Precision Medicine Market Size

Global Precision Medicine Market Overview

Precision Medicine Market Valued at USD 27.6 billion in 2023, projected to grow from USD 30.3 billion in 2024 to USD 57.27 billion by 2032, with a CAGR of 9.90% during the forecast period (2023 - 2032). Increasing online collaborative forums, increased efforts to characterize genes, and advancements in cancer biology are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Precision Medicine Market Trends

• Growing Prevalence of spine degeneration to boost the market growth

The market's growth is attributed to factors such as the growing demand for novel drug discovery to combat the growing incidence of cancers and other diseases across the globe. Moreover, numerous collaborations among researchers and market players are anticipated to impact market growth positively. For instance, in February 2022, Genomic Medicine Sweden (GMS) and the Centers for Personalized Medicine (ZPM) in Germany collaborated on strategic, structural, and content-specific efforts to implement precision medicine in healthcare.

Further, the usage of AI with technological advancements is revolutionizing the healthcare sector by helping professionals record clinical data and monitor it with greater ease and fewer errors. For instance, in August 2020, Renalytix Al plc and AstraZeneca plc launched precision medicine strategies for cardiovascular, renal, and metabolic diseases. Furthermore, the Seoul National University Hospital and College of Medicine researchers developed an AI algorithm called Deep Learning Based Automatic Detection to examine chest radiographs & detect abnormal growth of cancers. Thus, the increasing usage of Artificial intelligence in precision medicine is driving market growth.

Moreover, advancement in precision medicine has already resulted in significant discoveries and treatments that FDA has approved. These treatments are tailored to particular traits of individuals, such as a person's genetic makeup or the genetic profile of a patient's tumor, and they have shown great promise for the treatment of various diseases. As a standard component of patient care, patients suffering from various cancers undergo molecular testing. Furthermore, this allows doctors to select therapies that improve patients' odds of surviving cancer and lower the risk of experiencing harmful side effects. Therefore, such medical advancement has enhanced the precision medicine market CAGR across the globe in recent years.

However, the industry has witnessed an increase in businesses and public and private research institutes. Scientists' continual and uncompromising efforts to analyze the human genome and find genomic biomarkers have been successful. In addition, government programs have also significantly contributed to the growth of the precision medicine market revenue.

June 2024: Abbott received U.S. FDA clearance for two new over-the-counter continuous glucose monitoring systems, boosting its standing in the consumer biowearables market and reinforcing its commitment to innovative diabetes management solutions.

April 2024: GE Healthcare launched an AI-powered imaging platform to enhance the accuracy of cancer diagnoses. This platform combines advanced imaging with AI to deliver personalized and effective treatment plans for cancer patients.

Precision Medicine Market Segment Insights

Precision Medicine Ecosystem Players Insights

The precision medicine market segmentation, based on ecosystem players, includes pharmaceuticals and biotechnology companies, diagnostic companies, healthcare IT specialists/big data companies, and clinical laboratories. The pharmaceuticals and biotechnology companies segment held the majority share in 2021 of the precision medicine market revenue. Precision medicine revolutionizes the pharmaceutical value chain through early development and go-to-market strategies. Personalized medicine is highly individualized, and for pharmaceutical companies, it represents a new method for creating and developing pharmaceuticals in response to the need from government agencies, regulators, and payers for 'real-world evidence' of a drug's efficacy and value for those stakeholders. However, diagnostic companies are the fastest-growing category over the forecast period due to the rising number of diagnostic centers across the globe.

Precision Medicine Sub-Markets Insights

The precision medicine market segmentation is based on sub-markets, companion diagnostics, biomarker-based tests, targeted therapeutics, pharmacogenomics (PGX), and molecular diagnostics. The companion diagnostics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the development of new biomarkers for various diseases and a surge in research and development of targeted therapies. However, the biomarker-based test is the fastest-growing category over the forecast period due to the growing demand for biomarkers in the diagnosis and awareness about biomarkers among researchers, positively impacting the market growth.

August 2022: US FDA granted premarket approval to Thermo Fisher Scientific's Oncomine Dx Target Test as a companion diagnostic (CDx) to identify patients whose tumors have a HER2 (ERBB2) activating mutations (SNVs & Exon 20 Insertion) in non-small-cell-lung cancer (NSCLC), who might be candidates for ENHERTU.

