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Precision Medicine Market | Acumen Research and Consulting

Precision Medicine Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Published : Dec 2024

Report ID: ARC1588

Pages : 250

Format : Precision Medicine Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032

Summary Table of Content Customization Download Sample Infographics

The Global Precision Medicine Market Size accounted for USD 81.6 Billion in 2023 and is estimated to achieve a market size of USD 301.7 Billion by 2032 growing at a CAGR of 15.9% from 2024 to 2032.

Precision Medicine Market Highlights

  • Global precision medicine market revenue is poised to garner USD 301.7 billion by 2032 with a CAGR of 15.9% from 2024 to 2032
  • North America precision medicine market value occupied around USD 43.2 billion in 2023
  • Asia-Pacific precision medicine market growth will record a CAGR of more than 16.8% from 2024 to 2032
  • Among end use, the hospitals sub-segment generated more than USD 49 billion revenue in 2023
  • Based on application, the therapeutics sub-segment generated around 58% precision medicine market share in 2023
  • Emerging markets providing untapped growth potential for precision medicine solutions is a popular precision medicine market trend that fuels the industry demand

Precision Medicine Market Dynamics

Precision medicine is a modern medical concept that tailors treatments and prevention methods to each patient's genetics, lifestyle, and environment. Precision medicine, as opposed to the traditional "one-size-fits-all" approach, uses cutting-edge technology such as genomics, proteomics, and data analytics to identify specific biological markers and assess the unique elements of a patient's ailment. This allows healthcare providers to make more precise diagnoses, anticipate disease risk, and create individualized treatment programs that increase efficacy while minimizing negative effects. Precision medicine has a significant impact in oncology, rare genetic abnormalities, and chronic diseases, resulting in breakthroughs in focused therapy. It promises to transform healthcare by incorporating patient-specific information, increasing results and fostering more efficient use of medical resources.

Global Precision Medicine Market Dynamics

Market Drivers

  • Growing adoption of genomics and molecular diagnostics in disease management
  • Rising prevalence of chronic diseases and rare genetic disorders
  • Increasing demand for targeted therapies with fewer side effects
  • Advancements in artificial intelligence and big data analytics for personalized healthcare

Market Restraints

  • High costs associated with precision medicine technologies and treatments
  • Limited access to genetic testing and precision care in low-income regions
  • Ethical concerns regarding data privacy and genetic information misuse

Market Opportunities

  • Integration of wearable devices and digital health tools for real-time monitoring
  • Expansion of precision medicine applications beyond oncology into neurology and cardiology
  • Government funding and initiatives promoting personalized healthcare innovations

Precision Medicine Market Report Coverage

Market Precision Medicine Market
Precision Medicine Market Size 2022

USD 81.6 Billion

Precision Medicine Market Forecast 2032 USD 301.7 Billion
Precision Medicine Market CAGR During 2023 - 2032 15.9%
Precision Medicine Market Analysis Period 2020 - 2032
Precision Medicine Market Base Year
2023
Precision Medicine Market Forecast Data 2024 - 2032
Segments Covered By Type, By Technology, By Application, By End Use, And By Geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled 23andMe, Inc., Siemens, NeoDiagnostix, Quest Diagnostics Incorporated, Janssen Global Services, LLC, QIAGEN, Illumina, Inc., Abbott, GE Healthcare, Myriad Genetics, and Medtronic.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Precision Medicine Market Insights

The development of private medical devices and the inclusion of intelligent techniques in the health care scheme, the industry of precision medicine is gaining priority among the masses. Moreover, the steady growth in the industry of precision medicine is helped by growing alliances among multiple players in the ecosystem. Increasing demand for customized therapy, technological innovation and progress (including biomarker-based tests, next-gene sequencing and accurate imaging), public assistance and laws have led to development in the precision medicine market. The development of the precision medicine industry is sustained in government regulations and standards.

The primary objective of these regulations is to enhance the adaptability of precision drugs to genetic diseases linked, amongst others, to oncology, skin, respiratory, central nervous systems, cardiovascular and infectious disease. In addition, enhancing efficiencies of the health systems will have a beneficial effect on the development of the therapy company in a personalized manner. The benefits of precision medicine and therapy include patient targeting, optimal dosing, avoidance, early intervention, and negative events avoidance. This will promote the demand for precision development in medicines. However, elevated costs of precision medicine could hinder market development amid the forecast period.

Precision Medicine Market Growth 2024 - 2032

Precision Medicine Market Segmentation

The worldwide market for precision medicine is split based on type, technology, application, end use, and geography.

Precision Medicine Market By Type

  • Monoclonal Antibodies
  • Inhibitor Drugs
  • Antiviral & Anti-Retroviral Drugs
  • Cell & Gene Therapy
  • Others

According to precision medicine industry analysis, inhibitor drugs lead the market because of their tailored mode of action and effectiveness in treating chronic and complex illnesses. These drugs, which include kinase inhibitors and checkpoint inhibitors, are designed to target specific enzymes or pathways implicated in disease progression, making them particularly useful in oncology, autoimmune disorders, and cardiovascular disease. The rising cancer incidence, combined with a better understanding of molecular targets, has accelerated their acceptance. Furthermore, advances in biomarker identification and companion diagnostics improve accuracy and success rates. Pharmaceutical companies are substantially investing in research and development of new inhibitors, which is driving market growth. Their capacity to reduce adverse effects when compared to conventional medicines reinforces their dominant market position.

Precision Medicine Market By Technology

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

Gene sequencing is a major segment in the precision medicine industry due to its critical role in discovering genetic variants associated with diseases. This technique provides tailored treatment regimens by delivering extensive information about a patient's genetic makeup. Its broad use in oncology, uncommon genetic disorders, and pharmacogenomics has boosted its popularity. Advances in next-generation sequencing (NGS) have made gene sequencing faster, more precise, and less expensive, resulting in increased application in clinical and research settings. Furthermore, collaborations between genomics businesses and healthcare professionals are expanding the use of gene sequencing in diagnosis and prevention. Its ability to unearth essential data for individualized therapy contributes to its prominent place in the precision medicine scene.

Precision Medicine Market By Application

  • Diagnostics
    • Esoteric Tests
    • Direct to Consumer Tests
    • Genetic Tests
    • Others
  • Therapeutics
    • Pharmaceuticals
      • Respiratory Diseases
      • Oncology
      • Skin Diseases
      • Immunology
      • CNS Disorders
      • Genetic Diseases
      • Others
    • Medical Devices
    • Others

The therapeutics category leads the precision medicine market. This chapter focuses on creating tailored treatment plans based on a person's genetic makeup, lifestyle, and environment. Precision medicines, which capitalize on advances in genomes and molecular biology, offer more specific and effective treatments, particularly for complicated ailments such as cancer, cardiovascular disease, and neurological disorders. The capacity to adapt medicines to each patient's unique traits results in better clinical outcomes, fewer side effects, and more patient satisfaction. With ongoing advances in biomarker identification and genetic research, the therapeutics segment is likely to expand significantly, propelling the total market forward.

Precision Medicine Market By End Use

  • Hospitals
  • Home care
  • Clinical Laboratories
  • Others

Hospitals are expected to play an important role in the precision medicine market due to their crucial role in offering personalized healthcare solutions. Hospitals now have modern diagnostic equipment that allows for thorough genetic testing, molecular diagnoses, and individualized treatment plans for complex diseases like cancer, cardiovascular disorders, and rare genetic conditions. Their access to various teams and cutting-edge facilities promotes the successful implementation of precision medical operations.

In addition, hospitals play an important role in clinical studies, which drive innovation in tailored therapeutics. The increasing use of companion diagnostics and next-generation sequencing (NGS) techniques in healthcare settings boosts their market share. As patient knowledge of tailored therapies rises, hospitals continue to be a primary hub for providing accurate, evidence-based medical care, solidifying their leadership position.

Precision Medicine Market Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

The Middle East & Africa

  • South Africa
  • GCC Countries
  • Rest of the Middle East & Africa (ME&A)

Precision Medicine Market Drivers

Precision Medicine Market Regional Analysis

The growing investment in the US for precision medicine market, growing implementation of leading-the-line techniques and a favorable legal climate through public grants and projects are the variables that assist drive the regional markets. North America is leading the precision medicine market. In addition, the increased incidence of respiratory and oncologic conditions due to changing lifestyles is the main driver of market demand. The development of companies will be spurred by higher health care spending and the existence of significant players in North America.

Europe held the considerable share in the global market and is projected to grow at a steady growth rate during the precision medicine market forecast period. The growing use of accurate diagnostic instruments, electronic health records, and medicines prescribed especially for illness are anticipated to increase market development in this region. Furthermore, European businesses focus on fusions and acquisitions that are supposed to promote the development of the industry.

Asia-Pacific to grow at a highest CAGR amid the projected time span owing to surge in incidence of cancer and increase in ageing population susceptible to disease is expected to boost the demand of precision medicines. Government initiative & grants and private companies investing in R&D of precision medicines is expected to boost the market growth. Moreover, advances in technology for sequencing. Furthermore, Asia Pacific existence of a big patient pool along with increased R&D investment will speed up the development of personalized medicine businesses.

Precision Medicine Market Players

Some of the top precision medicine market companies offered in our report includes 23andMe, Inc., Siemens, NeoDiagnostix, Quest Diagnostics Incorporated, Janssen Global Services, LLC, QIAGEN, Illumina, Inc., Abbott, GE Healthcare, Myriad Genetics, and Medtronic.

Frequently Asked Questions

How big is the precision medicine market?

The precision medicine market size was valued at USD 81.6 Billion in 2023.

The precision medicine market size was valued at USD 81.6 Billion in 2023.

The CAGR of precision medicine is 15.9% during the analysis period of 2024 to 2032.

Which are the key players in the precision medicine market?

The key players operating in the global market are including 23andMe, Inc., Siemens, NeoDiagnostix, Quest Diagnostics Incorporated, Janssen Global Services, LLC, QIAGEN, Illumina, Inc., Abbott, GE Healthcare, Myriad Genetics, and Medtronic.

Which region dominated the global precision medicine market share?

North America held the dominating position in precision medicine industry during the analysis period of 2024 to 2032.

Which region registered fastest CAGR from 2024 to 2032?

Asia-Pacific region exhibited fastest growing CAGR for market of precision medicine during the analysis period of 2024 to 2032.

What are the current trends and dynamics in the global precision medicine industry?

The current trends and dynamics in the precision medicine industry include growing adoption of genomics and molecular diagnostics in disease management and rising prevalence of chronic diseases and rare genetic disorders.

Which application held the maximum share in 2023?

The therapeutics application held the maximum share of the precision medicine industry.

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