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

Global Precision Medicine Market size was valued at USD 28.50 Billion in 2022 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).

One of the novel ideas at the foundation of precision medicine is that two individuals with the same illness do not necessarily need to react to it physically. Yet, a patient's symptoms and the place they live in might have an impact, as can their genetic makeup. Also, the patient's capacity to respond to that disease is a determining factor that helps medical professionals and researchers plan the necessary course of therapy. To identify the molecular cause of each patient's ailment, precision medicine frequently uses panomics and system biology. Subsequently, targeted drug formulations are used to treat each patient's unique condition.

Benefits of precision medicine comprise tailored kind of care which is very effective depending on one’s need as well as the type of disease being suffered from. Moreover, it can help reduce treatment expenses and reduce the need for repeated administration of drugs. The precision medical field is expanding, and Genomics research is currently receiving more and more attention. is mostly as the possibility of genetically targeted medicines has been recognized. As a result, precision medicine is being used more frequently. Furthermore, companion diagnostics that include genetic testing are growing in popularity. This market's expansion is being aided by these variables as well as the growing number of specialized medication approvals from reputable regulatory authorities.

US Precision Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.