NEW YORK, March 28, 2021 /PRNewswire/ -- In July 2019, U.S. president Donald Trump decided to bring down the prices of drugs in the country to make them equal or similar to the international rates. This move was made with a specific eye on the evolving field of precision medicine. Therefore, with such government efforts around the world, the globalprecision medicine market size is expected to grow at a 12.1% CAGR between 2020 and 2030, to reach $738.8 billion by 2030 from $203.5 billion in 2019, according to P&S Intelligence.
Similarly, in 2017, a grant was established by the Argentine government to bring the experimental precision medicine practices to the clinical field. Another such move that is benefitting the precision medicine market advance is the 2015 investment of $215 million by the U.S. government in this field to find a better cure for lung cancer, colorectal cancer, breast cancer, and several other diseases. In the same vein, the government of Hong Kong plans to monitor cancer patients and use precision medicines for better outcomes.
Key Findings of Global Precision Medicine Market
Demand for precision medicine booming during COVID-19 crisis
Clinical trials related to precision medicine picking pace
Government support strongest driver for market
Demand for personalized medical care to rise fastest in future
APAC most-lucrative region for precision medicine investments
Market players engaging in collaborations and partnerships
The COVID-19 pandemic is acting as a precision medicine market growth driver, as the surging number of cases and deaths has drastically raised the demand for an effective treatment. Moreover, with different people reacting differently to the disease, which has been characterized by wide-ranging complications, research and development (R&D) activities to come up with personalized treatments have picked pace.
In the past, the precision medicine market was dominated by the therapeutics category, on the basis of type. The technological advancements in the field of gene therapy, along with the various benefits such a treatment offers, are propelling the demand for precision medicines
In the coming years, the telemedicine category will continue to hold the largest share in the precision medicine market, based on the type of personalized medical care. The healthcare sector is quickly adopting telemedicine to widen the access to medical services and reduce the burden on the staff.
Historically, North America was the largest precision medicine market as a result of the rising incidence of lifestyle-associated and chronic diseases, including cancer, cardiovascular diseases (CVDs), and diabetes, and high disposable income of people. Additionally, the region is home to a large number of medical researchers who are extensively studying the potential applications of precision medicine. Moreover, the government here is offering grants and conducting awareness-raising programs.
The highest CAGR in the precision medicine market in the years to come is projected to be experienced in the Asia-Pacific (APAC) region. The increasing government and private funding in the field, improving healthcare infrastructure, and rising purchasing power are propelling the market here. Additionally, market players are coming up with better precision medicine products, including those integrated with artificial intelligence (AI), to improve the overall patient outcomes.
The most-prominent companies in the global precision medicine market are Myriad Genetics Inc., Partek Inc., Pacific Biosciences of California Inc., Randox Laboratories Ltd., Oracle Corporation, Menarini Silicon Biosystems S.p.a., 23andMe Inc., EPIC SCIENCES INC., Precision BioLogic Incorporated, MDxHealth SA, General Electric Company, Intomics, Asuragen Inc., International Business Machines (IBM) Corporation, Almac Group Limited, Bristol-Myers Squibb Company, Eli Lilly and Company, Johnson & Johnson, Sanofi, Bio-Rad Laboratories Inc., Abbott Laboratories, Danaher Corporation, bioMérieux S.A., F. Hoffmann-La Roche Ltd., and Thermo Fisher Scientific Inc.
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