Precision Medicine Market Size and Growth Insights

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2022
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Market Growth
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According to PS Intelligence, the precision
medicine market generated 203.5 billion in 2019
and it is expected to reach 738.8 billion by
2030, progressing at a CAGR of 12.1 during the
forecast period (20202030). This growth can be
driven by the rising government support,
escalating awareness regarding personalized
treatments, rising number of approved
personalized medications, increasing use of
artificial intelligence (AI) in clinical trials
related to precision medications, surging number
of regulatory approvals, soaring cases of chronic
and genetic diseases, and flourishing medical
tourism industry. Governments across the globe
are taking several initiatives to develop
personalized treatment, thereby, playing a vital
role in the precision medicine market growth.
According to the World Economic Forum, Argentina
introduced a Precision Medicine Initiative Grant,
in 2017, to start the scientific procedures
needed to introduce investigational precision
medicine approaches into clinical practices.
Similarly, the U.S. administration under its
Personalized Medicine Coalition announced its
plan, in July 2019, to bring down the costs of
drugs in the country, to make them comparable
with international rates.
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recision-medicine-market-outlook/report-sample
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Additionally, the growing medical tourism sector
will also drive the precision medicine market, in
the foreseeable future. Precision medicines are
being preferred by patients living with
infectious diseases, cancer, and cardiovascular
diseases (CVDs), as these help in preventing
adverse reactions of drugs and increasing the
number of treatment methods. For example, the
U.K. government plans to establish three advanced
therapy treatment centers to develop gene
therapies and precision medicine. Owing to these
advantages, the medical tourism industry is
expanding, especially in developing countries,
across the world. Moreover, the accelerating
usage of AI in healthcare system will boost the
precision medicine market in the foreseeable
future. Technological developments through AI are
transforming the medical sector around the globe
by assisting healthcare professionals in
recording clinical data and monitoring it
regularly, with fewer errors and greater ease.
For instance, in 2018, the Seoul National
University Hospital and College of Medicine
developed Deep Learning-Based Automatic Detection
(DLAD), an AI algorithm, to detect abnormal cell
growth and examine chest radiographs.
Currently, the precision medicine market is
witnessing the trend of clinical trials for
developing such medicines. Several pharmaceutical
firms and government organizations are getting
involved in clinical trials for precision
medicines. For example, in June 2018, Molecular
Analysis for Therapy Choice (MATCH) was developed
by the National Cancer Institute (NCI) to conduct
clinical trials about precision medicine and
cancer treatment in nearly 6,000 individuals. The
participation rate of patients is surging as they
can be assessed remotely at their homes, during
the clinical trials.
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