Why Are Clinical Trials Vital To Precision Medicine Market Growth?

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).

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.

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Additionally, the growing medical tourism sector will also drive the precision medicine market, in the foreseeable future. Precision medicines are being preferred by patients living with infectious diseases, cancer, and cardiovascular diseases (CVDs), as these help in preventing adverse reactions of drugs and increasing the number of treatment methods. For example, the U.K. government plans to establish three advanced therapy treatment centers to develop gene therapies and precision medicine. Owing to these advantages, the medical tourism industry is expanding, especially in developing countries, across the world.

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.