The global Precision Medicine Market is estimated to be valued at US$73,946.2 Million In 2022 and is expected to exhibit a CAGR of 10.3% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision medicine refers to the customization of medical treatment based on individual patient characteristics, such as genetics, lifestyle, and environment. It aims to provide tailored therapies that are more effective and have fewer side effects compared to traditional approaches. The market for precision medicine is driven by the increasing demand for personalized treatment options, advancements in genetic testing technologies, and the rising prevalence of chronic diseases.
Market Key Trends:
One key trend in the precision medicine market is the growing adoption of genetic testing. Genetic testing allows healthcare providers to identify genetic mutations or variations that can inform treatment decisions. With advancements in technology, genetic testing has become more accessible, affordable, and accurate. This trend is expected to drive the market growth as more healthcare providers and patients recognize the value of genetic information in personalizing treatment plans.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the Precision Medicine Market is low. This is due to the high barriers to entry, such as the need for substantial investment in research and development, regulatory approval processes, and the requirement for specialized knowledge and expertise in the field of genomics and personalized medicine.
Bargaining power of buyers: The bargaining power of buyers in the precision medicine market is moderate. Buyers, such as healthcare providers and hospitals, have the ability to negotiate prices with pharmaceutical companies and diagnostics companies. However, the availability of personalized treatments and the limited number of suppliers in the market give some leverage to the companies.
Bargaining power of suppliers: The bargaining power of suppliers in the precision medicine market is high. Suppliers, such as pharmaceutical companies and diagnostic companies, hold significant power due to their expertise and intellectual property in developing personalized treatments and diagnostics. They can set prices and have the ability to form strategic partnerships with healthcare providers.
Threat of new substitutes: The threat of new substitutes in the precision medicine market is low. Precision medicine offers personalized treatments and diagnostics based on an individual’s genetic makeup, which is a unique value proposition that cannot be easily replicated by traditional medicine. This reduces the probability of substitutes entering the market.
Competitive rivalry: The competitive rivalry in the precision medicine market is high. There are several key players operating in the market, including Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company. These companies compete on factors such as product quality, price, and innovation to gain a larger market share.
Key Takeaways:
The global precision medicine market is expected to witness high growth, exhibiting a CAGR of 10.3% over the forecast period of 2022-2030. This growth can be attributed to the increasing prevalence of chronic diseases, advancements in technology, and a growing focus on personalized healthcare.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the precision medicine market. This can be attributed to the presence of major pharmaceutical and biotechnology companies, strong healthcare infrastructure, and a high adoption rate of precision medicine in the region.
Key players operating in the precision medicine market include Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company. These key players are actively involved in research and development activities, collaborations, and mergers and acquisitions to gain a competitive advantage in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
