USD 1.46 billion
Precision Medicine Market Size, Share, Growth Analysis, By Type(Inhibitor Drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Antiretroviral Drugs), Indication(Oncology, Rare Diseases, Infectious Diseases, Hematological Disorders), End-use, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2061 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
91
|Figures:
76
Precision Medicine Market Insights
Global Precision Medicine Market size was valued at USD 28.50 billion in 2022 and is poised to grow from USD 31.75 billion in 2023 to USD 75.30 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
The precision medicine market is expected to have an exponential growth which is driven by rapid development in genomic research, biotechnology, data analytics, etc. With the increasing prevalence of chronic diseases such as cancer and cardiovascular conditions, it has been observed that there is a rise in demand for personalized treatment plans that precision medicine offers. Precision medicine is based on a novel idea that states that, two persons infected with the same disease do not have to respond to the sickness in the same way physically. Based on Skyquest in-depth analysis, in 2023, total spending on treatments with precision medicine stood at USD 38.09 billion globally. However, it is dependent on the patient's symptoms and the surrounding environment, as well as the impact of genes. Furthermore, it is dependent on the patients' capacity to respond to that specific condition, which allows physicians and researchers to plan the necessary therapy. The use of system biology and pan omics to determine the cause of an individual patient's sickness at the molecular level is widespread in precision medicine. Following that, concentrated medicines are used to treat each patient's disease. Precision medicine has several benefits, including effective therapy that is tailored to the patient's requirements and illness category. Furthermore, precision medicine has the potential to lower treatment costs and minimize pharmaceutical administration.
US Precision Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic Centers
Fastest Growth
Hospitals
Growth Rate
11.4% CAGR
Global Precision Medicine Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Precision Medicine Market Segmental Analysis
The precision medicine market is segmented based on Type, Indication, End-user, and Region. Based on Type, the market is segmented into Inhibitor Drugs, Monoclonal Antibodies, Cell and Gene Therapy, Antiviral and Antiretroviral Drugs, and Others. Based on Indication, the market is segmented into Oncology, Rare Diseases, Infectious Diseases, Hematological Disorders, and Others. Based on End-user, the market is segmented into Hospitals & Clinics, and Home Care Settings. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Analysis by Indication
Based on Indication, oncology is expected to dominate in the upcoming years. Firstly, with increasing rate of different cancer types worldwide, the need for concern regarding more unique and personalized approaches to cancer treatment has arisen. Precision medicine allows oncologists to search for specific genetic mutations and tumour biomarkers on a case-by-case basis. This subsequently results in the formulation of precise treatments in which treatment intensity is focused on the areas that are highly strategic. Notably, to ensure there is no serious impact on patients, attempts are also made to reduce negative impacts as treatment areas are targeted. Moreover, development of NGS enhanced the appropriate identification of lesions and prediction with favourable outcomes at the genetic level. With such strides being made, it is no wonder that oncology still stands out as spearheading precision medicine efforts: funding of these interventions aims at enhancing not only the quality of patient care but also at transforming the concept of cancer treatment and what this entails.
On the other hand, the infectious diseases segment is emerging as the fastest area of growth within precision medicine, driven by several key factors. Firstly, antimicrobial resistance as a problem of considerable magnitude proves the urgent need for medical instruments that are precise in diagnostics and treatment methods. Precision medicine embodies processing the specifics of patient's genetic information by healthcare providers, hence, they become more effective with their diagnosis and personalized treatment strategies. Indeed, the recent frontiers of bioinformatics, through AI tools, and genomic sequencing do analysis, allowing the scientists to go way beyond just identifying the genetic differences between the pathogens. Therefore, personalized treatments that incorporate the host factors and the pathogen variety are developed.
Analysis by End-User
From the end-user perspective, the Hospitals and Clinics segment holds the largest share of precision medicine market owing to the fact that it primarily involves the initial and crucial interaction with patients who require accurate diagnosis and individualized therapies. They also have the infrastructure and experience in collecting and analysing samples for advanced genomic testing and molecular diagnostics that are essential to the PM model. Also, hospitals are typically involved in the identification and management of clinical trials and research activities regarding advanced precision medicine therapies. This segment is further supported by huge investments from healthcare providers and government entities to merge LSM into common clinical practices for enhancing the patients’ experiences and organizational performance.
