Precision Medicine Market Size, Share, Growth Analysis, By Type(Inhibitor drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-Retroviral Drugs), By Indication(Oncology, Rare Diseases, Infectious Diseases, Hematological Disorders), By End User(Hospitals & Clinics, Home Care Settings), By Region - Industry Forecast 2024-2031

Drivers

Increase in Complementary Diagnostics and Genetic Testing

• Only after a battery of diagnostic tests to examine the patient's genes for individual variability, genetic mutations, and variances is a precision medicine regimen advised. Aspects such as increased availability of prenatal and cancer screening tests and DTC genetic tests are causing growth in genetic testing.

Expanding Market for Gene and Cell Therapies

• The market for gene and cell therapies has been expanding recently due to advancements in technology. This is due to gene and cell treatments have a great deal of promise to treat many conditions. in many situations for which there is now no recognized therapeutic treatment. These indications primarily consist of various rare diseases, rare genetic disorders, and chronic diseases in specialties like oncology.

Restraints

Data Security and Privacy Concerns

• Significant privacy and security concerns are raised by the massive collecting and analysis of personal genetic and health data. Sensitive information gets to be threatened with breach or other abuse resulting in maintained patient’s trust as well as acceleration of clamor about utilizing precision medicine answers.

Limited Integration and Infrastructure

• Advanced infrastructure and integration across many healthcare systems, such as electronic health records and data analytics platforms, are necessary for the successful deployment of precision medicine. Precision medicine technologies are not widely adopted or effectively utilized in many regions, particularly in poor nations, due to a lack of infrastructure and integration capabilities.