According to latest study, the U.S. precision medicine market size was estimated at USD 24.95 billion in 2023 and is projected to hit around USD 76.12 billion by 2033, growing at a CAGR of 11.80% during the forecast period from 2024 to 2033.
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Advancements in precision medicine have catalyzed significant growth in the U.S. market, leading to groundbreaking discoveries and FDA-approved treatments tailored to individual characteristics such as genetic makeup or tumor profiles. Routine molecular testing in cancer care empowers physicians to select treatments that enhance survival rates and minimize adverse effects for patients. However, the effectiveness of precision care hinges on the quality of diagnostic tests guiding treatment decisions.
The U.S. precision medicine market is experiencing rapid growth fueled by innovative approaches to disease prevention and treatment, such as personalized medicine. This approach considers individual differences in genes, environments, and lifestyles, with the goal of delivering targeted treatments to patients at the right time. The FDA plays a crucial role in ensuring the accuracy of Next Generation Sequencing (NGS) tests, which generate vast amounts of information posing novel regulatory challenges. To address this, the FDA has collaborated with industry stakeholders, laboratories, academia, and patient/professional societies to develop a flexible regulatory framework. This approach leverages consensus standards and state-of-the-art computing technology to support NGS test development, fostering innovation and accelerating access to reliable genetic tests. The Precision Medicine Initiative, led by the NIH, aims to understand how genetics, environment, and lifestyle impact disease prevention and treatment. Short-term goals focus on expanding precision medicine in cancer research, while long-term objectives aim to integrate precision medicine into all areas of healthcare. The All of Research Program, involving at least 1 million volunteers, underscores the initiative’s commitment to large-scale precision medicine implementation nationwide.
U.S. Precision Medicine Market Key Takeaways
- By technology, the drug discovery segment held the dominating share of the market in 2023.
- By application, the oncology segment dominated the U.S. precision medicine market in 2023.
- By end-use, the pharmaceutical company segment held the largest share of the market in 2023.
- By sequencing technology, the single molecule real-time sequencing segment is expected to dominate the market over the forecast period.
- By product, the consumables segment held the largest share of the market in 2023.
- By route of administration, the oral segment held the largest share of the market in 2023.
- By drugs, the Mepolizumab segment is observed to witness significant growth during the forecast period.
The Global Precision Medicine Market Size and share 2024 to 2033.
The global precision medicine market size is calculated at USD 91.72 billion for 2024 and is expected to reach around USD 246.30 billion by 2033, growing at a CAGR of 11.6% from 2024 to 2033, The North America market has captured 49.19% of the total revenue share in 2023.
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U.S. Precision Medicine Market Dynamics
Driver
Empowering Healthcare
Precision medicine, synonymous with personalized care, empowers healthcare providers to tailor specific treatments based on individual genetic, protein, and biological profiles. Particularly in cancer care, precision medicine focuses on how genetic or protein alterations in cancer cells influence treatment options. Beyond oncology, precision medicine offers versatile applications, leveraging lab test insights to craft personalized care plans with specific recommendations. This approach not only enhances diagnostic accuracy and treatment efficacy but also facilitates informed decisions regarding lifestyle modifications and preventive measures to mitigate cancer risks. As precision medicine continues to gain traction, its role in optimizing patient care drives growth in the U.S. precision medicine market, offering promising outcomes for patients and fostering innovation in healthcare delivery.
Restraint
Cost Challenges
The substantial costs associated with precision therapy, often reaching thousands or tens of thousands of dollars per month, exacerbate the financial burden of cancer diagnosis. Research indicates that a significant proportion of patients exhaust their assets within two years of diagnosis. The Center for Medicare and Medicaid Services’ decision to cover genetic testing for advanced cancer patients is expected to incur an additional annual cost of $2.5 billion for the agency. These financial constraints pose challenges to the growth of the U.S. precision medicine market, hindering accessibility and affordability of innovative treatments for patients.
