According to the latest Research by Precedence Research, the global precision medicine market size was USD 102.17 billion in 2024, calculated at USD 119.03 billion in 2025 and is expected to reach around USD 470.53 billion by 2034, expanding at a CAGR of 16.5% from 2024 to 2034.
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The precision medicine is an innovative approach to biomedical science. The precision medicine market refers to research on patients’ genetic makeup and the development of novel diagnostics and therapeutics treatments to deliver promising healthcare. The medicines, therapies, or technologies developed through this approach are personalized to individual patients based on their genetic, environmental, behavioral, and other personal profiles. The next-generation sequencing (NGS) is an advancement in this technology which includes several databases, bioinformatics tools, and techniques that can store vast health information and sequence a large genome to tailor the idea of precision.
The National Institute of Health (NIH) initiated the ‘All of Us Research Program’ in the U.S. through which around 1 million research participants share their genetic information, participate in clinical trials, and access their electronic health records. AstraZeneca, one of the leading biopharmaceutical companies in the U.S. committed its excellence to deliver precision medicines to cure cancer, chronic diseases, Asthma, and rare diseases. Doctors, researchers, clinicians, and physicians can deliver the right risk prediction, diagnosis, treatment, and prevention of diseases to the right people at the right time. The U.S. Food and Drug Administration (FDA) set recommendations for the design, development, and validation of NGS technology and clinical tests to ensure their safety and effectiveness.
Precision Medicine Market Report Highlights
• The therapeutics segment led the market in 2023 and is expected to grow at a CAGR of 15.9% over the forecast period.
• The hospitals segment led the market with a revenue share of 61.0% in 2023. Hospitals provide the ideal setting for personalized medicine due to their comprehensive infrastructure and access to diverse patient populations.
• The North America precision medicine market accounted for 53.62% share in 2023. PMC report published in 2022 notes that personalized medicines now account for more than one in four drugs approved by the FDA since 2014.
Role of Artificial Intelligence in the Precision Medicine
Artificial intelligence tools such as Tempus and Foundation Medicine can help researchers in the analysis of cancer genomics to identify mutations and prescribed targeted drugs in less time. Artificial intelligence reduces the time needed to analyze and interpret vast amounts of genomic sequencing data. By considering patient-specific data, AI models help to predict patient’s responsiveness to a specific form of medicine. Moreover, generative AI tools are used in de novo drug design and identification of drug candidates with novel structures and promising therapeutic value. AI enhances the efficiency and accuracy of high throughput screening in the drug development process.
What are some potential benefits of precision medicine and the Precision Medicine Initiative?
Precision medicine holds promise for improving many aspects of health and healthcare. Some of these benefits will be apparent soon, as the All of Us Research Program continues and new tools and approaches for managing data are developed. Other benefits will result from long-term research in precision medicine and may not be realized for years.
Potential benefits of the Precision Medicine Initiative:
• New approaches for protecting research participants, particularly patients' privacy and the confidentiality of their data.
• Design of new tools for building, analyzing, and sharing large sets of medical data.
• Improvement of FDA oversight of tests, drugs, and other technologies to support innovation while ensuring that these products are safe and effective.
• New partnerships of scientists in a wide range of specialties, as well as people from the patient advocacy community, universities, pharmaceutical companies, and others.
• Opportunity for a million people to contribute to the advancement of scientific research.
Potential long-term benefits of research in precision medicine:
• Wider ability of doctors to use patients' genetic and other molecular information as part of routine medical care.
• Improved ability to predict which treatments will work best for specific patients.
• Better understanding of the underlying mechanisms by which various diseases occur.
• Improved approaches to preventing, diagnosing, and treating a wide range of diseases.
• Better integration of electronic health records (EHRs) in patient care, which will allow doctors and researchers to access medical data more easily.
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U.S. Precision Medicine Market Size, Share & Trends Analysis Report by 2034
The U.S. precision medicine market size was estimated at USD 49.79 billion in 2024 and is expected to hit around USD 232.49 billion by 2034, poised to grow at a CAGR of 16.7% from 2024 to 2034.
North America dominated the precision medicine market in 2023 due to robust networking and external funding opportunities in R&D and technological innovations. The California Initiative to Advance Precision Medicine is committed to patient-centered research projects and plans to collaborate with various medicine and health stakeholders all across California. This initiative also enables scientists, entrepreneurs, and patient participants to drive technological innovation and transform large data sets into better health outcomes.
Moreover, the Precision Medicine Initiative launched by the President of America is supported by federal government agencies including the Department of Health and Human Services (HHS), the Department of Veterans Affairs, and the Department of Defense. The National Mobile Tour was initiated through the ‘All of Us Research Program’ of NIH in three regions including the East Coast, Texas, and many other countries which is supported by national and community partner organizations. This National mobile tour aims to help researchers collect and analyze large datasets of health information of patients all across the world to deliver precise medical care.
