Precision medicine market to reach $168.3b by 2032

It is being driven by advancements in genomics.

The global precision medicine market size is expected to reach $168.3b by 2032 with a compound annual growth rate of 9.4%, according to ResearchAndMarkets.com

It is being driven by advancements in genomics, healthcare personalisation, and a rise in chronic diseases. 

In the Asia Pacific region, growing healthcare infrastructure and increasing investments in biotechnology are fueling the demand. 

Some of trends in the market are the integration of artificial intelligence and machine learning. It is also seeing a rise in companion diagnostics which emphasises the importance of therapeutic decisions and individual genetic information alignment.

Whilst the market currently faces challenges such as high costs, complex regulations, and the need for robust data integration, these obstacles present opportunities for innovation in cost reduction, regulatory strategy optimisation, and the development of advanced data analytics.