The global precision medicine market size reached a value of USD 72.4 billion in 2022. The market is anticipated to grow at a CAGR of 12.3% during the forecast period of 2023-2031, reaching a value of USD 205.7 billion by 2031. The growth can be attributed to the increased demand for precision medicine, advancements in sequencing technologies, and the growing application of precision medicine in various fields.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Precision medicine is defined as a developing approach to illness treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. This method will help doctors and researchers to forecast which disease treatment and preventative efforts will work more accurately in specific groups of people. It contrasts with a one-size-fits-all approach, in which disease treatment and prevention measures are developed for the person with consideration for individual differences.
Precision medicine is relatively a new concept in the healthcare system, which includes pharmacogenomics. Pharmacogenomics is the study of how a person's response to specific medications is influenced by their genes. This relatively new area combines the study of genes and their roles with pharmacology, the science of pharmaceuticals, to create effective, secure medications and doses that are customised to genetic variations in an individual.
Scientists and doctors worldwide have accommodated huge amount of patient’s data to study and create personas for future references. This approach is used to develop targeted medicines for the patient by following the data that contains patient’s health history. This data is thoroughly studied and examined by scientists and healthcare professionals to collect the data that is useful in development of precision medicines. The research that is based on the patient’s health history is performed on the molecular data to identify changes or mutation at genetic level. It is widely used in cancer research and diseases that are genetically inherited by the patient. This data is used by next-generation sequencing (NGS) to develop the treatment and diagnose the conditions.
Numerous aspects of health and healthcare could be improved with the help of precision medicine. As the All of Us Research Program progresses and new tools and methods for handling data are developed, some of these advantages will soon become obvious. Long-term precision medicine research will produce further benefits, some of which may take years to happen.
A few of the benefits of precision medicine market include:
Some challenges for precision medicine market include the following:
The market can be categorized into the following segmentations:
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Market Breakup by Technology
Precision Medicine Market Breakup by Application
Precision Medicine Market Breakup by Therapeutic Areas
Market Breakup by End User
Precision Medicine Market Breakup by Region
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The idea of precision medicine is a methodical approach meant to defeat diseases like cancer. The primary focus of many precision medicine programs is cancer. Precision oncology focuses on matching each cancer patient with the most precise and correct treatment based on their genetic profile, which may ultimately allow them to benefit from the treatment provided.
Globally rising cancer incidence, pharmacogenomics' reduction of trial-and-error drug prescribing, rising use of predictive biomarkers for cancer diagnostics, and swift technology breakthroughs in oncology are all factors driving the growth of precision medicine market.
Due to the enhanced healthcare system and significant investment in research and development, precision medicine is expected to expand in the United States. For some cancer types, such as colorectal cancer and breast cancer, precision medicine has significantly improved cancer treatment. Applications for precision medicine, which are expected to make up the majority of the market, are mostly focused on enhancing the treatment of cancerous diseases.
One of the main factors contributing to the segment's dominance is the increased incidence of cancer and the increase of drug targets for the condition that is now undergoing clinical trials. It is anticipated that the market for precision medicine would grow as a result of the government's strong financial backing and the quickening development of genetic analysis.
Oncology sector has been a pioneer in precision medicine. The widespread cytotoxicity and severe side effects of current "one size fits all" cancer medicines, together with the discovery of associated tumour-specific vulnerabilities as prospective drug targets, are probable contributing factors to the shift toward tailored therapies.
One of the first clinical success stories for targeted chemotherapy was imatinib, which targets the BCR-ABL fusion gene in chronic myelogenous leukaemia (CML) and gain-of-function mutations in the genes encoding mast/stem cell growth factor receptor KIT or platelet-derived growth factor receptor (PDGFR) in gastrointestinal stromal tumours (GISTs).
An aggressive form of breast cancer with a poor prognosis that overexpresses tyrosine-protein kinase erbB-2 (HER2) reacts favourably to trastuzumab, a monoclonal antibody that targets HER2, and has demonstrated a considerable survival benefit in these patients.
The pathway-based approach to treating cancer has come under criticism as anti-cancer medication resistance has emerged. The next generation of kinase inhibitors has been created as a result of improvements in our understanding of tumour resistance and the mutations that cause it. The T790M mutation, which confers resistance to existing EGFR inhibitors, is the target of osimertinib, a third-generation EGFR tyrosine kinase inhibitor.
Due to the KRAS gene mutation, over 40% of patients with metastatic colon cancer do not react to cetuximab and panitumumab. Due to this finding, it was suggested that the following medications only be administered to patients who did not have a KRAS gene mutation.
Diabetes Mellitus: Most patients do not achieve proper blood glucose control despite the availability of several classes of DM medications, both oral and insulin preparations because treatment is frequently based on trial-and-error or on medication affordability rather than the underlying pathophysiology. This is primarily because all guidelines focus on the management of an average patient rather than precision medicine and care.
New types of sodium-glucose co-transporter-2 (SGLT2) inhibitors, DPP-4 inhibitors, and GLP-1 receptor agonists extend the capacity to treat type 2 DM with decreased rates of hypoglycemia, less frequent blood glucose self-monitoring, and without weight gain. The early development of these medications was based on metabolic physiology.
The investigation of genetic variation at SLC5A2 (the gene encoding for SGLT2) and GLP1 receptor in individuals and large population studies later supported the mechanisms of action and safety of SGLT2 inhibitors and GLP1 agonists.
