Precision medicine involves the use of a patient's genetic profile to develop a tailored treatment and care plan. It aims to optimize medical diagnosis and treatment by considering individual variability in genes, environment and lifestyle for each person. Precision medicine relies on molecular diagnostics for disease risk assessment, diagnosis, treatment monitoring and drug discovery. The global precision medicine market focuses on administering the right treatment to the right patient at the right time.
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 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing opportunity in disease risk stratification and personalized treatment is expected to drive the growth of the precision medicine market size during the forecast period. Risk stratification involves identifying people who are at higher or lower risk of developing a disease, based on their individual characteristics. With the help of precision medicine, the process of risk stratification can be made more precise by considering genetic and lifestyle factors. This enables pre-emptive steps to prevent diseases. Moreover, precision medicine helps offer personalized treatment tailored to a patient’s genetic makeup and molecular profile. It aims to maximize treatment effectiveness by considering individual variability. The opportunity to stratify disease risk more precisely and offer targeted treatment presents lucrative growth prospects for players in the precision medicine market.
Porter's Analysis
Threat of new entrants: Precision medicine relies on sophisticated technology and specialized skills, creating significant barriers to entry. Developing the needed research expertise, clinical trials data, partnerships and regulatory approvals require substantial capital investment over many years, making new competition difficult.
Bargaining power of buyers: Individual patients have little power as buyers due to lack of information and urgency of health needs. However, large healthcare providers and insurance companies can negotiate lower drug prices from manufacturers by aggregating patient volumes.
Bargaining power of suppliers: Precision medicine depends on access to advanced technologies like genetic sequencing and diagnostic testing. These highly specialized input suppliers yield significant influence over manufacturers and drive development of strategic partnerships.
Threat of new substitutes: There is always risk of new therapeutic approaches that can displace precision therapies by offering superior outcomes. Significant R&D investment is required to stay ahead of scientific breakthroughs enabling new substitute treatments.
Competitive rivalry: With health outcomes and cost savings at stake, competition between precision medicine providers is intense as they race to develop innovative new therapies and expand treatment of specific patient segments.
SWOT Analysis
Strengths: Ability to target treatment to individual patient biology; potential for improved outcomes and less side effects; growth supported by rising demand for personalized healthcare.
Weaknesses: High costs of developing therapies and conducting clinical trials; complexity and challenges of implementation at scale; reliance on continued technology advancements.
Opportunities: Expanding application to new therapeutic areas and disease types; strategic partnerships to share expertise and risks; growth in markets like genomics, biologics and digital health.
Threats: Regulatory uncertainty around new treatments; reimbursement challenges for high-priced therapies; technology disruptions supplanting current platforms; data privacy and security concerns slowing consumer adoption.
Key Takeaways
The global precision medicine market is expected to witness high growth over the forecast period of 2023 to 2030, driven by increasing demand for customized treatment plans targeting a patient's specific disease characteristics. 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 8.7% over the forecast period 2023 to 2030.
Regional analysis related content: The Asia Pacific precision medicine market will experience the strongest growth momentum, likely exceeding 20% CAGR during 2023-2030. China and India have emerged as important hubs for R&D and manufacturing operations serving global pharmaceutical companies. Their large patient populations also create major new commercial opportunities. The region is making large strategic investments in genomic sequencing capabilities and building specialized research centers focused on precision healthcare applications.
Key players analysis related content: Key players operating in the precision medicine market are C L Pharm, Cure Pharmaceutical, Sunovion Pharmaceuticals Inc., ZIM Laboratories Limited, NAL Pharma, Viatris, LTS Lohmann Therapie-Systeme AG, IntelGenx Corp., and Aquestive Therapeutics Inc., among others. These leading manufacturers are developing novel targeted therapies, investing in clinical validation,
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