Precision Medicine Therapeutics Insights

The precision medicine market data has been bifurcated by therapeutics into cancer/oncology, cardiovascular disease (CVD), central nervous system, and infectious diseases. The cancer/oncology segment dominated the market in 2021 during the forecast period 2022-2030. Precision oncology is a rapidly growing and promising research field that enables personalized therapy based on the molecular & genetic characteristics of an individual. However, the central nervous system is the fastest-growing category over the forecast period due to the growing number of accessible precision medicine. The central nervous system Targeted Agent Prediction (CNS TAP) System was created to facilitate the selection of precision medicine therapeutics depending on patient-specific genomic data.

Figure 2:  Precision Medicine Market, by Therapeutics, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Precision Medicine Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America precision medicine market accounted for USD 21.25 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the Increase in healthcare infrastructure spending, and Research & Development (R&D) funding is expected to fuel the expansion of the precision medicine sector in this region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  PRECISION MEDICINE MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe precision medicine market accounts for the second-largest market share due to the advancements in fields such as genome sequencing, diagnostic testing, and others. The personalized, individual approach demands improved technologies and processes to gather, store, and analyze information and, more critically, to contextualize, integrate, interpret, and provide speedy and precise decision support n clinical and public health settings. Further, the Germany precision medicine market held the largest market share, and the UK precision medicine market was the fastest-growing market in the European region.

The Asia-Pacific precision medicine market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the availability of low-cost clinical trials of cutting-edge precision medicine and substantial investments in healthcare facilities and technology. Moreover, China precision medicine market held the largest market share, and the India precision medicine market was the fastest-growing market in the Asia-Pacific region.

Precision Medicine Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to expand their product lines, which will help the precision medicine market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other enterprises. Competitors in the precision medicine industry must offer cost-effective items to expand and survive in an increasingly competitive and growing market environment.

One of the primary business strategies manufacturers adopt in the  precision medicine industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The precision medicine markets major players such as Astarte Medical, AstraZeneca PLC, Biogen, and others are working on expanding the market demand by investing in research and development activities.

Syapse is one of the leading players in the precision medicine software market. The company's dominant position can be attributed to its Syapse Network solution and Syapse Oncology platform. The company adopted various inorganic and organic growth strategies such as product launches, acquisitions, collaborations, and expansions to maintain and enhance its market share. In March 2021, Syapse, announced the renewal of its strategic partnership with Pfizer. Through this partnership, companies will comprehend treatment trends and disease development and complete the treatment journey using real-world data collected by the Syapse Learning Health Network. These findings assist and improve clinical research.

Also, MCI Onehealth Technologies Inc. operates as a healthcare technology company. The Company develops and implements an ecosystem of digital applications focused on modernizing and personalizing the primary care experience for patients. In April 2021, MCI Onehealth Technologies Inc. announced an initial investment in Ariel Precision Medicine, Inc. ('Ariel') in exchange for a convertible promissory note into equity securities in Ariel upon certain events. This funding helps Ariel expand while laying the groundwork for future business collaboration and MCI's entry into the US market.

Key Companies in the Precision Medicine market include

• Abbott Laboratories (USA)


• Ab-Biotics Sa (USA)


• Almac Group Ltd. (UK)


• Asuragen Inc (USA)


• Biobase Gmbh (Germany)


• Biomérieux Sa(France)


• Caris Life Sciences (USA)


• Cepheid Inc. (USA)


• Celtics Healthcare Technologies Gmbh (Germany)


• GE Healthcare (USA), among others

Precision Medicine Industry Developments

June 2022 LabCorp partnered with BML to expand its biomarker testing facilities in Japan. The partnership will help Labcorp strengthen its presence.

December 2022 Roche reported the launch of a drug for a rare autoimmune disorder, neuromyelitis optica spectrum disorder (NMOSD), in India by the end of 2023. This drug is focused on precision medicine.

June 2021 Phigenix, Inc. received US issuance covered by the patent, a novel diagnostic and therapeutic approach for treating breast cancer resistant to currently available drugs. These innovations cover everything from cancer diagnostics for precision medicine to novel inhibitors of PAX2 oncogene and PAX2-mediated cancer cell survival and drug resistance.

Precision Medicine Market Segmentation

Precision Medicine Ecosystem Players Outlook

• Pharmaceuticals and Biotechnology Companies


• Diagnostic Companies


• Healthcare IT Specialists/Big Data Companies


• Clinical Laboratories

Precision Medicine Sub-Markets Outlook

• Companion Diagnostics


• Biomarker-Based Test


• Targeted Therapeutics


• Pharmacogenomics (PGX)


• Molecular Diagnostics

Precision Medicine Therapeutics Outlook

• Cancer/Oncology


• Cardiovascular Disease (CVD)


• Central Nervous System


• infectious Diseases

Precision Medicine Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America