The Precision Medicine Market was valued USD 65.93 billion in 2021 and is expected to reach USD 157.46 Billion by 2030 at 11.9% CAGR during the forecast period 2022-2030. The precision healthcare industry is a future trend in the rapidly developing healthcare sector over the years. These personalized medicines are the focus of the medical sector working on total sequencing of the human genome. Modern and advanced technological developments have created many opportunities to present new medical, scientific, and business models. Precision medicine will almost certainly continue to focus on developing new cancer therapies. It is used 30% more in treating neoplastic diseases than precision medicine's second-largest application. The application of precision medicine in oncology is more common in Europe and the United States, where research is being conducted. The expansion of the precision medicine industry in the treatment of neoplastic diseases is accelerated due to government funding.
Advanced technology development has led to rising demand for the precision medicine industry. The development of the pharma and biotech industries will accelerate the market in the forecast period. Advances in cancer biology will support the expansion of precision medicine. The new therapies such as gene therapy for cancer treatment and the increasing number of patients receiving predictive diagnoses will signify the Precision Medicine Market expansion.
The outbreak of the COVID19 pandemic created havoc worldwide and impacted adversely the financial as well as the health sector. The growth rate of the global economy started declining towards a lower extent and will require further many years for recovery. Various businesses and industries faced heavy financial losses and witnessed a lower phase in the market growth rate. The lockdown restrictions resulted in the closure of many industrial operations and manufacturing processes. However, according to the precision medicine informatics market analysis,themarket sustained its growth rate even in these difficult times.
The global health crisis resulted in immense demand for medicines in the healthcare sector. The rising rate of diseases required personalized medicines that will help individuals to cure better. The health crisis is increasing the demand for individualized medicines, which upsurges the potential of the precision medicine market. The escalating cases of genome mutation diseases need the help of the precision medicine industry, which will lead to the expansion of blockchain precision medicine size during the forecast period.
The precision medicine market is emerging quickly in the global economy and will attain maximum heights in the upcoming years. The recent development in technologies like ultra-high-throughput sequencing and next-generation sequencing provide a better understanding of patient’s health. The market of precision medicine involves individuals in their personal healthcare, which provides accurate prescriptions on a patient and progresses the precision medicine market potential to a greater extent. In recent times, there is a significant increase in the number of cases of genetic diseases. The changes in genetic mutation are different in every individual, so it requires in-depth testing and personalized medicines.
Gnome medicine is immensely helpful for treating cancer; therefore, many cancer care clinics are utilizing it for curing the disease. The advanced technologies aid physicians to understand the patient’s genetic mutations regarding different tumor types and allow them to prescribe accurate and specific medicines to individuals according to their tumor type. Certain forms of breast cancer require analysis of genetic mutations to determine the specific treatment for the patient. Doctors look for the BRCA gene mutation in women through DNA testing along with the family history of ovarian or breast cancer and give personalized medicines for the same. All these treatments thrust the personalized medicine industry to greater heights. The integration of biotech and pharma industries with bigdata health care companies will provide extensive support for the precision medicine growth.
The precision medicine market is exhilarating at a rapid pace over the years, and the size of market opportunity will fuel the market growth in upcoming times. Modern and advanced technology development has resulted in increasing demand for the precision medicine industry. Technology development such as ultra-high-throughput sequencing and next-generation sequencing has enabled more specific and targeted therapies for patients. The increasing prevalence of genetic diseases also creates an extreme surge of demand for personalized medicines in the market. Through precision medicine diagnostic insights, doctors can understand the genetic mutations of the patients and help doctors to prescribe specific medicines to cure the patient’s disease. The introduction of pharma and biotech industries with bigdata health care industries will propel the precision medicine growth in the forecast period.
The precision medicine market is surely progressing to greater heights, but the increased costs of diagnosis can hinder the market potential. The diagnosis and treatment process includes a large amount of personal data, and there is a potential threat related to it that can constrain the growth of the market. Strict regulations and standards hamper the expansion of personalized medicine market size. However, the increasing prevalence of genetic diseases and the demand for effective solutions will maintain the growth rate of the market.
