Precision Medicine Market

Global Precision Medicine Market Size (2024 to 2032)

As per our analysis report, the global precision medicine market size is forecasted to grow to USD 166.69 billion by 2032 from USD 69.78 billion in 2024. This market is projected to grow at a healthy compound annual growth rate (CAGR) of 11.5% from 2024 to 2032. Companies such as Pfizer Inc., Qiagen NV, Medtronic PLC, Novartis AG, and Thermo Fisher Scientific Inc. are expected to account for most of the precision medicine market share globally during the forecast period.

Precision medicine, also known as personalized or genomic medicine, is one of the modern healthcare sector trends used for protecting health and treating diseases.

MARKET DRIVERS

The increasing funding by various governments for precision medicine initiatives is promoting the growth of the precision medicine market.

For Instance, according to Health Europa, the U.K. government spent nearly 272.1 million Euros in precision medicine to develop novel diagnostic tools, treatments, and medical products in May 2019. Additionally, factors such as the continually increasing population of cancer patients and collaborations between software and pharmaceutical companies and growing investments in HCIT, and advancements in technology leading to rapid digitalization are catalyzing the growth of the worldwide precision medicine market. As per the International Agency for Research on Cancer, the global cancer patient base had increased to 18.1 new million cases in 2018.

The availability of favorable regulatory conditions, increasing product launches, and R & D activities in countries like the U.S. and China are further propelling the global precision medicine market growth.

The rising focus from private and public organizations to develop effective precision medicines for targeted therapies is likely to offer growth opportunities for the key players in the global precision medicine market. The integration of technological developments in healthcare, the growing awareness of precision medicine among people, and the rising demand for personalized treatment is further fuelling the growth rate of the precision medicine market. In addition, the emergence of novel and innovative methods for precision treatment and therapy techniques drives global precision medicine market growth.

MARKET RESTRAINTS

However, the lack of skilled professionals with IT expertise in healthcare and the high costs associated with deployment and maintenance are primarily hindering the market growth. In addition, factors such as the unavailability of favorable reimbursement policies for treatments, storage issues for large volumes of data, and security breaches inhibit the global precision medicine market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Precision Medicine Market Analysis By Technology

The drug discovery segment is expected to dominate during the forecast period. It is likely to grow further during the forecast period due to the rising R&D initiatives by public and private organizations to develop novel and innovative drugs.

The gene sequencing segment is also anticipated to have a significant global market share during the forecast period due to ongoing research and development activities with sequencing technologies.

Segments such as bioinformatics and companion diagnostics are anticipated to have a considerable share in the worldwide market during the forecast period owing to the growing awareness of the utilization of laboratories and the growing prevalence of launching new diagnostic procedures.

Global Precision Medicine Market Analysis By Application

Based on application, the oncology segment held the major share of the global precision medicine market in 2023. The segment is estimated to showcase a healthy CAGR during the forecast period. Factors include the growing prevalence of cancer, increasing R&D activities in oncology, and rising investments by the government and non-governmental organizations.

Segments such as CNS and Immunology are estimated to grow substantially during the forecast period.

REGIONAL ANALYSIS

North America is the biggest market in terms of market share globally, followed by Europe. The spread of analytics and awareness of its potential is increasing rapidly in Europe. The market in North America is highly driven due to a higher acceptance rate, patient affordability, and upgrading in gene mapping technologies. 

The European region is next to North America, leading most of the global precision medicine market shares. Due to the growing obtainment of precise diagnostic tools, electronic healthcare goods, and recommended medicine, especially for diseases, are considered to accelerate the market growth in this region. The United Kingdom's medicine market is expected to play a leading role. It is due to the government's support and the increase in cancer.

Asia-Pacific region is regarded as the quickest-growing market due to medical management groundwork advancements, an increasingly aging population, initiatives from the government, contributions from academic laboratories, and increasing taxable income. As a result, this region is expected to occupy a market share of 14% in the global market during the forecast period, and this is due to increasing payable income levels. 

The Asia-Pacific market is expected to increase by 12.5% CAGR between 2024 and 2032. The rising geriatric population is a significant factor propelling the market's growth rate. It is estimated that almost 50% of the world's population above 65 is in the Asia Pacific region. Also, there is an increasing incidence of cancer diseases among the aging population, where wealthy people opt for better treatment procedures at any cost. India and China are significant countries contributing the highest market shares according to their GDP performances in recent years in the healthcare sector. Growing investments in biopharmaceutical companies in these countries are eventually fuelling market demand. Increasing disposable in urban areas also prompts the market's growth rate. Different strategies by key players in offering end users an approach that is precision treatment procedures are solely leveraging the market demand. Expanding healthcare centers and clinics and rising awareness among people are surging the growth rate of the precision medicine market in the Asia Pacific. In India, many novel drugs in the pipeline developed using biomarkers are estimated to help treat chronic diseases like cancer.

The Latin American region performs well during the forecast period due to advancements in healthcare framework, populace growth, and biotechnology production growth. Moreover, factors like having no knowledge related to health are likely to increase fixedly, which will help this region to produce strength in the upcoming years.

The Middle East & Africa will likely produce a significant growth share in the global precision market due to increased cancer cases. Also, the government took steps to improve the healthcare that has been committed to market development. As a result, in MEA, the healthcare industry is increasing in Botswana, Ghana, and South Africa.

KEY PLAYERS IN THE GLOBAL PRECISION MEDICINE MARKET

Companies leading the global precision medicine market profiled in the report are Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic & Quest Diagnostics.

RECENT HAPPENINGS IN THE MARKET

• In February 2020, NanoString Technologies publicly stated that it had featured the spatial genomics research that widens its portfolio using GeoMx to be showcased in the Genome Biology and Technology.
• In October 2018, Covance collaborated with Definiens to unite to develop precision medicine.
• In June 2017, 2bprecise Company, a key market player operating in the precision medicine software segment, entered into a strategic partnership with the Mayo Clinic to expand its business operations.
• In March 2017, Novartis and Cota Healthcare agreed to unite for a precision medicine collaboration deal to improve clinical trials and bring positive results for breast cancer patients.

DETAILED SEGMENTATION OF THE GLOBAL PRECISION MEDICINE MARKET INCLUDED IN THIS REPORT

This global precision medicine market report has been segmented and sub-segmented based on the technology, application, and region.

By Technology

• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics

By Application

• Oncology
• CNS
• Immunology
• Respiratory
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa