According to Coherent Market Insights, the global Precision Medicine Market size is estimated to be valued at USD 92.31 billion in 2024 and is expected to surpass USD 195.22 billion by 2031, growing at a CAGR of 11.3% from 2024 to 2031.
Rising government initiative and funding for personalized medicine is driving the market growth. In 2015, the White House announced the launch of a $215 million national precision medicine initiative.
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Moreover, rising R&D investment is
contributing to market growth. Pharmaceutical companies are focusing on
development of tailored treatments. This is driving market expansion. In 2021,
Roche invested about US$ 2.7 billion in precision medicine research and
development.
Market Trends:
Development of genomic technologies like next generation sequencing (NGS) is a
key trend. In 2021, Guardant Health introduced the FDA-approved NGS-based
companion diagnostic test. Guardant360 CDx. Patients with non-small cell lung
cancer who qualify for pembrolizumab treatment are identified with this test.
Personalized drug discovery is another
emerging trend. Finding genetic biomarkers that can forecast a patient's
potential to respond to a particular treatment is the goal of this approach.
Precision Medicine Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$92.31 billion |
|
Estimated Value by 2031 |
$195.22 billion |
|
Growth Rate |
Poised to grow at a CAGR of 11.3% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Application, By Technology, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing technological advancements • Growing prevalence of chronic diseases |
|
Restraints & Challenges |
• Complex data integration & analysis • High cost of genomic testing and data storage |
Market Opportunities
One of the biggest market possibilities in the precision medicine sector is
oncology precision medicine. Growing cancer incidence and increasing adoption
of targeted therapies and immunotherapies will drive the demand for precision
oncology.
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Central nervous system segment is expected to dominate precision medicine
market. Precision diagnostics are revolutionizing the treatment of neurological
disorders like Alzheimer's, Parkinson's and epilepsy.
Key Market Takeaways:
The global precision medicine market is anticipated to witness a CAGR of 11.3%
during the forecast period 2024-2031. This is owing to growing adoption of
targeted therapies and rise in genomics-based diagnostics.
On the basis of application, the oncology segment is expected to hold a
dominant position. This is due to increasing personalized cancer care
practices.
By technology, the bioinformatics segment will dominate the market. This is due
to extensive usage of big data analytics and AI in genomics.
On the basis of end user, biopharmaceutical companies will be the primary
shareholders. This is due to their intensive R&D activities in precision
medicine.
North America is expected to hold a dominant position over the forecast period.
This is due to advanced healthcare infrastructure and widespread adoption of
precision therapies.
Competitor Insights
- Intomics
- GENinCode
- NanoString
- Tepnel Pharma Services Limited
- Pfizer Inc.
- Merck & Co. Inc
- QIAGEN
- Quest Diagnostics Incorporated
- Medtronic
- Thermo Fisher Scientific Inc.
- Laboratory Corporation of America Holdings
- F. Hoffmann-La Roche Ltd
Recent Developments:
In May 2023, Google Cloud launched two Artificial intelligence (AI) powered
life science solutions. These solutions help pharmaceutical and biotech
companies speed up precision medicine and drug discovery.
In April 2023, The Barcelona Supercomputing Centre and Fujitsu Limited signed a dual collaboration agreement. This collaboration promoted personalized medicine.
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Market Segmentation
By Technology:
- Bioinformatics
- Gene Sequencing
- Precision Molecular Diagnostics
- Big Data Analytics
- Others
By Application:
- Oncology
- Breast Cancer
- Lung Cancer
- Prostate Cancer
- Colorectal Cancer
- Others
- Central Nervous System
- Hematology
- Immunology
- Respiratory
- Others
By End User:
- Biopharmaceutical Companies
- Diagnostic Laboratories
- Academic & Research Institutions
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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