Opportunity
Advanced technologies for precision medicine
The surge in precision medicine technologies presents a compelling opportunity to enhance targeted care, potentially improving patient outcomes. However, this transformation also introduces complexities for health systems. As these technologies gain traction in routine clinical practice, they have the potential to revolutionize various aspects of care delivery, including care pathways, healthcare infrastructure, and patient experiences. The adoption of precision medicine is likely to raise equity considerations, ensuring equitable access to innovative treatments. Embracing these advancements presents an opportunity for growth in the U.S. precision medicine market, driving innovation and reshaping the healthcare landscape for the better.
Recent trends in U.S. precision medicine market:
- In January 2024, Target RWE launched a novel precision medicine platform to address growing unmet medical needs in liver disease, gastroenterology, and immune-mediated inflammatory conditions.
- In October 2022, GSK announced an expanded collaboration with Tempus in precision medicine to accelerate R&D.
- In May 2023, Google Cloud launched AI solutions for drug discovery and precision medicine.
- In June 2022, GE Healthcare advanced the future of precision medicine in oncology with new technology partners at #ASCO22.
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Report Highlights
By Technology
The U.S. precision medicine market is segmented into bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and other categories. The drug discovery segment stands out as the dominant force in this market. Precision medicine holds immense promise in enhancing the success rates of Phase II and III clinical trials by tailoring treatment options to patient subgroups based on molecular profiles, lifestyle, and environmental factors. Since its inception, precision medicine has witnessed a rapid expansion across various medical and healthcare applications, with oncology leading the charge in its implementation. This paradigm shift is revolutionizing the drug development process by pinpointing targets responsible for diseases in individual patients and stratifying clinical trials based on underlying mechanistic causes. As precision medicine continues to evolve, it is poised to drive innovation and advancements in the U.S. healthcare landscape, paving the way for more effective and personalized treatment approaches.
Precision medicine revolutionizes clinical trials by stratifying patients based on their genetic and molecular profiles, enabling more targeted and effective treatment approaches. This approach integrates clinical and molecular patient data to decipher the biological underpinnings of diseases, ultimately aiming for optimal patient outcomes. Clinical trials serve as the cornerstone for scientifically evaluating investigational agents, devices, and biologics, ranging from chemotherapy agents to gene therapies, in human volunteers to assess safety and efficacy. By leveraging precision medicine in clinical trial design, researchers can enhance trial efficacy and accelerate the development of innovative therapies tailored to individual patient needs, driving advancements in healthcare and pharmaceutical industries.
By Application Insights
The U.S. precision medicine market is segmented into CNS, immunology, oncology, respiratory, and other categories, with oncology emerging as the dominant sector. Precision medicine, as defined by the US National Cancer Institute, utilizes genetic, protein, and environmental information to prevent, diagnose, and treat diseases. While definitions may vary among stakeholders, targeted drug therapy, precision radiotherapy, and surgery are increasingly prevalent in clinical practice for both solid and hematological cancers. Precision medicine plays a pivotal role in modern cancer care, with comprehensive molecular profiling of tumors essential for identifying targetable abnormalities or biomarkers. Lung cancer exemplifies the significance of precision medicine, with genomic alterations soon expected to guide therapy in the majority of cases. As precision medicine continues to advance, its application in oncology promises to revolutionize cancer treatment, improving patient outcomes and driving growth in the U.S. precision medicine market.
By End-Use
In the U.S. precision medicine market, segmentation by end-users includes diagnostic companies, pharmaceutical companies, healthcare IT companies, and others, with pharmaceutical companies emerging as the dominant segment. Precision medicine is poised to revolutionize the entire pharmaceutical value chain, influencing early development stages through to go-to-market strategies. The next five years represent a critical window for pharmaceutical companies to capitalize on this transformative potential, necessitating proactive engagement and risk-taking across the healthcare ecosystem. Beyond enhancing disease detection, diagnosis, and treatment, precision medicine holds the promise of preventive healthcare by leveraging analytics to identify patient risks before they manifest. This proactive approach not only improves patient outcomes but also has the potential to lower costs for healthcare systems, underscoring the imperative for pharmaceutical companies to embrace precision medicine and drive innovation in the U.S. market.
