Precision Medicine Market Size

Precision Medicine Market Size

Precision Medicine Market size exceeded USD 52 billion in 2020 and is expected to grow at a CAGR of over 11.5% from 2021 to 2027. Development of novel drugs and rising demand for drugs in precision medicine treatment plans will accelerate the global market growth. Global AI in precision medicine market is projected to register a CAGR of over 30% in the forecast period.

To get key market trends

  Download Free Sample

Advancements in cancer biologics will drive the growth of precision medicine. Development of newer therapeutics approaches including gene therapy for cancer treatment and increasing number of patients undergoing predictive diagnosis will push the market growth. On the other hand, high cost and potential threat to personal health data are some of the factors that may thwart the market expansion. The impact of COVID-19 on industry is observed to be minimal and short term. This impact was mainly due to disruption of supply chain and lockdowns imposed in many countries. However, as the lockdowns were lifted, and supply was restored, the market has recovered quickly. As precision medicine deals majorly with fatal disorders like cancer involving life-saving drugs, the COVID-19 pandemic is poised to have no major impact on the market during the assessment period.

Precision medicine is an emerging way of disease prevention and management. It involves tailored approaches including predictive diagnostic, prevention and treatment strategies for an individual based on their genetic makeup and genetic modifications. Using these approaches, drugs are designed to target specific mutations for better treatment and improved patient outcomes.