Home Care Settings are, in fact, one of the most rapidly expanding areas in the precision medicine industry. This growth is by virtue of the technologies that are enabling tests to be conducted away from the hospitals and the care that is given to patients as individuals. Growth drivers are development of portable diagnostic instruments and, companion diagnostics together with remote monitoring systems and telemedicine services. These enable real time data transfer hence they serve as a point where patient provider interaction happens. Besides all these, another major development that is driving this transition towards precision medicine at home care settings comes from value-based care models: focusing on the earlier and more preventive and early intervention modalities in health care. Thus, as systems try to prevent admissions and associated costs proactively by such personalized approaches to patient satisfaction maintained at priority levels.
Global Precision Medicine Market By End User, 2021(%)
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Precision Medicine Market Regional Insights
The North American precision medicine market is expected to account for 44.3% of revenue share in 2023. Cancer is still the leading cause of death in Canada and ranks as the second highest in the US. About 9 million new cancer cases were identified in the United States only in 2023. This is having underscored the need for more enhanced treatment modalities such as precision medicine. The region has established key facilities for genomic studies and individualized treatment, assisted by large players like Pfizer, Qiagen, Quest Diagnostics, Roche, among others. The degree of awareness regarding precision medicine is still very high, and the emphasis on the ever-increasing need to provide patients with individualized cancer treatments favours the growth of the market. Thus, with improvements in technology and supportive governing policies North America is set to continually be a key contributor to the improvement and enhancement of the patient outcomes within the sector of precision medicine.
On the other hand, Asia-Pacific is the fastest growing region. The presence of an extensive and culturally diverse population in the region presents promising opportunities for organ-specific targeted treatment based on the individual’s gene-environment profile. As for the global competitors, such as China and India, are increasingly investing in healthcare needs and research, contributing to the development of genomic sequencing and bioinformatics. Furthermore, the increasing prevalence of chronic diseases like cancer and cardiovascular diseases points more to the need and accuracy in the diagnostic and therapeutic approaches. Asia has emerged as the leader for future healthcare transformations due to the new collaborations involving local government bodies, colleges, and multi-national bio-tech enterprises that are leading towards the advancement practices of precision medicines.
Global Precision Medicine Market By Geography, 2021 - 2028
- Largest
- Fastest
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Precision Medicine Market Dynamics
Precision Medicine Market Driver
Rising Incidence of Chronic and Genetic Diseases
- Advancement in cancer biologics is one of the prime factors for the rise of precision medicine in the global market. Evolution of novel therapeutic techniques such as gene therapy used in cancer treatment is also expected to boost market growth. Precision medicine usually offers customize solutions which is based on patients' genetic profiles and disease characteristics. Thus, promising improved outcomes and reduced side effects compared to conventional treatments.
Advancements in Genomic Technologies
- Molecular diagnostics which have just emerged in the market due to advances in genomic sequencing include next-generation sequencing (NGS) and CRISPR-Cas9 gene editing are new drivers of the market. All these developments allow the researchers and clinicians to accurately check the genetic signature or biomarkers with greater ease and allow for treatment strategies that can potentially target the uniqueness of the particular patient.
Restraint
High Cost of Precision Medicine Technologies
- Precision medicine is undoubtedly progressing to new heights. However, the increasing costs of diagnostics may limit the market's growth. A significant quantity of personal data is generated during the diagnosis and treatment process, and there is a potential threat linked with it that could limit the expansion of the precision medicine market. Stringent restrictions and standards are impeding the growth of the personalized medicine sector.
Data Privacy and Security Concerns
- To practice precision medicine physicians require large amounts of very sensitive patient data including DNA information and health records. Great concerns are regarding the protection of such data, adhering to legal requirements such as GDPR and HIPAA, and preventing cyber-attacks. Concerns over theft or leakage of the data make individuals cautious over the implementation of precision medicine. Addressing these issues with improved online safety measures and explicit policies on data utilization is vital to overcoming these challenges.
