Precision Medicine Market size was valued at USD 28.50 billion in 2022 and is poised to grow from USD 31.75 billion in 2023 to USD 75.30 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
The precision medicine market is rising with advancement in fields like genomic research, biotechnology, and data analytics. It has been witnessed that there is an increasing demand for personalized treatment plans offered by precision medicine with the rising cases of chronic illness like cancer and cardiovascular issues. Precision medicine states that when two person is infected with similar diseases it is not necessary that both of them will react to it the same way physically. It is primarily based on the patient’s symptoms and the surrounding environment, along with the influence of genes. Responsiveness is also related to the patient’s capacity to react to that specific condition, which helps physicians and researchers to plan the required treatment. Nowadays, healthcare practitioners are using methods like system biology and pan omics to understand the cause of the patient’s sickness at a molecular level. After that concentrated medicines are utilized for treating them. Precision medicines has many advantages like efficient therapy that can be customized to the exact requirement of the patient and the illness.
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Development in Genomic Technology to Accurately Evaluate the Biomarkers
Advancement in genomic sequencing like next-generation sequencing (NGS) and CRISPR-Cas9 gene editing have given birth to innovative molecular therapies. These new diagnostics are driving the growth of the market with their high usage in healthcare. Such advancements help researchers and medical professionals to precisely evaluate the genetic signature of biomarkers easily. It also enables to make better treatment strategies that can target the uniqueness of the gene in the patients.
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Implementation of Artificial Intelligence and Machine Learning
One of the crucial trends in the precision medicine market is the way healthcare experts take care of medicines that can be associated with the application of smart computer technology like AI and ML. These advanced tools help in collecting vast amount of health and genetic data through which it becomes comparatively easier to understand the patterns among diseases. Such tools also help to recognize the treatment that can be efficient and helps in quick recovery. AI can recognize new health indicators and develop individualized treatment methods. It can even help in extending the research that improves care.
In May 2024, OMI introduced OM1Orion, OM1 Lyra, and OM1 Polaris. These products are an AI-based digital phenotyping platform for personalized medicine.
SOPHiA GENETICS partnered with Bengaluru-based Strand Life Sciences in April 2024. This can provide innovative solutions to boost the adoption of precision medicine.
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In January 2024, SimBioSys acquired inaugural U.S. Food and Drug Administration (FDA) 510 (k) clearance.
The growth of the precision medicine market is expanding because of the increasing popularity of genomic sequencing and molecular diagnosis, rise in lifestyle diseases, and for tailored therapies. Innovation in the precision medicine is also driven by advanced technologies like artificial intelligence and machine learning. Many organizations and startup biotech firms are utilizing this market situation by developing marketing strategies to thrive in the market, making precision medicine an innovative concept in the medical field.
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