• In November 2024, Novartis announced its first rank in the Access to Medicine Index (ATMI). Novartis medicines reached 284 million patients worldwide and 33.2 million patients with its access initiatives in 2023.
• In May 2024, AstraZeneca introduced its recent research efforts in respiratory and immune-mediated diseases at the American Thoracic Society (ATS) International Conference that showcases new clinical and real-world data.
Asia Pacific is anticipated to be the fastest-growing region in the precision medicine market during the forecast period due to strategic collaborations, and implementation of government standards for precision medicine and healthcare. The APACMed has taken an innovative measure to implement next-generation sequencing in cancer care to enable precision cancer care. The APACMed set policy standards to include genomic or precision medicine, and NGS in national strategies or programs that will enable optimized clinical outcomes for cancer patients and improve healthcare expenditure. The Asia Pacific region also focuses on developing a strong national genomics infrastructure. There are increasing investments in NGS-based drug trial programs through which patients can greatly access therapies. The regulatory, reimbursement, and clinical implementation policies ensure timely and precise access to NGS testing and related medical treatments. The use of digital technologies facilitates multi-disciplinary collaboration.
• In October 2024, Novartis announced the U.S. FDA approval for Scemblix in adult patients who are newly diagnosed with Philadelphia chromosome-positive chronic myeloid leukemia in the chronic phase.
• In December 2024, GE Healthcare highlighted the potential of its next-generation solutions and AI-enabled products in improved clinical research and enhanced decision-making approaches at the Radiological Society of North America’s 2024 Annual Meeting.
Precision Medicine Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2025 |
USD 119.03 billion |
|
Revenue forecast in 2033 |
USD 470.53 billion |
|
Growth rate |
CAGR of 16.5% from 2024 to 2033 |
|
Actual data |
2018 - 2023 |
|
Forecast period |
2024 - 2033 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2033 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Technology, Application, End User, Sequencing Technology, Product, Route of Administration, Drugs, region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
|
Country scope |
U.S.; Canada; Germany; UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; UAE; Kuwait; Saudi Arabia |
|
Key companies profiled |
F. Hoffmann-La Roche Ltd.-(Foundation Medicine); Siemens; Janssen Global Services, LLC; Illumina, Inc.; Quest Diagnostics Inc.; 23andMe, Inc.; NeoDiagnostix; Myriad Genetics; Medtronic; GE Healthcare; Abbott, QIAGEN |
Major Trends in the Precision Medicine Market
• Next-Generation Sequencing Technology: It is possible to map the entire genome and the genetic variant responsible for causing diseases can be identified. The identification of biomarkers and targeted drug molecules enables an easy diagnosis and prognosis of diseases. NGS is an efficient technology for gene expression studies and can analyze a vast amount of genetic data. It is possible to predict the probability of disease risks to patients and certain mutations can be identified. The person’s response to specific drugs can be analyzed with the help of pharmacogenomics. Pharmacology and genetics enable researchers to study the effect of genes and their functions when a patient responds to drugs. NGS also allows clinicians to decide the precise treatment plans for patients based on their genetic makeup.
• Increasing Investments in Research and Development Fields: The biopharmaceutical industries like Pfizer, Novartis, Roche, Illumina Inc., GE Healthcare, Thermo Fisher Scientific Inc., Medtronic Plc, etc. are dedicated to outstanding research areas in healthcare and precision medicine. Researchers are making efforts to provide clinically proven healthcare solutions and services. The investors are increasingly shifting towards investing in these promising products and industries due to their reliability in the markets. Research projects are receiving favorable funding from government authorities by addressing global health issues and the need for better medical outcomes.
• CRISPR-Cas9 Gene Editing Technology: This technology has an incredible potential to treat genetic disorders caused by single gene mutations. It is an emerging and widely adopted area of research where patients can be treated precisely, quickly, and cheaply. Vertex Pharmaceuticals and CRISPR Therapeutics invented a gene therapy named Casgevy which holds a promise to treat sickle cell disease in one time treatment. Pfizer also makes efforts to offer mRNA vaccines to fight against viral diseases like COVID-19.
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Precision Medicine Market Segmentation Analysis:
By Technology Analysis:
By technology, the gene sequencing segment dominated the precision medicine market due to the growing advancements in next-generation sequencing technology for DNA or RNA sequencing. Research fields including genomics, oncology, neurology, cardiology, and genetics are of high importance to researchers and for medical care. The identification of genetic variants causing diseases makes it possible to employ suitable medicines and treatments on patients to save their lives.
By technology, the drug discovery segment is anticipated to be the fastest growing in the precision medicine market during the forecast period due to expanding medical practices in pharmacogenomics and clinical research. Advancements like computer-aided drug design (CAD) and computer-aided drug manufacturing (CAM) are possible with the incorporation of several NGS tools, techniques, and AI-powered models. Precision medicine approaches are developed including tumor marker testing to diagnose cancer and HER2-positive breast cancer.