The lack of awareness about genetic diseases and applications of personalized medicines among people restrict the market growth. The regulatory framework and reimbursement policies can hinder the potential of the market. However, the rising demand for personalized medicines in the healthcare sector will expand the precision medicine market size during the forecast period.
Value Chain analysis
The precision medicine market report reflects that the revenue generation of the market by the end of 2025 will surpass its historical market value. The market valuation, according to the precision medicine report, will touch optimum limits in the upcoming years due to the increasing demand for individualized medicines. The revenue of the market will continue to grow rapidly in the near future.
The precision medicine market is segregated into different parts on the basis of submarkets, therapeutics, and ecosystem players. The market segmentation on the basis of sub-markets includes biomarker-based tests, companion diagnostics, pharmacogenomics or PGX, targeted therapeutics, molecular diagnostics, and many more.
On the basis of therapeutics, the precision medicine market segment comprises cardiovascular disease or CVD, central nervous system, cancer or oncology, infectious disease, and others. Among all the diseases, the oncology market is going to progress a lot during the forecast period. The ecosystem players segment involves diagnostics companies, pharmaceuticals and biotechnology companies, clinical laboratories, healthcare IT specialists or big data companies, and many more.
The precision medicine market analysis is studied in various geographical are as like the Americas, Asia Pacific, Europe, Middle East, and Africa. The Americas will hold the majority share in the global market. The US personalized medicine market share will be the most progressing one in the global market growth, and the advanced gene mapping technologies will help to expand the US personalized medicine market size.
The European region has better diagnostics tools, drugs, and electronic health care records, which will make it the second-largest shareholder of the market. In the Asia Pacific region, the Singapore precision medicine will outgrow the other market share as increased disposable income and better healthcare infrastructure are available there, which will propel the market growth in the forecast years.
Competitive Landscape of the market
The precision medicine top companies and major market players are:
In June 2022
Idoven is a pioneering health tech company advancing its precision medicine for cardiovascular disease. The announcement was made by the company that it has raised USD 19.8 million in funding. The funding consists of a $12.9 million Series A round co-led by global software investor Insight Partners and Northzone from Wayra.
In June 2022
GE Healthcare is going to advance the Precision Medicine future in Oncology at #ASCO22 with new technology partners. The company’s innovative suite of diagnostic technologies will operational efficiency, improve clinical efficiency, detection, and positive outcomes for cancer patients.
|Market Size||USD 157.46 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Ecosystem Players, Sub-Markets and Therapeutics|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), Cetics Healthcare Technologies Gmbh (Germany), Ge Healthcare (USA), Glaxosmithkline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Intel Corporation (USA), Johnson & Johnson (USA), Laboratory Corporation Of America Holdings (USA), Medtronic (USA), Molecular Health Gmbh (Germany), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Quest Diagnostics Inc (USA), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Takeda Pharmaceutical Company Limited (Japan), and Teva Pharmaceutical Industries Ltd. (Israel)|
|Key Market Opportunities||global health crisis resulted in immense demand for medicines in the healthcare sector|
|Key Market Drivers||
Precision Medicine Market is projected to grow at an 11.9% CAGR between 2022-2030.
Precision Medicine Market is predicted to touch USD 157.46 Billion by 2030.
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), Cetics Healthcare Technologies Gmbh (Germany), Ge Healthcare (USA), Glaxosmithkline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Intel Corporation (USA), Johnson & Johnson (USA), Laboratory Corporation Of America Holdings (USA), Medtronic (USA), Molecular Health Gmbh (Germany), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Quest Diagnostics Inc (USA), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Takeda Pharmaceutical Company Limited (Japan), and Teva Pharmaceutical Industries Ltd. (Israel).
Increasing prevalence of genetic diseases and integration of big data with biotech and pharma companies are driving market growth.
Strict regulations and standards, threat to personal data, and high diagnostic cost may limit market growth.