What is the global market size of Precision Medicine Market?

Precision Medicine Market size was valued at USD 67040.98 million in 2021 and is poised to grow from USD 73946.2 million in 2022 to USD 178688.04 million by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).

Who are the key vendors in the Global Precision Medicine Market?

Companies are trying to expand their product pipelines by submitting new molecule applications or expanding the application of current molecules. Other strategies, including as mergers and acquisitions, industry-academia partnership to commercialize more marketed molecules, or sequencing approaches, will also have an impact on current Precision Medicine Market trends. The research also outlines company-specific product development strategies, Precision Medicine Market consolidation initiatives, and analyses of their individual strengths, weaknesses, opportunities, and threats. 'Illumina, Inc.', 'Thermo Fisher Scientific Inc.', 'Novartis AG', 'Abbott Laboratories', 'Agilent Technologies', 'Almac Group', 'Amgen Inc.', 'Astellas Pharma Inc.', 'AstraZeneca PLC', 'Bio-Rad Laboratories, Inc.', 'Bristol-Myers Squibb Company', 'Danaher Corporation', 'F. Hoffmann-La Roche Ltd.', 'GE Healthcare', 'Intomics A/S', 'Merck & Co., Inc.', 'Myriad Genetics, Inc.', 'Pfizer Inc.', 'Qiagen N.V.', 'Quest Diagnostics'.

What is the key driver of Global Precision Medicine Market?

Advances in cancer biologics will fuel the expansion of precision medicine. The development of newer therapeutic techniques, such as gene therapy for cancer treatment, as well as an increase in the number of patients receiving predictive diagnostics, will drive market expansion.

What is the key market trend for Global Precision Medicine Market?

Precision medicine will almost certainly continue to be focused on developing new therapies for cancer. When compared to the next greatest use of precision medicine, it is utilized 30% more often to treat oncological illnesses. precision medicine applications in oncology are more common in Europe and the US, where research is conducted. The expansion of the precision medicine industry in the treatment of oncological illnesses is projected to be accelerated thanks to government financing.

Which region accounted for the largest share in Global Precision Medicine Market?

The North American precision medicine market is expected to account for 44% of revenue share in 2022 because of the rising prevalence of cancer and genetic disorders, growing use of precision medicine approaches, and the presence of prominent companies such as Pfizer, Qiagen, Quest Diagnostics, and Roche. Cancer is the top cause of mortality in Canada and the second-highest cause of death in the US, according to the American Cancer Society. In the US, about 1.8 Billion new cancer cases will be diagnosed in 2020. High awareness of precision medicine in the region, as well as rising demand for tailored cancer therapy, will drive industry revenue in the region.

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 News

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.

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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).

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. '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)'

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.

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.

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.

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What is the global market size of Precision Medicine Market?

Who are the key vendors in the Precision Medicine Market?

What is the key driver of Precision Medicine Market?

What is the key market trend for Precision Medicine Market?

Which region accounted for the largest share in Precision Medicine Market?

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