USD 1.46 billion
Global Precision Medicine Market Size, Share, Growth Analysis, By Type(Diagnostics {Genetic Tests, Biomarker Based Tests}), By Application(Oncology, CNS), By End-use(Hospitals, Diagnostic Centres) - Industry Forecast 2024-2031
Report ID:
SQMIG35B2061 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
91 |
Figures:
76
Global Precision Medicine Market Insights
Global Precision Medicine Software Market size was valued at USD 1.46 billion in 2019 and is poised to grow from USD 1.6 million in 2023 to USD 3.86 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
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. 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 a number of 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 (%)
Global Precision Medicine Market Size By End User , 2021-2028 ($ Bn)
Global Precision Medicine Market Size By End User , 2021-2028 (%)
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Global Precision Medicine Market Segmental Analysis
The Global precision medicine market is segmented based on Product type, Application, End-User and Region. Based on Product Type Precision Medicine Market is Categorized into Diagnostics {Genetic Tests, Biomarker Based Tests}, Therapeutics. Based on Application Precision Medicine Market is Categorized into Oncology, CNS, Immunology, Respiratory, Based on End-use Precision Medicine Market is Categorized into Hospitals, Diagnostic Centers, Research & Academic Institutes. Based on region Precision Medicine Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Precision Medicine Market Analysis by Application
The therapeutic segment of the precision medicine market is expected to increase at a 10% annual growth rate through 2028. precision medicines for the tailored treatment of disorders such as cancer and hereditary diseases have risen significantly. Furthermore, firms are active in the development of targeted medicines for a variety of indications such as cardiovascular disease, infectious illnesses, and gastroenterology, among others. The development of novel pharmaceuticals, as well as the rising use of drugs in precision medicine treatment programs, will drive the therapeutics segment's growth.
Precision Medicine Market Analysis by End-Use
The diagnostic center's segment is expected to grow at a CAGR of 12% through 2028, owing to an increase in the number of diagnostic centers around the world. Some of the factors influencing the industry's evolution are advancements in diagnostic techniques, state-of-the-art infrastructure, and offering the best available services to the patient population. Furthermore, there has been an increase in public awareness of the necessity of diagnostics. The growing need for predictive diagnostic testing for cancer, genetic disorders, and pulmonary illnesses, among others, will drive Precision Medicine Market growth.
Global Precision Medicine Market By End User, 2021(%), 2023 (%)
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Global Precision Medicine Market Regional Insights
The North American precision medicine market is expected to account for 44% of revenue share in 2022 because of the rising prevalence of cancer and genetic disorders, growing use of precision medicine approaches, and the presence of prominent companies such as Pfizer, Qiagen, Quest Diagnostics, and Roche. Cancer is the top cause of mortality in Canada and the second-highest cause of death in the US, according to the American Cancer Society. In the US, about 1.8 Billion new cancer cases will be diagnosed in 2020. High awareness of precision medicine in the region, as well as rising demand for tailored cancer therapy, will drive industry revenue in the region.
Global Precision Medicine Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Precision Medicine Market Dynamics
Precision Medicine Market Driver
- Advances in cancer biologics will fuel the expansion of precision medicine. The development of newer therapeutic techniques, such as gene therapy for cancer treatment, as well as an increase in the number of patients receiving predictive diagnostics, will drive market expansion.
- On the other hand, hefty costs and the possible harm to personal health data are two considerations that may stymie Precision Medicine Market growth. COVID-19 has been seen to have a minor and short-term impact on the industry. This damage was mostly caused by supply chain disruption and lockdowns implemented in a number of countries. However, after the lockdowns were lifted and supply was released, the Precision Medicine Market swiftly recovered.
Precision Medicine Market Restraint
- 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.
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Global Precision Medicine Market Competitive Landscape
Companies are trying to expand their product pipelines by submitting new molecule applications or expanding the application of current molecules. Other strategies, including as mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches, will also have an impact on current Precision Medicine Market trends. The research also outlines company-specific product development strategies, Precision Medicine Market consolidation initiatives, and analyses of their individual strengths, weaknesses, opportunities, and threats.
Precision Medicine Market Top Players Company Profiles
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Novartis AG
- Abbott Laboratories
- Agilent Technologies
- Almac Group
- Amgen Inc.
- Astellas Pharma Inc.
- AstraZeneca PLC
- Bio-Rad Laboratories, Inc.
- Bristol-Myers Squibb Company
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- GE Healthcare
- Intomics A/S
- Merck & Co., Inc.
- Myriad Genetics, Inc.
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics
Precision Medicine Market Recent Developments
- In May 2022, Illumina Introduced New Pan-Cancer Companion Diagnostic to Match Patients with Rare Genetic Mutations to Targeted Therapy.
- In May 2022, A new UK biotech company, backed by AstraZeneca Plc is targeting the treatment and prevention of viral diseases with antibodies.
- In January 2022, Thermo Fisher Scientific Completes Acquisition of PeproTech, a Leader in Recombinant Proteins.
Global Precision Medicine Key Market Trends
- Precision medicine will almost certainly continue to be focused on developing new therapies for cancer. When compared to the next greatest use of precision medicine, it is utilized 30% more often to treat oncological illnesses. precision medicine applications in oncology are more common in Europe and the US, where research is conducted. The expansion of the precision medicine industry in the treatment of oncological illnesses is projected to be accelerated thanks to government financing.
- Clinical practitioners will be able to select whether tests are essential and how to apply genetic data to the results using tools that aid decision-making in precision medicine. precision medicine will also help patients avoid denials and delays in receiving care. This will also have an impact on the types of tests requested in the following five years. Over the next five years, broad panel tests that look at an area of the gene will become more common, as compared to present tests that only look at a small number of genes.
- Doctors will be able to give drugs that are tailored to treat the patient with the fewest adverse effects based on characteristics like genetics, lifestyle, and medical history. When it comes to switching drugs and altering dosages, doctors must now draw assumptions. Pharmacogenomics, or the study of how genes respond to medicines, is becoming more popular as precision medicine becomes more popular. Thousands of people in the US are taking part in pharmacogenomic studies, which will ideally allow physicians to see how rapidly medicines are broken down in the body and how probable specific side effects are to occur.
Global 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 the robust Secondary Desk research has identified that has identified that COVID-19 has been observed to have a minor and short-term impact on the industry. This impact was primarily caused by supply chain disruption and lockdowns imposed in several countries. However, once the lockdowns were lifted and supply was restored, the Precision Medicine Market quickly recovered. Because precision medicine is primarily concerned with fatal disorders such as cancer that require life-saving drugs, the COVID-19 pandemic is unlikely to have a significant impact on the Precision Medicine Market during the assessment period.
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| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.46 billion |
| Market size value in 2031 | USD 3.86 billion |
| Growth Rate | 11.4% |
| 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:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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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 Global 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 Global 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 Global 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 Global 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 Global Precision Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Precision Medicine Market Report Snapshots
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