Precision Medicine Market Report 2025

The precision medicine market size has grown rapidly in recent years. It will grow from $80.15 billion in 2024 to $88.73 billion in 2025 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increase in cancer prevalence, increasing prevalence of mental health disorders, increased prevalence of respiratory diseases, increasing funding, increased geriatric population, increase in pharmaceutical R&D expenditure and increased healthcare expenditure.

The precision medicine market size is expected to see strong growth in the next few years. It will grow to $129.37 billion in 2029 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to the increasing geriatric population, increasing prevalence of cancer, high potential of emerging economies, emergence of novel pathogenic infestations, increasing research and development spending and rise in healthcare expenditure. Major trends in the forecast period include adopting artificial intelligence technologies for improving competitiveness, offering diagnosis and personalized treatment for immune-mediated diseases, investing in increased research and development activities and forming collaborations and partnerships with technology and healthcare entities to improve their product portfolios.

The rising incidence of cancer is expected to drive the growth of the precision medicine market. Cancer remains a leading cause of death globally, with one in five individuals likely to develop the disease at some point in their lives. Precision medicine for cancer involves analyzing tumor DNA to identify mutations or genetic abnormalities that contribute to the disease. This allows healthcare providers to select treatments that are specifically tailored to target the genetic changes in a patient's tumor. For example, in February 2024, the World Health Organization, a Switzerland-based specialized agency focused on international public health, projected that by 2050, there will be over 35 million new cancer cases, marking a 77% increase from the estimated 20 million cases in 2022. Thus, the increasing prevalence of cancer is fueling the growth of the precision medicine market.

Rising healthcare expenditure is anticipated to enhance the growth of the precision medicine market in the future. Healthcare expenditure encompasses the total funds allocated for healthcare goods and services, which include medical equipment, hospital services, physician services, prescription medications, and public health initiatives. Such expenditure is vital for promoting the development, adoption, and integration of precision medicine into mainstream healthcare. For instance, in May 2023, a report from the Office for National Statistics, a UK government department, indicated that healthcare spending in the UK grew by 5.6% from 2022 to 2023, compared to a 0.9% increase in 2022. In 2023, the UK's healthcare expenditure was approximately $317.63 billion (£292 billion). Therefore, the rising healthcare expenditure is driving the growth of the precision medicine market.

The increasing number of partnerships and acquisitions among precision medicine companies is facilitating their expansion into both oncology and non-oncology fields. Continuous research and development in precision medicine is enhanced through collaboration, allowing firms to strengthen their capabilities and approaches. For example, in September 2022, GSK plc, a UK-based pharmaceutical firm, broadened its collaboration with Tempus, a US-based precision medicine company. This three-year partnership aims to enhance clinical trial design, expedite patient enrollment, and identify drug targets by leveraging Tempus' AI-driven platform and extensive de-identified patient data. This collaboration builds on their previous efforts and is expected to strengthen GSK's R&D capabilities, especially in oncology.

Leading companies in the precision medicine market are focusing on innovations like data ingestion, which facilitates access to public datasets via Google Cloud's Analytics Hub. Data ingestion refers to the process of collecting and importing data from various sources into a storage system or data processing platform. For instance, in May 2023, Google Cloud, a US-based software development company, introduced two AI-powered solutions designed to enhance drug discovery and precision medicine. These new AI solutions are accelerating drug discovery and precision medicine in the biotech and pharmaceutical sectors. Researchers can now more efficiently identify protein structures and interpret genomic data, thus improving drug development processes. These tools reduce the time required to bring life-saving treatments to market and enhance collaboration among research teams. They also support multi-cloud environments for seamless integration.

In July 2024, Thermo Fisher Scientific Inc., a US-based biotechnology company, acquired Olink Proteomics for an undisclosed amount. This acquisition aims to strengthen its capabilities in proteomics, a rapidly growing field focused on the large-scale study of proteins. Olink Proteomics is a Sweden-based biotechnology research company that contributes to precision medicine through its innovative technologies and services related to protein biomarker analysis.

Major companies operating in the precision medicine market include Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Eurofarma, Biolab Farmaceutica, Cristalia, União Quimica.

North America was the largest region in the precision medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Precision medicine refers to a form of medical treatment that involves the prevention, detection, or treatment of diseases based on an individual's genetic or protein-related information. In order to identify the most effective treatment for an individual, precision medicine takes into account factors such as their genetics, environment, and lifestyle.

The primary technologies associated with precision medicine include bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and others. Bioinformatics technologies utilize computational tools to organize, analyze, understand, visualize, and store information related to biological macromolecules. Precision medicine is applied in various medical fields, including oncology, respiratory diseases, central nervous disorders, immunology, and genetic diseases. It is implemented across different sectors, including pharmaceuticals, diagnostic companies, healthcare, and IT firms.

The precision medicine market research report is one of a series of new reports that provides precision medicine market statistics, including precision medicine industry global market size, regional shares, competitors with a precision medicine market share, detailed precision medicine market segments, market trends and opportunities, and any further data you may need to thrive in the precision medicine industry. This precision medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision medicine market consists of sales of imatinib, personalized medicine, and individualized medicine. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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