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Precision Medicine Market Competitive Landscape
The competitive landscape of the precision medicine market is characterized by the presence of leading companies such as Illumina, Thermo Fisher Scientific, and F. Hoffmann-La Roche. These firms are leading the way in creating new tech for reading genes and testing molecules. They're also working to grow their range of products by asking for approval of new molecules or by finding more uses for existing ones. Other moves like joining with other companies or working with schools to bring more products or testing methods to market will shape the future trends. This study looks into how each company plans to make more products, join forces, and checks on their own strengths, weak spots, chances, and risks.
Precision Medicine Market Top Players Company Profiles
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Novartis AG (Switzerland)
- Abbott Laboratories (US)
- Agilent Technologies (US)
- Almac Group (Northern Ireland)
- Amgen Inc. (US)
- Astellas Pharma Inc. (Japan)
- AstraZeneca PLC (United Kingdom)
- Bio-Rad Laboratories, Inc. (US)
- Bristol-Myers Squibb Company (US)
- Danaher Corporation (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- GE Healthcare (US)
- Intomics A/S (Denmark)
- Merck & Co., Inc. (US)
- Myriad Genetics, Inc. (US)
- Pfizer Inc. (US)
- Qiagen N.V. (Germany)
- Quest Diagnostics (US)
Precision Medicine Market Recent Developments
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In May 2024, OM1 unveils three new products: OM1 Orion, OM1 Lyra, and OM1 Polaris, all powered by PhenOMTM—an artificial intelligence-driven digital phenotyping platform for personalized medicine and clinical research. OM1, a frontrunner in delivering Real-World Evidence (RWE) insights from laboratory to patient care, harnesses advanced predictive and generative AI platforms along with comprehensive clinical data to empower stakeholders in the healthcare industry.
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In April 2024, SOPHiA GENETICS, a cloud-native software company specializing in healthcare and a frontrunner in data-driven medicine, revealed a strategic collaboration with Bengaluru-based Strand Life Sciences, a trailblazer in bioinformatics and diagnostics. This partnership aims to introduce groundbreaking solutions that will drive the adoption of precision medicine on a global scale.
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In January 2024, SimBioSys, an innovative TechBio enterprise harnessing the potential of spatial biophysics through artificial intelligence (AI) and biophysical modeling to revolutionize precision medicine for cancer, declared its acquisition of its inaugural U.S. Food and Drug Administration (FDA) 510(k) clearance. This clearance authorizes the marketing of its initial software application on its cloud-based digital precision medicine platform, TumorSight.
Precision Medicine Key Market Trends
- Integration of Artificial Intelligence and Machine Learning: One of the most important trends in the precision medicine market is how we take care of medication today which can be associated with the application of smart computer technology such as artificial intelligence and machine learning. These tools aid in organizing vast health and genetic data, leading to better understanding or shifting patterns among diseases and the efficacy of treatment. AI discovers new health indicators and creates new individualized-for-each-person treatment approaches, prolongs researches and improves care. This movement is advancing novel and smart strategies for embracing precision medicine.
Precision Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Based on Skyquest analysis, precision medicine market is swiftly expanding due to geographic expansion of genomic sequencing and molecular diagnostics, increase in lifestyle diseases and high care need for tailored treatment. North America holds the largest market share because of well-developed infrastructure and key players such as Pfizer, Roche whereas Asia-Pacific is the fastest growing market due to various investments and increasing healthcare demands. Even when dealing with greater costs and data privacy issues as key threats, the implementation of AI and machine learning is enhancing innovation. Many companies and startup biotech firms are cultivating this environment by developing competition and strategy into a thriving market, making precision medicine a revolutionary concept in healthcare.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 28.50 billion |
| Market size value in 2031 | USD 75.30 billion |
| Growth Rate | 11.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Precision Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Precision Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Precision Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precision Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precision Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Precision Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Precision Medicine Market Report Snapshots
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