The Global Precision Medicine market was valued at US$ 80.21 billion in 2023 and is further expected to reach US$ 193.18 billion by 2032, with a 10.26% CAGR from the year 2024 to the year 2032. The industry is expected to grow because the incidence of chronic diseases is on the rise. Need support from the governmental authorities and the focus on the further research will continue to impact the market in order to enhance patient’s results by individualized therapeutic strategies.
The uses of precision medicine are wide-ranging and continually expanding. In oncology, it allows doctors to select targeted therapies based on a tumor's genetic profile, potentially improving treatment efficacy and reducing side effects. Pharmacogenomics helps predict how individuals respond to certain medications, enabling more effective drug prescribing. Precision medicine is also crucial in early disease detection, risk assessment, and prevention strategies. As research progresses, its applications extend to various fields, including cardiology, neurology, and rare genetic disorders, promising more effective and personalized healthcare solutions across multiple medical specialties.
Precision Medicine Market Overview
Precision medicine is an innovative and quite a modern approach in the sphere of healthcare that is characterized by the targeted implementation of medical treatments and preventive measures to the patient’s genetic composition as well as their environment and behaviors. They referred to as the ‘omics revolution’, including genomic sequencing and data analytics, to identify specific biological markers and genes that contribute to an individual’s health status or therapeutic outcomes. Due to this, there is potential of revolutionizing health care since the solutions to the problems that affect individuals can be made to fit each person.The uses of precision medicine are wide-ranging and continually expanding. In oncology, it allows doctors to select targeted therapies based on a tumor's genetic profile, potentially improving treatment efficacy and reducing side effects. Pharmacogenomics helps predict how individuals respond to certain medications, enabling more effective drug prescribing. Precision medicine is also crucial in early disease detection, risk assessment, and prevention strategies. As research progresses, its applications extend to various fields, including cardiology, neurology, and rare genetic disorders, promising more effective and personalized healthcare solutions across multiple medical specialties.
Growth Factors in the Precision Medicine Industry
Advancements in Genomic Sequencing and Data Analytics
Precision Medicine now spans the breadth of healthcare specialties and is only growing in its prospective applications. In oncology, it enables doctors who need to decide on specific therapies, using a tumor marker to hit the target or address the molecular foundation of a disease, which will, in theory, lead to optimum treatment and minimum awkwardness from the patient. Pharmacogenomics enhances the ability to determine how patients will react to specific drugs and increase the rate of prescription accuracy. Precision medicine also plays a significant role in early diagnosis, prognosis and prevention of diseases. As the research goes further, it branches out to other specialties, such as cardiology, neurology, and other rare genetic disorders with expectations of better healthcare solutions in the specialties. In February 2021, QIAGEN extended its partnership agreement with Inovio Pharmaceuticals, Inc. to develop companion diagnostics for INOVIO’s phase III DNA immunotherapy candidate for cervical dysplasia.Rising Prevalence of Chronic Diseases and Cancer
There is an increased rate of chronic diseases with special emphasis on cancer, this has been cited to be driving the precision medicine industry. Deliveries of traditional treatments do not catheter for the many patients; therefore, there is a demand for tailor-made therapeutic treatments. It helps in identifying certain Gene mutations and Biomarkers that can help in identification of particular treatment modules, hence marking better results. It is most helpful in oncology where precision medicine is revolutionizing various notable cancers by treatment options which are specific to the individual’s tumour’s genomic makeup. Grater incidence of chronic disease means higher demand for precision medicine among healthcare providers in turn propelling the market and its investment. Feb 2024, US, estimated 129 million citizens suffer from at least one primary chronic disease, defined by the US Department of Health and Human Services as a top disease, inclusive but not limited to heart disease, cancer, diabetes, obesity, hypertension, using data of the Centers for Disease Control and Prevention.Supportive Government Policies and Increased Funding
The industry of precision medicine is developing as the result of the elevated amount of governmental actions and expanded financing for research. More funding is provided by national initiatives from countries such as Precision Medicine Initiative in the United States and the ‘Integrating China in the International Consortium for Personalized Medicine’ (IC2PerMed) in China. Approval authorities are also advancing simplification of the procedures in precision medicine products leading to market entrants. Such aspects explain why pharma and biotech corporations collaborate actively with precision medicine solution providers to support the industry’s development.USA Precision Medicine Market Overview
The U.S precision medicine market is growing at a faster rate because of innovation in the field of precision medicine and next generation sequencing tests. The FDA has a crucial role in monitoring the reliability of such tests and works with different partners to build a more adaptable framework. Also, the Precision Medicine Initiative launched by the NIH has the goals to investigate factors determining differences in disease prevention/treatment; short-term goals of the Precision Medicine Initiative are to expand precision medicine in cancer research; the long-term objectives include the integration of precision medicine into all fields of medicine. The All of Us Research Program which aims to recruit at least one million participants is the show of hands on large-scale precision medicine across the country. In January 2024, Target RWE commenced a new Precision Medicine Platform to focus on emerging unmet demands for conditions in liver disease, gastroenterology, and immune-mediated inflammatory diseases.Precision Medicine Market Company Overview
Some of the industry leaders seen in the Global Precision Medicine Market Includes AstraZeneca plc, Bayer AG, bioMérieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc.Precision Medicine Market News
- In May 2024, OM1 introduced three new products: OM1 Orion, OM1 Lyra, and OM1 Polaris. These devices are equipped with PhenOMTM, a digital phenotyping platform driven by artificial intelligence for clinical research and personalized treatment. Leading the way in providing Real-World Evidence (RWE) insights from the lab to patient care, OM1 uses extensive clinical data and cutting-edge AI systems to empower players in the healthcare sector.
- In April 2024, SOPHiA GENETICS and Bengaluru-based Strand Life Sciences have partnered to advance precision medicine globally.
- In January 2024, P SimBioSys, a TechBio company using biophysical modeling and AI for precision medicine, received its first FDA 510(k) clearance. TumorSight, the company's cloud-based precision medicine platform, can now offer its first software product.
- In May 2024, Atara submitted a Biologics License Application (BLA) to the FDA for tabelecleucel (tab-cel), a potential standalone treatment for Epstein-Barr virus-positive post-transplant lymphoproliferative disease (EBV+ PTLD) in adults and children aged two and above who have previously undergone at least one therapy. This is because there are currently no FDA-approved therapies available for this condition.
- In May 2024, A clinical collaboration was established between Dragonfly Therapeutics, Inc and Merck to evaluate DF9001, Dragonfly's EGFR immune engager, with KEYTRUDA (pembrolizumab) in patients with advanced solid cancers expressing EGFR.
Product - Market breakup in 3 viewpoints:
- Consumables
- Instruments
- Services
Technology - Market breakup in 6 viewpoints:
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
Application - Market breakup in 6 viewpoints:
- Oncology
- Central Nervous System (CNS)
- Immunology
- Respiratory Medicine
- Infections
- Others
End User- Market breakup in 5 viewpoints:
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
- Others
Country - Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- the Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
The key players have been covered from 4 viewpoints:
- Overview
- Recent Development & Strategies
- Product Portfolio
- Financial Insights
Company Analysis:
- AstraZeneca plc
- Bayer AG
- bioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA
- Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Precision Medicine Market
4. Market Dynamics
6. Market Share
7. Product
8. Technology
9. Application
10. End User
11. Country
12. Porter’s Five Analysis
13. SWOT Analysis
14. Key Players Analysis
Companies Mentioned
- AstraZeneca plc
- Bayer AG
- bioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA
- Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 260 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 80.21 Billion |
| Forecasted Market Value ( USD | $ 193.18 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
