Precision Medicine refers to the treatment of a disease by considering individual variations in terms of genes, environment, and lifestyle choices. Though a relatively new field, its concepts have been around for a while, the matching of blood groups before blood transfusion being an example.
The global precision medicine market was valued at USD 83.4 billion in 2022 and is expected to reach USD 254 billion by 2032 at a CAGR of 12.1%. The Asia Pacific region is expected to show the fastest growth during this period.
Precision Medicine involves determining the molecular cause of an illness by employing phenomics and system biology. It helps doctors to make accurate predictions about how to treat a disease. It has fewer side effects and offers a quicker recovery than conventional drugs.
The wide-scale implementation of Precision Medicine can bring down healthcare costs through the implementation of value-based payment and delivery models. Precision Medicine also helps in identifying the probability of developing diseases and proactively intervene to prevent them.
Precision Medicine is on the rise due to the rapid progress in the technology of storing and analyzing medical data. It is estimated that in the next five years, about 90% of both treatment seekers and providers will adopt the capabilities of Precision Medicine.
With AI making inroads into the health and wellness sector by rendering its ability to analyze real-time data, Precision Medicine looks set to be the future of medical care at both micro and macro levels.