By Application Analysis:
By application, the therapeutics segment dominated the precision medicine market due to the increasing focus on delivering advanced therapies to treat global health disorders. Cancer, HIV, immune dysfunction, diabetes, and other chronic disorders need precision medical care through novel drugs and treatments. The industrial products are receiving approvals from standard regulatory authorities to be introduced in markets all around the world.
By application, the oncology segment is expected to grow at the fastest rate in the precision medicine market over the forecast period due to the rising prevalence of cancer in the U.S. and all over the world. The demand for standardized cancer treatments and cancer savior drugs increased the efforts in research and development. The expansion of industrial facilities and favorable funding for cancer research projects highlighted the importance of the oncology research area.
By End User Analysis:
By end user, the hospitals segment dominated the precision medicine market due to the expansion of large healthcare infrastructure all around the world. The availability of medical resources and easy accessibility to medical services are the essential driving forces to the growth of the hospital segment in the market. The involvement of skilled medical staff, immediate patient care, and improved hospital facilities enable patients to shift toward hospitals to get appropriate medical care.
By end user, the pharmaceutical companies segment is expected to grow faster in the precision medicine market during the forecast period due to the presence of several biopharmaceutical companies in the market. These industries are well-equipped with skilled experts, instruments, technologies, and other essential facilities that drive research efforts and scientific innovation. The competitiveness among leading industrial players in the market pushes them forward to deliver better products and services.
Competitive Landscape and Major Breakthroughs in the Precision Medicine Market
The precision medicine market continues to evolve rapidly and showcases remarkable advancements in 2023 and 2024 with a dynamic competitive landscape. Major players such as GE Healthcare, Medtronic Plc, GSK, Sanofi, Pfizer, Novartis, AstraZeneca, etc. hold a dominating position in the precision medicine market. These companies are setting outstanding benchmarks in scientific innovation, R&D efforts, promising customer care, and impactful product delivery.
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What is Going Around the Globe?
• In September 2024, Novartis announced the construction of two new radioligand therapy manufacturing facilities in the United States that showcase the continuous investment efforts of Novartis in developing healthcare infrastructure to treat cancer.
• In September 2024, Medtronic announced the expansion of the AiBLE spine surgery ecosystem with the launch of new technologies, several software, hardware, and imaging innovations through a partnership with Siemens Healthineers at the North American Spine Society Annual meeting in Chicago.
Related Report
Pharmaceutical CDMO Market ; The global pharmaceutical CDMO market size is estimated at USD 184.90 billion in 2024 and is anticipated to reach around USD 368.70 billion by 2034, expanding at a CAGR of 7.2% between 2024 and 2034.
Gene Synthesis Market ; The global gene synthesis market size is estimated at USD 3.22 billion in 2024 and is anticipated to reach around USD 27.63 billion by 2034, expanding at a CAGR of 23.97% from 2024 to 2034.
Biomarkers Market ; The global biomarkers market size was USD 82.30 billion in 2023, accounted for USD 94.24 billion in 2024, and is expected to reach around USD 318.76 billion by 2033. The market is expanding at a solid CAGR of 14.5% over the forecast period 2024 to 2033.
Drug Discovery Market ; The global drug discovery market size is estimated at USD 65.84 billion in 2024, grew to USD 71.89 billion in 2025 and is predicted to surpass around USD 158.74 billion by 2034, expanding at a CAGR of 9.20% between 2024 and 2034.
Oncology Market ; The global oncology market size accounted for USD 225.01 billion in 2024 and is expected to reach around USD 668.26 billion by 2034, expanding at a CAGR of 11.5% from 2024 to 2034.
Precision Oncology Market ; The global precision oncology market size is estimated at USD 120.97 billion in 2024, grew to USD 133 billion in 2025 and is predicted to surpass around USD 312.33 billion by 2034, expanding at a CAGR of 9.95% between 2024 and 2034.
Precision Medicine Market Companies
• Biocrates Life Sciences
• Tepnel Pharma Services
• Novartis
• Qiagen
• Quest Diagnostics
• Menarini Silicon Biosystems
• NanoString Technologies
• Eagle Genomics
• Pfizer
• Intomics
• Roche
• Teva Pharmaceutical
Segments Covered in the Report
By Technology
• Bioinformatics
• Big Data Analytics
• Drug Discovery
• Gene Sequencing
• Companion Diagnostics
• Others
By Application
• CNS
• Immunology
• Oncology
• Respiratory
• Others
By End-Use
• Diagnostic Companies
• Pharmaceutical Companies
• Healthcare IT companies
• Others
By Sequencing Technology
• Sequencing by Synthesis
• Ion Semiconductor Sequencing
• Sequencing by Ligation
• Pyrosequencing
• Single Molecule Real Time Sequencing
• Chain Termination Sequencing
• Nanopore Sequencing
By Product
• Consumables
• Instruments
• Services
By Route of Administration
• Oral
• Injectable
By Drugs
• Alectinib
• Osimertinib
• Mepolizumab
• Aripiprazole Lauroxil
• Others
By Geography
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
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