USD 1.46 billion
Precision Medicine Market Size, Share, Growth Analysis, By Type(Inhibitor drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-Retroviral Drugs), By Indication(Oncology, Rare Diseases, Infectious Diseases, Hematological Disorders), By End User(Hospitals & Clinics, Home Care Settings), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2061 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
91
|Figures:
76
Precision Medicine Market Insights
Global Precision Medicine Market size was valued at USD 28.50 Billion in 2022 poised to grow from USD 31.75 Billion in 2023 to USD 75.30 Billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
One of the novel ideas at the foundation of precision medicine is that two individuals with the same illness do not necessarily need to react to it physically. Yet, a patient's symptoms and the place they live in might have an impact, as can their genetic makeup. Also, the patient's capacity to respond to that disease is a determining factor that helps medical professionals and researchers plan the necessary course of therapy. To identify the molecular cause of each patient's ailment, precision medicine frequently uses panomics and system biology. Subsequently, targeted drug formulations are used to treat each patient's unique condition.
Benefits of precision medicine comprise tailored kind of care which is very effective depending on one’s need as well as the type of disease being suffered from. Moreover, it can help reduce treatment expenses and reduce the need for repeated administration of drugs. The precision medical field is expanding, and Genomics research is currently receiving more and more attention. is mostly as the possibility of genetically targeted medicines has been recognized. As a result, precision medicine is being used more frequently. Furthermore, companion diagnostics that include genetic testing are growing in popularity. This market's expansion is being aided by these variables as well as the growing number of specialized medication approvals from reputable regulatory authorities.
US Precision Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Diagnostic Centers
Fastest Growth
Hospitals
Growth Rate
11.4% CAGR
Global Precision Medicine Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Precision Medicine Market Segmental Analysis
The Global Precision Medicine Market is segmented based on Type, Indication and End User. In terms of Type, the market is grouped into Inhibitor Drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-Retroviral Drugs and Other Therapeutic Products. Based on the Indication, the market is segmented into Oncology, Rare Diseases, Infectious Diseases, Hematological Disorders and Other Indications. In terms of End User, the market is divided into Hospitals & Clinics and Home Care Settings. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Type
As per categorization by type, the market is classified as inhibitor drugs, monoclonal antibodies, cell & gene therapy, antiviral & anti-retroviral drugs and other therapeutic products. Among these, inhibitor drugs earned the largest share and continues to dominate the market. As a result of their specialized function against specific molecular routes, enhancing therapy effectiveness and minimizing side reactions; inhibitor drugs are presently topping charge in the global precision medicine market. Innovations target making selective inhibitors corresponding to genetic profiles to lead in the sector. This allows personalized medicines to be developed for chronic diseases and cancer.
Due to developments in personalized treatment that target certain virus strains and genetic variations, antiviral and anti-retroviral medications are expected to grow at the quickest rate in the global precision medicine market. Their quick development is driven by their capacity to customize treatments for increased efficacy and decreased resistance, meeting pressing demands in the treatment of infectious diseases.
Analysis by Indication
The global precision medicine market is dominated by indications related to oncology, owing to advancements in targeted therapies and customized treatments derived from tumour genetic profiling. The procedure below allows for pinpointing cancer victimizing transformations that is solely limited to it thus leading to improved treatment efficiency and outcomes. The growing desire for individualized cancer therapy and recent breakthroughs in the sector are reflected by their focus.
The global precision medicine market is likely to witness the rapidest growth rate of rare diseases due to improvements in gene therapies and tailored therapies. Genomics progress enables customized therapies for several frequently misdiagnosed diseases, hence encouraging investment and innovation that closes gaps in the medical sector, leading to better patient outcomes.
Global Precision Medicine Market By End User, 2021(%)
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Precision Medicine Market Regional Insights
Currently, North America holds the greatest share of the global precision medicine market due to its advanced healthcare system, huge research budget, as well as concentration of leading biotechnology firms and pharmaceutical corporations. The region benefits from strong government support in development initiatives for personalized medicine and genomics which act as incentives to innovation. Moreover, tailored medicines are developed through vast activities related to data collection and integration in North America while regulatory frameworks that encourage prompt distribution exist across this region. Growth is further fuelled by the high incidence of chronic illnesses and rising customer demand for individualized healthcare, which positions North America as a pioneer in the adoption and advancement of precision medicine technology.
Due to considerable genetic research advancements and dynamically transforming medicine sectors, Europe is the speediest growing region in precision medicine globally. The European Union’s focus on any type of personalized treatment such as therapies tailored to individual patients has underpinned this growth through major research initiatives and public-private funding partnerships. The cross-border collaboration between the member-states and the adoption of advanced regulatory frameworks lead to the enhancement of innovation and accessibility. In addition, Europe has been introducing precision medicine into standard care practices as well as increasing investments in biotechnology. Thus, this is the way that results in industry's further growth. Europe is leading the world in adopting and developing precision medicine technology, driven in part by growing patient awareness and desire for customized therapies.
