Precision Medicine Market
The global precision medicine market is estimated to be valued at USD 92.31 Bn in 2024 and is expected to exhibit a CAGR of 11.3% during the forecast period (2024-2031). Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. This approach allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, where disease treatment is a standardized approach for all people. Precision medicine integrates genetic information and molecular diagnostics to tailor medical treatments based on the individual characteristics of each patient. With greater knowledge of patients' genetic makeup, doctors can determine if certain medicines, lifestyle changes, or treatments will help or if different options may need to be considered depending on the individual. This allows researchers and healthcare providers to determine the safest treatment option tailored for each patient, leading to improved treatment outcomes. With continued research and development, precision medicine holds promise to transform healthcare through targeted disease prevention and treatment.
Market Dynamics:
The global precision medicine market is driven by the increasing demand for personalized healthcare, rise in R&D investments for precision therapeutics development, growing application of next-generation sequencing (NGS) in precision medicine, and surging demand for healthcare reduction. However, the lack of data interpretation & standardization and high cost of treatment are expected to restrain the market growth. Meanwhile, emerging economies offer high-growth opportunities for market players. Precision medicine approaches could help address several burgeoning healthcare challenges by offering targeted therapeutics with improved efficacy and reduced side-effects compared to conventional treatment methods. The growing adoption of companion diagnostics and inclusion of precision medicine in drug development activities also presents new opportunities.
Key Features of the Study:
Market Segmentation
Table of Contents
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