Precision Medicine Market by Technology, Application (Diagnostics, Therapeutics, Medical Devices, Others), End Use (Hospitals, Clinical Laboratories, Others), End Use (Pharma & Biotech Companies, Clinical Laboratories, Others) and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Healthcare | Pages : 186 Pages | Published On : May 2024

         
     
The Precision Medicine Market is Valued USD 78.6 billion in 2024 and projected to reach USD 156.1 billion by 2030, growing at a CAGR of CAGR of 10.3% During the Forecast period of 2024-2032.

Precision Medicine Market Size


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             2020                         2024-2032      

ReportDetails
Market Size ValueUSD 78.6 billion in 2024
Market Size ValueUSD 156.1 billion by 2030
CAGRCAGR of 10.3%
Forecast Period2024-2032
Base Year 2023
Historic Data2020
Segments CoveredTechnology, Application, End Use
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global Precision Medicine market are AstraZeneca, Illumina, Inc., Johnson & Johnson Services, Inc., Laboratory Corporation of America® Holdings., Lilly, Novartis Pharmaceuticals Corporation, QIAGEN, Quest Diagnostics Incorporated.,  Sanofi,  Syapse, Inc., Tempus, Thermo Fisher Scientific Inc., and Others.

Market Overview

The precision medicine market is witnessing significant growth, driven by the increasing prevalence of chronic diseases, advancements in genomics and proteomics, and the rising adoption of personalized therapies. Precision medicine aims to adapt medical treatment to an individual's genetic makeup, life, and environmental factors, leading to more effective and targeted treatments. Key drivers fueling market growth include the increasing focus on companion diagnostics, the growing adoption of targeted therapies, and the rising demand for personalized medicine. The availability of large amounts of genomic data and the development of advanced analytical tools are further propelling the market's growth. Opportunities in the precision medicine market lie in the development of novel biomarker-based diagnostics, the integration of artificial intelligence and machine learning for data analysis, and the expansion of precision medicine into new therapeutic areas such as oncology, neurology, and rare diseases. The increasing emphasis on precision medicine by governments and healthcare organizations presents promising opportunities for market growth. However, challenges such as high costs associated with personalized therapies, regulatory hurdles, and the lack of skilled professionals may hamper market growth to some extent.

Increasing demand for precision medicine

The increasing demand for precision medicine is the growing recognition of the importance of personalized treatment approaches. Traditional "one-size-fits-all" therapies often fail to account for individual genetic variations, leading to suboptimal outcomes and potential adverse effects. Precision medicine aims to tailor medical treatments to the specific genetic makeup, molecular profile, and individual characteristics of each patient. By leveraging advanced technologies such as genomics, proteomics, and metabolomics, precision medicine enables more accurate diagnosis, targeted therapies, and improved treatment efficacy. As our understanding of the complex interplay between genetics and disease continues to deepen, the demand for precision medicine is expected to rise, driven by the pursuit of better patient outcomes, reduced healthcare costs, and the potential for transformative breakthroughs in disease management.

Market Dynamics

Drivers:

  • Increasing demand for precision medicine
  • Technological Advancements in diagnostic tools, genetic sequencing technologies
  • Rising incidence of chronic diseases
  • Growth in collaborations and partnerships between pharmaceutical companies, research institutions, and healthcare providers

Opportunities:

  • Development and commercialization of non-invasive liquid biopsy technologies
  • Integrating AI and machine learning for  more accurate diagnoses
  • Development of medicine for rare disease treatments
  • Implementing precision medicine in population health management

Development and commercialization of non-invasive liquid biopsy technologies

Opportunity in the precision medicine market presents in the development and commercialization of non-invasive liquid biopsy technologies. Liquid biopsies involve analyzing biomarkers present in bodily fluids, such as blood, urine, or cerebrospinal fluid, to detect and monitor diseases without the need for invasive surgical procedures. These technologies offer several advantages, including minimal risk to patients, ease of sample collection, and the ability to capture real-time information about the disease state. As liquid biopsies become more sophisticated and reliable, they hold the potential to revolutionize early cancer detection, monitor treatment responses, and facilitate personalized treatment strategies. Furthermore, the integration of liquid biopsy data with other omics technologies, such as genomics and proteomics, could provide a comprehensive understanding of a patient's molecular profile, enabling truly personalized precision medicine approaches.

North America dominates the market for precision medicine.

