Global Precision Medicine Market, By Application (Diagnostics, Therapeutics, Others), Technologies (Pharmacogenomics, Point-of-Care Testing, Stem Cell Therapy, Pharmacoproteomics, Others), Indication (Oncology, Central Nervous System (CNS) Disorders, Immunology Disorders, Respiratory Disorders, Others), Drugs (Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, Others), Route of Administration (Oral, Injectable), End Users (Hospitals, Homecare, Specialty Clinics, Others) – Industry Trends and Forecast to 2030.
Precision Medicine Market Analysis and Size
Precision medicine is the latest disease prevention and treatment approach that is gaining much popularity. Several initiatives, such as Precision Medicine Initiative (PMI), were announced in 2015, with more than one million volunteers taking place to apply precision medicine to all disorders. Different types of innovation and the wide availability of new technology are other major factors for the market's growth.
Data Bridge Market Research analyses that the precision medicine market, which was USD 7.33 billion in 2022, would rise to USD 114.54 billion by 2030 and is expected to undergo a CAGR of 12.6% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Precision Medicine Market Scope and Segmentation
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Report Metric |
Details |
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Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historic Years |
2021 (Customizable to 2015 - 2020) |
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Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
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Segments Covered |
Application (Diagnostics, Therapeutics, Others), Technologies (Pharmacogenomics, Point-of-Care Testing, Stem Cell Therapy, Pharmacoproteomics, Others), Indication (Oncology, Central Nervous System (CNS) Disorders, Immunology Disorders, Respiratory Disorders, Others), Drugs (Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, Others), Route of Administration (Oral, Injectable), End Users (Hospitals, Homecare, Specialty Clinics, Others) |
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Countries Covered |
U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
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Market Players Covered |
Moderna, Inc. (U.S.), Personalis, Inc. (U.S.), CureVac SE (Germany), Celldex Therapeutics (U.S.), BioNTech SE (Germany), Advaxis, Inc. (U.S.), Agenus Inc. (U.S.), Immatics Biotechnologies GmbH (Germany), Gritstone Oncology (U.S.), ImmunityBio, Inc. (U.S.), bioMérieux SA (France), Bayer AG (Germany), Pfizer Inc. (U.S.), GSK plc (U.K.), F. Hoffmann-La Roche Ltd. (Switzerland) |
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Market Opportunities |
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Market Definition
Precision medicine is a type of medical approach for disease prevention and diagnosis which is based on environmental, genetic, and behavioral variability. It helps predict illness susceptibility, diagnosis and progression, and prescription medicine. Precision medicine is also frequently used to identify chromosomal abnormalities in the fetus and cancer, direct therapy for chronic diseases, and identify the risk of passing genetic problems by minimizing pharmaceutical clinical studies' time, expense, and failure rate.
Global Precision Medicine Market Dynamics
Drivers
- Increasing Rate of CNS Disorders
Several diseases, such as Alzheimer's disease, epilepsy, multiple sclerosis, and other CNS disorders, affect millions of individuals globally. Epilepsy affects more than 50 million people globally. Alzheimer's disease accounts for 60-70% of all cases. The industry's growth will be assisted by an increasing focus on targeted therapeutics and the huge development of personalized medical treatment regimens for people suffering from CNS illnesses. Thus, this factor boosts market growth.
- Higher Technological Advancements of Precision Medicine
Several innovations and the wide availability of new technology are the major factors for the market growth. For instance, the Cleveland Clinic extended its advanced genomic testing platform as the standard of care for patients who have cancer in 2021. This extended capability to test tumor samples includes whole-exome sequencing, analyses of all the parts of DNA in the genes responsible for making proteins in the body, and RNA sequencing. Thus, this factor boosts market growth.
Opportunities
- Growing Investments Associated with Precision Medicine
The growing investments in precision medicine approaches globally are anticipated to boost the market studied during the forecast period. For instance, the National Cancer Institute (NIC), based on data from 2022, was given USD 6.9 billion by the Consolidated Appropriations Act 2022. There is a total funding of about USD 194 million for the Cancer Moonshot and USD 50 million for the Childhood Cancer Data Initiative. Thus. Thus, this factor boosts market growth.
- Increasing Partnerships between Market Players
Growing partnerships of market players associated with precision medicine have boosted market growth. For instance, MCI Onehealth Technologies Inc. (MCI) entered into a strategic partnership with Ariel Precision Medicine Inc. in 2021 to enhance MCI's precision medicine and technology roadmap for clinical and commercial projects associated with pharmaceutical, medical device, and life sciences companies, thus boosting the market. Thus, this factor is helping in improving the market growth.
Restraints/Challenges
- High Cost of Precision medicine
The high cost of precision medicine samples and other equipment for diagnosis impedes the market growth. Currently, the R&D of precision medicines is more costly than traditional medicines as they need companion diagnostics and genetic testing. Therefore, these factors hamper the market growth.
This precision medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the precision medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to manufacture the latest advanced tailored cancer treatment for patients suffering from aggressive and untreatable cancers.
Global Precision Medicine Market Scope
The precision medicine market is segmented on the basis of application, technologies, indication, drugs, route of administration and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Diagnostics
- Therapeutics
- Others
Technologies
- Pharmacogenomics
- Point-of-Care Testing
- Stem Cell Therapy
- Pharmacoproteomics
- Others
Indication
- Oncology
- Central Nervous System (CNS) Disorders
- Immunology Disorders
- Respiratory Disorders
- Others
Drugs
- Alectinib
- Osimertinib
- Mepolizumab
- Aripiprazole Lauroxil,
- Others
Route of Administration
- Oral
- Injectable
End User
- Hospitals
- Homecare
- Specialty Clinics
- Others
Precision Medicine Market Regional Analysis/Insights
The precision medicine market is analyzed and market size insights and trends are provided by application, technologies, indication, drugs, route of administration, and end users as referenced above.
The countries covered in the precision medicine market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the precision medicine market because of the region's huge investment in precision medicine. Furthermore, the surge in the adoption and wide use of precision medicine will enhance this region's market's growth rate.
Asia-Pacific is expected to witness significant growth due to several appropriate initiatives taken by the government in this region. Furthermore, the onset of big data in healthcare and growing cancer incidence will boost this region's market's growth rate.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The precision medicine market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for precision medicine market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the precision medicine market. The data is available for historic period 2011-2021.
Competitive Landscape and Precision Medicine Market Share Analysis
The precision medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to precision medicine market.
Some of the major players operating in the precision medicine market are:
- Moderna, Inc. (U.S.)
- Personalis, Inc. (U.S.)
- CureVac SE (Germany)
- Celldex Therapeutics (U.S.)
- BioNTech SE (Germany)
- Advaxis, Inc. (U.S.)
- Agenus Inc. (U.S.)
- Immatics Biotechnologies GmbH (Germany)
- Gritstone Oncology (U.S.)
- ImmunityBio, Inc. (U.S.)
- bioMérieux SA (France)
- Bayer AG (Germany)
- Pfizer Inc. (U.S.)
- GSK plc (U.K.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
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