The rising prevalence of chronic illnesses is making the governments of several countries launch initiatives aimed at promoting the development of personalized treatment procedures. This fueling the popularity of precision medicine across the world. As per the Personalized Medicine Coalition, which is a national health council situated in Washington D.C., the U.S., the Trump administration announced in July 2019 that it intends to bring the prices of drugs down in the country and make them comparable with the rates of the global market.

This declaration was taken in order to fuel advancements in personalized treatments and make these procedures affordable for the masses. Additionally, as per the World Economic Forum, a Precision Medicine Initiative Grant was launched by Argentina in 2017 to kick-start the development of the scientific procedures required for putting the investigational precision medicine practices to clinical use. The other major factor driving the expansion of the global precision medicine market is the expansion of the medical tourism industry.

As per the forecast of the market research company, P&S Intelligence, the revenue of the market will rise from $203.5 billion in 2019 to $738.8 billion by 2030. Furthermore, the market is expected to advance at a CAGR of 12.1% from 2020 to 2030 (forecast period). Precision medicine is being increasingly adopted by various healthcare organizations for treating infectious diseases, cardiovascular diseases (CVDs), and cancer. It assists in preventing adverse drug reactions and massively increases the number of medical treatment options, which is the primary growth driver of the medical tourism industry in emerging economies. 

Personalized medical care, diagnostics, and therapeutics are the most commonly adopted types of precision medicine-based procedures. Out of these, the demand for personalized medical care is predicted to surge sharply in the coming years, primarily because of the strong government support being provided to telemedicine, in the form of grants and funds, burgeoning requirement for remote patient monitoring services, and the unmet demand for quality healthcare in various remote locations. 

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Globally, the demand for precision medicine was found to be the highest in North America in 2019, and this trend is predicted to continue in the coming years as well. This is credited to the increasing prevalence of genetic diseases and lifestyle-associated and chronic illnesses, such as cancer and diabetes, surging population of geriatric people, soaring disposable income of people, and the existence of major industry players in the region. 

On the other hand, in the forthcoming years, the precision medicine market will demonstrate the fastest growth in the Asia-Pacific (APAC) region. This will be because of the soaring healthcare expenditure, rising disposable income of people, surging product approvals, and growing public awareness about precision medicine in the region. In addition, the existence of several companies developing artificial intelligence-based solutions for precision medicine is also driving the popularity of precision medicine in the region.

Hence, it is safe to say that the demand for precision medicine will surge in the coming years, mainly because of the rising incidence of chronic diseases, mushrooming population of geriatric people, and soaring popularity of personalized medical treatments across the world.