as bronchoscopic lung volume reduction and lung volume reduction surgery.
Major biotechnology and diagnostic companies are developing personalized cancer therapeutics and personalized vaccines and are involved in R&D activities related to drug discovery. Evolving scientific and technological advancements have propelled the utilization of precision medicine in laboratories and pharmaceuticals for personalized disease diagnosis and subsequent development of appropriate treatment regimes for the patient. Major research centers and government institutions are focusing on developing collaborative research to understand the causes of common diseases, including heart disease, diabetes, obesity, and other aging-related morbidities.
Cloud computing and the integration of AI have led to the generation of genomic cloud solutions that allow clinicians to analyze larger patient datasets, even in remote settings. Deployment of precision medicine solutions through on-cloud platforms improves the analysis efficiency. The utilization of cloud solutions for the detection of diseases such as Alzheimer's and dementia in advance is gaining attention. On-premise deployment of precision medicine involves the utilization of data generated during NGS analysis and omics experiments and stored in institutional databases.
Countries in the Americas are increasing the focus on the integration of AI and ML in precision medicine for the treatment and management of cancers and tumors. Government efforts in the Americas has propelled the deployment of precision medicine by clinicians and physicians for treatment purposes. Mexico and Colombia are exerting efforts to analyze the entire genetic constitution of the citizens to better equip medical and research personnel with medical decision-making. In the APAC region, emerging economies, including India and China, are increasing investment in gene therapy research and developing products such as microbots that aim to support precision medicine delivery. These countries are also experiencing a rising number of cancer care clinics and hospitals that utilize precision medicine to guide patient diagnosis and treatment. The Japanese government aims to promote the linkage of medical records, including medical genomic testing data and personal health records (PHRs), which can improve the development of precision medicines and drugs. In the European nations of UK, Germany, and Switzerland, the presence of robust research institutions and focus of academic institutions on novel research is responsible for driving the development of personalized treatment regimes and medicines. The provision of precision medicine solutions by major pharmaceutical and biotechnological companies located in European nations has allowed the region to solidify its position in the life sciences sector.
The FPNV Positioning Matrix is pivotal in evaluating the Precision Medicine Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Precision Medicine Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Thirona Raises EUR 7.5 Million New Financing to Accelerate the Adoption of its Breakthrough Innovations for Precision Medicine
Thirona, a global company specializing in advanced analysis of thoracic CT images with artificial intelligence, has successfully secured EUR 7.5 Million of financing from HERAN Partners and Borski Fund, along with a EUR 2.5 Million grant from the European Innovation Council (EIC). The company's advanced capabilities in pre-operative and intra-operative imaging have the potential to enhance the precision, accuracy, and efficiency of (robotic) bronchoscopic and surgical lung interventions. With the newly acquired financing, Thirona aims to accelerate the adoption of its breakthrough innovations in precision medicine. [Published On: 2023-09-26]
Novartis completes acquisition of precision medicine developer Chinook
Novartis completed its acquisition of Chinook Therapeutics, a biopharmaceutical company based in Seattle, which specializes in the development of precision medicines for kidney diseases. The acquisition is valued at up to USD 3.5 billion, and Chinook Therapeutics has a promising pipeline that includes two late-stage assets in clinical development. [Published On: 2023-08-14]
New Dartmouth Center Applies AI to Improve Health Outcomes
Dartmouth has recently established the Center for Precision Health and Artificial Intelligence to enhance healthcare through precision medicine by utilizing biomedical data and advanced technologies. The Center for Precision Health and Artificial Intelligence aims to drive innovation and collaboration in the field of healthcare, ultimately leading to advancements in precision medicine and personalized treatment strategies. [Published On: 2023-06-05]
The report delves into recent significant developments in the Precision Medicine Market, highlighting leading vendors and their innovative profiles. These include AccessDX Holdings, Adaptive Biotechnologies Corporation, Biocrates Life Sciences AG, bioMérieux SA, Caris Life Sciences, Exact Sciences Corporation, F. Hoffmann-La Roche AG, Foundation Medicine, Inc., Guardant Health, Inc., healthŌme, Illumina, Inc., Intomics by ZS Associates, Inc., Invitae Corporation., Laboratory Corporation of America Holdings, Medtronic PLC, Natera Inc., Novartis AG, Pfizer Inc., Precision Medicine Group, LLC, QIAGEN GmbH, Quest Diagnostics Incorporated, Strata Oncology, Inc., Syapse, Inc., Tempus Labs, Inc., Teva Pharmaceutical Industries Ltd., and Thermo Fisher Scientific Inc..