Global Precision Medicine Market By Geography, 2021 - 2028
- Largest
- Fastest
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Precision Medicine Market Dynamics
Drivers
Increase in Complementary Diagnostics and Genetic Testing
- Only after a battery of diagnostic tests to examine the patient's genes for individual variability, genetic mutations, and variances is a precision medicine regimen advised. Aspects such as increased availability of prenatal and cancer screening tests and DTC genetic tests are causing growth in genetic testing.
Expanding Market for Gene and Cell Therapies
- The market for gene and cell therapies has been expanding recently due to advancements in technology. This is due to gene and cell treatments have a great deal of promise to treat many conditions. in many situations for which there is now no recognized therapeutic treatment. These indications primarily consist of various rare diseases, rare genetic disorders, and chronic diseases in specialties like oncology.
Restraints
Data Security and Privacy Concerns
- Significant privacy and security concerns are raised by the massive collecting and analysis of personal genetic and health data. Sensitive information gets to be threatened with breach or other abuse resulting in maintained patient’s trust as well as acceleration of clamor about utilizing precision medicine answers.
Limited Integration and Infrastructure
- Advanced infrastructure and integration across many healthcare systems, such as electronic health records and data analytics platforms, are necessary for the successful deployment of precision medicine. Precision medicine technologies are not widely adopted or effectively utilized in many regions, particularly in poor nations, due to a lack of infrastructure and integration capabilities.
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Precision Medicine Market Competitive Landscape
The competitive landscape of the global precision medicine market is characterised by major players who propel innovation and market expansion. Stepping on the toes of Roche, which has advanced genomic sequencing capabilities; Illumina, a high-throughput DNA sequencing giant; and Novartis, the leading company in personalized drugs or targeted therapies. In addition to them, there are two well-known providers- Pfizer and Merck that adopt specialized medications as well as precision oncology. For these companies to stay ahead in this dynamic field they rely on innovative technologies and overall research work.
Top Player’s Company Profiles
- Hoffmann-La Roche Ltd. (Switzerland)
- Novartis AG (Switzerland)
- Pfizer Inc. (US)
- Bristol Myers Squibb (US)
- AstraZeneca (UK)
- Almac Group Ltd. (UK)
- Gilead Sciences, Inc. (US)
- AbbVie Inc. (US)
- Eli Lilly and Company (US)
- GlaxoSmithKline plc (UK)
- Ab-Biotics Sa (USA)
- Sanofi (France)
- Johnson & Johnson (US)
- Merck KGaA (Germany)
- Amgen, Inc. (US)
Recent Developments
- In July 2023, The Roche GeneXplorer, which is a brand-new platform for next generation sequencing, has been declared opened by Roche Company. There is improved speed and precision of genomic analyses with this technology; therefore, it aims at oncological patients receiving more personalized treatment plans and precise diagnoses. This platform is directed at facilitating Roche's efforts to build its expertise in precision medicine.
- In May 2023, to speed up genomic research and to make it applicable to the clinic, Illumina unveiled a high-performance and cost-effective next-generation sequencing system called NovaSeq X Plus. This approach enhances throughput while reducing costs opening doors for high-resolution genome analysis. The aim of Illumina’s innovation is to advance personalized medicine through the delivery of more accurate and comprehensive genetic data.
- In March 2023, Novartis' Kymriah CAR-T treatment, which targets particular genetic alterations in B-cell malignancies, was approved by the FDA. This important breakthrough indicates that Novartis has made progress in designing tailored cancer therapies. By developing individualized therapies founded on their specific genetic make-ups, the firm promotes precision medicine; this authorization underscores this attempt.
Precision Medicine Key Market Trends
- Paradigm Shift in Healthcare through Genetic Insights and Targeted Treatment: Precision medicine is a sign of a paradigm change in healthcare towards individualized, focused treatment plans. One of the more prominent trends noted is the incorporation of genetic testing and molecular diagnosis into precision medicine. Genetics have become important in disease diagnosis, treatment planning and patient management through advances made in DNA sequencing technology and molecular profiling.
- Revolutionizing Precision Medicine Through Data-Driven Insights: Noteworthy trend in precision medicine is the integration of artificial intelligence (AI) and machine learning. In addition to many other things, AI algorithms can examine vast volumes of data, like as patient records, genetic data, and data sets from clinical trials, to identify patterns on the trajectories of diseases and recommend personalized treatment plans.
Precision Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, A major change towards more individualized and efficient healthcare is evident in the quick advances in precision medicine brought about by genetics, molecular diagnostics, and AI integration. By developing therapies specific to each patient's genetic profile, this field has the potential to revolutionize patient care as it develops.
However, for personalized medicine’s promise to penetrate deep into the system, the data must be secure; infrastructures should not limit its acceptability and instigated high-priced treatments must not prevent its growth. Personalized medicine might face hurdles but it is expected to shape healthcare delivery in future owing to widely demanding tailored therapies and increased understanding of genetics as well as artificial intelligence.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 28.50 Billion |
| Market size value in 2031 | USD 75.30 Billion |
| Growth Rate | 11.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Precision Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Precision Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Precision Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precision Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precision Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Precision Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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