Dyslipidemia: In order to pursue PCSK9 as a potential pharmacological target for the treatment of hypercholesterolemia, genetic, phenotypic, and molecular data were involved in the development of proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitors. It has been established that PCSK9 is a hepatic secretory protein that circulates and attaches to LDL receptors, which are the main means by which circulating cholesterol is cleared. This binding then causes LDL receptor endocytosis and subsequent destruction.
By increasing the number of LDL receptors that are available as a result of PCSK9 inhibition, plasma LDL-C levels are decreased. Following administration of alirocumab and evolocumab, a considerable decrease (36–60 percent) in LDL-C was seen, which led to their US FDA approval.
Other than this, precision medicines are also applicable for the preventive measure of adverse drug events, chemotherapy, and cancer, among many others.
Diagnostic, digital devices, imaging advancements, and the availability of plethora of analytics tools operating across numerous institutions and stakeholders are among the key drivers of the market growth. Precision medicine in this entire ecosystem will be functioning using these three key factors:
The report gives an in-depth analysis of the key players involved in the precision medicine market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Technology||
|Breakup by Application||
|Breakup by Therapeutic Areas||
|Breakup by End User||
|Breakup by Region||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Precision Medicine Market Overview
3.1 Global Precision Medicine Market Historical Value (2016-2022)
3.2 Global Precision Medicine Market Forecast Value (2023-2031)
4 Global Precision Medicine Market Landscape
4.1 Global Precision Medicine Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Precision Medicine Product Landscape
4.2.1 Analysis by Technology
4.2.2 Analysis by Application
4.2.3 Analysis by Therapeutic Areas
4.2.4 Analysis by End User
5 Global Precision Medicine Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Precision Medicine Market Segmentation
6.1 Global Precision Medicine Market by Technology
6.1.1 Market Overview
6.1.3 Gene Sequencing
6.1.4 Drug Discovery
6.1.5 Precision Molecular Diagnostics
6.1.6 Big Data Analytics
6.2 Global Precision Medicine Market by Application
6.2.1 Market Overview
126.96.36.199 Gene testing
188.8.131.52 Direct To Consumer (DTC)
184.108.40.206 Esoteric Lab Service
220.127.116.11 Omics Medicine
6.2.4 Healthcare Information Technology
18.104.22.168 Medical Devices
6.2.5 Alternative Medicine
22.214.171.124 Nutrition and Wellness
126.96.36.199 Retail Nutrition
6.3 Global Precision Medicine Market by Therapeutic Areas
6.3.1 Market Overview
6.3.3 Central Nervous System
6.4 Global Precision Medicine Market by End User
6.4.1 Market Overview
6.4.3 Diagnostic Centres
6.4.4 Research & Academic Institutes
6.5 Global Precision Medicine Market by Region
6.5.1 Market Overview
6.5.2 North America
6.5.4 Asia Pacific
6.5.5 Latin America
6.5.6 Middle East and Africa
7 North America Precision Medicine Market
7.1 Market Share by Country
7.2 United States of America
8 Europe Precision Medicine Market
8.1 Market Share by Country
8.2 United Kingdom
9 Asia Pacific Precision Medicine Market
9.1 Market Share by Country
10 Latin America Precision Medicine Market
10.1 Market Share by Country
11 Middle East and Africa Precision Medicine Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.5 South Africa
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by Year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
17 Supplier Landscape
17.1 Novartis AG
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.2 Pfizer, Inc.
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.3 Biogen Inc.
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.4 Johnson & Johnson
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.5 F. Hoffmann-La Roche AG
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.6 AstraZeneca Plc
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.7 GE Healthcare
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.8 Sanofi SA
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.9 Bristol Myers Squibb
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.10 Amgen, Inc.
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.11 Gilead Sciences, Inc.
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.12 Illumina, Inc.
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.13 Biotechne Corp.
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.14 Danaher Corporation
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.15 Abbott Laboratories
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
18 Global Precision Medicine Market - Distribution Model (Additional Insight)
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
*Additional insights provided are customisable as per client requirements.
The market value for precision medicine was USD 52.2 billion in 2022.
The global precision medicine market is anticipated to grow at a CAGR of 11% to reach a value of USD 133.6 billion by 2031.
Product type, target disease, end user, and region are the major segments of the market.
The key trends in the precision medicine market are the increasing investments, and continuously running awareness programs by the governments globally.
The precision medicine market has technologies like bioinformatics, gene sequencing, drug discovery, precision molecular diagnostics, and big data analytics.
Precision medicine finds wide applications in diagnostics, therapeutics, healthcare information technology, and alternative medicine.
The areas include oncology, central nervous system, haematology, respiratory, and immunology, among others.
The global precision medicine market is likely to be led by North America.
The end-users include hospitals, diagnostic centres, and research and academic institutes, among others.
The major key players involved in the market are Novartis AG, Pfizer, Inc., Catalent, Inc., Johnson & Johnson, Inc., F. Hoffmann-La Roche A, AstraZeneca plc, Sanofi, Bristol Myers Squibb, Amgen, Inc., Gilead Sciences, Inc., GE Healthcare, Illumina, Inc., Biotechne Corp, Danaher Corporation, and Abbott Laboratories.
Single User License
Five User License
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.