According to P&S Intelligence, the precision medicine market generated $203.5 billion in 2019 and it is expected to reach $738.8 billion by 2030, progressing at a CAGR of 12.1% during the forecast period (2020–2030).
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Governments across the globe are taking several initiatives to develop personalized treatment, thereby, playing a vital role in the precision medicine market growth. According to the World Economic Forum, Argentina introduced a Precision Medicine Initiative Grant, in 2017, to start the scientific procedures needed to introduce investigational precision medicine approaches into clinical practices. Similarly, the U.S. administration under its Personalized Medicine Coalition announced its plan, in July 2019, to bring down the costs of drugs in the country, to make them comparable with international rates.
Moreover, the accelerating usage of AI in healthcare system will boost the precision medicine market in the foreseeable future. Technological developments through AI are transforming the medical sector around the globe by assisting healthcare professionals in recording clinical data and monitoring it regularly, with fewer errors and greater ease. For instance, in 2018, the Seoul National University Hospital and College of Medicine developed Deep Learning-Based Automatic Detection (DLAD), an AI algorithm, to detect abnormal cell growth and examine chest radiographs.
Globally, the North America held the largest share in 2019, and it is expected to continue its dominance during the forecast period. This is due to the rising incidence of lifestyle-associated and chronic diseases, like CVDs and diabetes, burgeoning healthcare spending, and increasing number of government initiatives in the form of awareness programs and funding for precision medicine. Whereas, the Asia-Pacific (APAC) market will register the highest growth in the forecast years, owing to the increasing healthcare expenditure, presence of players developing precision medicines, and growing awareness about these medicines.
Thus, the rising frequency of critical trials and the magnifying government support will propel the market growth in the coming years.