North America's dominance in the precision medicine market can be attributed to its advanced healthcare infrastructure and robust research activities in fields like genomics, proteomics, and molecular diagnostics. The region's major pharmaceutical and biotechnology companies, coupled with supportive government initiatives and funding, have accelerated the growth of precision medicine. The United States and Canada lead the way, driven by favourable reimbursement policies, widespread adoption of cutting-edge diagnostic technologies, and a strong emphasis on personalized treatment approaches. Europe is also making significant paces, with countries like Germany, the UK, and France investing in precision medicine through government funding, collaborations with research institutions, and the development of advanced diagnostic tools. The Asia-Pacific region is witnessing a surge in precision medicine initiatives, particularly in Japan, China, and South Korea, fueled by increasing healthcare expenditure, growing awareness, and indigenous diagnostic and therapeutic solution development. While still in its early stages, Latin American countries like Brazil and Mexico are actively investing in research and development to leverage the benefits of personalized healthcare. In the Middle East and Africa, although adoption rates are relatively slower, nations like Saudi Arabia and South Africa recognize precision medicine's potential and are investing in infrastructure and research initiatives to drive its growth.

The genomics segments is anticipated to hold the largest market share during the forecast period

In the global precision medicine market, the Technology segment comprises various categories such as Genomics, Transcriptomics, and Epigenomics. The genomics segment is composed to dominate the precision medicine market due to the pivotal role of genetic information in personalized healthcare. Genomic analysis enables the identification of genetic variations and biomarkers associated with disease susceptibility, prognosis, and treatment responses. As genomic sequencing technologies become more accessible and cost-effective, they facilitate the development of targeted therapies, early disease detection, and tailored treatment plans for individual patients. The integration of genomic data with other omics disciplines, such as proteomics and metabolomics, provides a comprehensive understanding of disease mechanisms, further driving the adoption of genomics-based precision medicine approaches.

Major Segmentations Are Distributed as follows:

  • By Technology
    • Genomics
    • Transcriptomics
    • Epigenomics
  • By Application
    • Diagnostics
      • Genetic Tests
      • Direct to Consumer Tests
      • Esoteric Tests
      • Others
    • Therapeutics
      • Pharmaceuticals
        • Oncology
        • Respiratory Diseases
        • Skin Diseases
        • CNS Disorders
        • Immunology
        • Genetic Diseases
        • Others
    • Medical Devices
    • Others
  • By End Use
    • Pharma & Biotech Companies
    • Clinical Laboratories
    • Others
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of Middle East & Africa

Recent Developments

  • In Jan 2022, Sanofi and Exscientia revealed an innovative partnership focused on research and licensing to create a maximum of 15 new small molecule candidates in the fields of oncology and immunology. The primary goal of this strategic collaboration is to build an AI-powered pipeline of tailored medications.
  • In Jan 2022, Scorpion Therapeutics, Inc. ("Scorpion"), a leading oncology company at the lead of Precision Oncology 2.0, recently revealed a strategic partnership with AstraZeneca to revolutionize the field of oncology treatment. This collaboration aims to identify, develop, and bring to market precision medicines that specifically target cancer proteins that were previously challenging to address. The primary focus of this joint effort lies in the exploration of transcription factors.

Precision Medicine Market Report Gives Answers to Following Key Questions:

  • What will be the Precision Medicine Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Precision Medicine Market?
  • What are the main forces behind the worldwide Precision Medicine Market? Which companies dominate the Precision Medicine Market?
  • Which companies dominate the Precision Medicine Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Precision Medicine industry's suppliers' opportunities and dangers in Precision Medicine Market?
  • What is the Precision Medicine industry's regional sales, income, and pricing analysis? In the Precision Medicine Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Precision Medicine Market?
  • What are the main geographical areas for various industries that are anticipated to observe an astounding expansion in Precision Medicine Market?
  • What are the dominant revenue-generating regions for Precision Medicine Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Precision Medicine Market trends that are influencing the market's expansion?
  • Which key product categories dominate the Precision Medicine Market? What are the Precision Medicine Market’s main applications?
  • In the coming years, which Precision Medicine Market technology will dominate the market?

Reason to purchase this Precision Medicine Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Precision Medicine Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Precision Medicine Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Precision Medicine Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Precision Medicine Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Precision Medicine Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

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Table and Figures

Methodology:

At MarketDigits, we take immense pride in our 360° Research Methodology, which serves as the cornerstone of our research process. It represents a rigorous and comprehensive approach that goes beyond traditional methods to provide a holistic understanding of industry dynamics.

This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

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