This research report categorizes the Precision Medicine Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Technology
- Big Data Analytics
- Bioinformatics
- Companion Diagnostics
- Drug Discovery
- Gene Sequencing
- Application
- CNS
- Immunology
- Oncology
- Respiratory
- End-User
- Biotechnology & Diagnostic Companies
- Laboratories & Pharmaceuticals
- Research Centers & Government Institutions
- Deployment
- On-Cloud
- On-Premise
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Precision Medicine Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Precision Medicine Market?
- What are the technology trends and regulatory frameworks in the Precision Medicine Market?
- What is the market share of the leading vendors in the Precision Medicine Market?
- Which modes and strategic moves are suitable for entering the Precision Medicine Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Precision Medicine Market, by Technology
- Precision Medicine Market, by Application
- Precision Medicine Market, by End-User
- Precision Medicine Market, by Deployment
- Americas Precision Medicine Market
- Asia-Pacific Precision Medicine Market
- Europe, Middle East & Africa Precision Medicine Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 24]
- List of Tables [Total: 380]
- List of Companies Mentioned [Total: 26]
AI can help healthcare providers better analyze and understand patient data and tailor treatments to individual patients' specific needs, making treatments more efficient, cost-effective, and precise. AI can analyze patient data such as genetics, medical history, lifestyle, and other factors and generate personalized treatment plans for each patient. For example, AI can help identify the specific genes that cause certain diseases, which can help researchers develop more result-oriented treatments for the disease.
AI-powered precision medicine can also help identify high-risk patients who are more likely to develop certain diseases and develop preventive measures to reduce the risk. For example, AI can help identify patients who are at a higher risk of heart disease and recommend lifestyle changes to reduce the chances of developing the disease.
Although AI promises to improve healthcare outcomes in precision medicine, there are still barriers that must be addressed to realize the full potential of AI in precision medicine. Healthcare providers need to be trained in AI usage to interpret and use the data correctly. Additionally, it is necessary to establish best practices, guidelines, and protocols to ensure AI-generated insights are accurate and reliable. Moreover, healthcare providers must ensure that sensitive patient data is adequately protected and that there are no privacy breaches.
Despite these challenges, AI will play a critical role in the future of precision medicine. The use of advanced algorithms in AI enables researchers to analyze huge amounts of medical data and extract insights that might be challenging to detect using other methods alone. For example, by analyzing health records and genomic data, AI can help predict patients' responses to certain treatments and help physicians choose the most appropriate course of treatment.
AI-driven precision medicine is an exciting and promising area that could transform healthcare for the better by improving diagnostic accuracy, personalizing treatment plans, and reducing the overall cost of healthcare. However, before we can fully realize these benefits, we must overcome the challenges posed by AI's use and ensure that privacy and ethical concerns are adequately addressed.
The use of AI in precision medicine is an exciting and emerging area that promises to revolutionize healthcare by providing more personalized and cost-effective treatment plans. The enormous amount of patient data generated in precision medicine requires advanced algorithms and computational techniques that AI can offer. It is essential that we continue to invest in this exciting area of research, but we must ensure that ethical and privacy concerns are fully addressed and best practices are established. Through the intersection of precision medicine and AI, we can radically improve healthcare outcomes and usher in a new era of personalized medicine.
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