Precision Medicine Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global precision medicine market provides qualitative and quantitative analysis for the period from 2021-2030. The global precision medicine market is projected to grow at a CAGR of 9.59% from USD 82.05 billion in 2022 to USD 190.14 billion in 2030 during the forecast period of 2023-2030. The study on precision medicine market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

Precision medicine, also referred to as personalized medicine allows healthcare professionals to prescribe precise treatment and prevention strategies for a particular disease to a patient. This medical model considers individual changeability in the genes and lifestyle of the respective person. This approach permits doctors to select the precise treatment of a particular disease that helps in understanding patients' genetics of their disease. Precision medicine contains the use of panoramic and system biology for an individual disease at the molecular level. Precision medicine proposals several benefits such as effective treatment modified to patients needs and the category of disease.

The growing prevalence of cancer and rare diseases majorly drives the growth of the precision medicine market. In breast cancer treatment, precision medicine helps in diagnosing, treating, and preventing cancer cells. In this approach, the tissue is collected for analysis. After analyzing the information collected, helps in making treatment decisions. Further, precision medicine helps in testing cancer for defining whether a specific cancer treatment is effective for a patient or not. Besides the growth in the aged population and increasing usage of big data in precision medicine is also boosting the growth of this market. On the other hand, the high cost associated with precision medicine hampers the adoption of this treatment method. Nevertheless, rising R&D expenditure to develop effective treatment is anticipated to boost the growth of the precision medicine market over the forecast period.

Geographically, North America dominated the global precision medicine market. Factors such as the high prevalence of cancer, and an increasing number of awareness campaigns organized by private organizations and the government are expected to boost alertness stages drive the growth of the precision medicine market. Moreover, increasing government and private expenditure for the development of effective precision medicine is anticipated to further augment the market growth in the region. On the other hand, the precision medicine market in the Asia Pacific is expected to grow at the fastest rate among other regions. This is mainly attributed to the improving economic conditions and healthcare infrastructure.

Report Findings

1) Drivers

• Growing prevalence of cancer and rare diseases.
• Growth in the aged population and increasing usage of big data.

2) Restraints

• High cost associated with precision medicine.

3) Opportunities

• Rising R&D expenditure to develop an effective treatment.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include
1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered

The global precision medicine market is segmented on the basis of technology, application, and end user.

The Global Precision Medicine Market by Technology

• Companion Diagnostics
• Big Data Analytics
• Drug Discovery
• Bioinformatics
• Gene Sequencing
• Others

The Global Precision Medicine Market by Application

• Respiratory
• Oncology
• Immunology
• CNS
• Others

The Global Precision Medicine Market by End User

• Laboratories
• Pharmaceuticals
• Biotechnology Diagnostic Companies
• Others

Company Profiles

The companies covered in the report include

• biocrates life sciences ag
• Intomics (acquired by ZS Associates)
• Eagle Genomics
• Laboratory Corporation of America Holdings
• Novartis AG
• Quest Diagnostics Incorporated
• NanoString Technologies, Inc.
• Pfizer Inc.
• Teva Pharmaceutical Industries Ltd.
• Medtronic

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the precision medicine market.
2. Complete coverage of all the segments in the precision medicine market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global precision medicine market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

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