By Sequencing Technology
In the U.S. precision medicine market, segmentation by sequencing technologies includes pyrosequencing, sequencing by synthesis, sequencing by ligation, single-molecule real-time sequencing (SMRT), ion semiconductor sequencing, chain termination sequencing, and nanopore sequencing, with the SMRT segment poised to dominate over the forecast period. While short-read massive parallel sequencing has become a standard diagnostic tool in medicine, it faces inherent limitations such as GC bias and difficulties in mapping to repetitive elements and discriminating analogous sequences. Single molecule real-time sequencers address these challenges by offering long-read capabilities, resulting in higher consensus accuracies and improved detection of epigenetic modifications from native DNA. As precision medicine continues to evolve, the adoption of SMRT sequencing technologies promises to enhance the accuracy and reliability of genetic analyses, driving advancements in personalized healthcare and shaping the future of genomic medicine in the U.S. market.
By Product
In the U.S. precision medicine market, segmentation into consumables, instruments, and services reveals consumables as the leading segment. Precision medicine strategies revolutionize healthcare by delving deeply into patients’ genetic and genomic data, enabling accurate disease prediction and effective prevention, diagnosis, and treatment. This approach empowers physicians to select sensitive drugs, optimal dosages, and timing for medication usage, while minimizing adverse side effects. Consumables play a pivotal role in facilitating precision medicine implementation, providing the essential tools and materials required for genetic testing, sequencing, and analysis. As precision medicine continues to gain momentum, the consumables segment is poised to drive significant growth, enabling healthcare providers to deliver personalized and targeted therapies to patients, ultimately improving patient outcomes and revolutionizing the healthcare landscape.
By Route of Administration
In the U.S. precision medicine market, segmentation by route of administration reveals oral medication as the leading segment. Oral administration offers convenience, cost-effectiveness, and widespread acceptance among patients, making it the most commonly used medication administration route. Typically, the small intestine serves as the primary site of drug absorption, with medication bioavailability influenced by the rate and extent of absorption across the intestinal epithelium. This route of administration is particularly suitable for patients capable of ingesting and tolerating oral medication. Additionally, some medications with short half-lives are formulated as timed-release or sustained-release forms, allowing for gradual absorption over several hours. As precision medicine continues to advance, oral medication remains a cornerstone in delivering targeted therapies to patients, driving growth and innovation in the U.S. market.
By Drugs Insights
In the U.S. precision medicine market, segmentation by drug category includes Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, and others, with the Mepolizumab segment anticipated to experience significant growth. Mepolizumab, an anti-IL-5 monoclonal antibody developed for severe eosinophilic asthma treatment, exemplifies a clinical development program shaped by robust scientific principles. Initially, clinical data on mepolizumab’s impact on lung function in a general asthmatic population were underwhelming. However, subsequent research revealed its effectiveness in reducing asthma exacerbations, particularly in patients with severe disease. Advancements in understanding asthma pathobiology further identified a target population and predictive biomarkers for mepolizumab. As precision medicine continues to evolve, mepolizumab’s tailored approach to treating severe eosinophilic asthma positions it for substantial growth, offering promising outcomes for patients and driving innovation in the U.S. market.
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U.S. Precision Medicine Market Recent Developments
- In March 2023, the global biotechnology company Seagen, which finds, develops, and markets revolutionary cancer medicines, was acquired by Pfizer for $229 in cash per Seagen share, amounting to a $43 billion enterprise value. Pfizer and Seagen Inc. announced that they have entered into a definitive merger agreement.
- In January 2024, the US state of California will see the establishment of a precision medicine center due to cooperation established by BIOS Health, the Kern Venture Group, and the city of Bakersfield. The facility will function as a central location for brain clinical trials and research and development (R&D) that makes use of the adaptive dosage technology from BIOS.
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U.S. Precision Medicine Market Top Key Companies:
- Biocrates Life Sciences
- Quest Diagnostics
- NanoString Technologies
- Pfizer
- AbbVie Inc.
- AstraZeneca
- Johnson & Johnson Services, Inc
- Thermo Fisher Scientific, Inc.
- Illumina, Inc.
- ARIEL Precision Medicine, Inc.
U.S. Precision Medicine Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the U.S. Precision Medicine market.
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
- Alexinia
- Osimertinib
- Mepolizumab
- Aripiprazole Lauroxil
- Others
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