Global Precision Medicine Market By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing), By Application (Oncology, Respiratory Diseases, Central Nervous System Disorders), By End-User (Hospitals and Clinics, Pharmaceuticals, Diagnostic Companies), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 16592
- Number of Pages: 246
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Report Overview
The Global Precision Medicine Market size is expected to be worth around USD 254 Bn by 2032 from USD 83.4 Bn in 2022, growing at a CAGR of 12.1% during the forecast period from 2022 to 2032.
The emerging field of precision medicine uses an individual’s lifestyle, genetic makeup, and environment to direct treatment. Because of the positive outcomes achieved in the treatment of cancer, precision medicine has gained popularity. It makes it possible for researchers and doctors to make more accurate predictions about how to treat and prevent any disease.
Precision medicine, also referred to as personalized medicine or individualized medicine, focuses on treating cancer-causing mutations in healthy body cells. When used in targeted cancer treatment, precision medicine has fewer side effects and a quicker recovery than conventional drugs.
A creative approach to preventing and treating diseases that consider each person’s environmental, genetic, and lifestyle differences is known as precision medicine, also called personalized medicine. Because of this, medical professionals and researchers can anticipate the strategies for treating and preventing a specific disease.
It involves determining the molecular cause of an illness of a patient by employing phenomics and system biology. It has several benefits, including a lower treatment cost, effective treatment tailored to a patient’s specific disease category, and assistance in reducing medication administration regularly.
Patients who get a targeted treatment based on F1CDx testing had a disease control rate of 41.1%, a partial response rate of 23.5%, and a disease rate of 17.6%. The primary drivers of the global Precision Medicine Diagnostics Market are the development of cancer biology, the worldwide expansion of gene therapy, the rise in desire for large data analytics in precision medicine, and the rise of online collaborative forums in developed and developing nations.
Key Takeaways
- The Precision Medicine market is projected to reach USD 254 billion by 2032.
- The market is expected to achieve a CAGR of 12.1% from 2023 to 2032.
- The global Precision Medicine market size was USD 83.4 billion in 2022.
- The oncology segment dominated the largest market share in application type analysis.
- In 2022, the Pharmaceutical and Biotechnology Companies segment held the largest market share in end-user type analysis.
- North America dominated the market in 2022 with a revenue share of over 40%.
- Western Europe is anticipated to have a market share of above 23% in 2022.
- APAC is expected to grow at a faster pace among all the regions covered in the report.
- Advances in cancer biologics are driving the growth of precision medicine.
- Key discoveries like single nucleotide polymorphism (SNP) and microarray/biochips are bolstering the precision medicine market.
- The increasing prevalence of chronic diseases is boosting the demand for novel drug discovery.
- Research on the human genome has the potential to transform medical care for individual patients.
- The use of AI in the healthcare industry is revolutionizing precision medicine.
Technology Analysis
The drug discovery segment holds the largest share of the overall market.
During the forecast period, the drug discovery segment anticipated the overall market. The segment’s expansion is driven by increased demand for precision medicine, pharmacogenomics developments, and increased research and development initiatives by public and private companies to develop novel drugs.
As a result, the success rates of drug discovery and development are approximately 75% in Phase I, 50% in Phase II, 59% in Phase III, and 88% in the new drug application phase, as per the National Library of Medicine article titled “The Influence of Industrial and Academic Collaboration on Drug Discovery and Development.”
Application Analysis
Compared to other segments, the oncology segment dominated the market.
The oncology segment dominated the precision medicine market. It is primarily the result of an increasing number of cancer cases worldwide. According to the survey by Breastcancer.org, 31.7% of the 534 patients who were found to have breast cancer reported experiencing a significant delay in receiving treatment in July 2020.
Furthermore, due to the COVID-19 pandemic in the United States, nearly 22% of these individuals reported a delay in screening, and 9.3% reported a delay in treatment.
In addition, the rise in funding for cancer research, the broad applications of precision medicine in oncology research, and increased investments in precision medicine software by government organizations are driving the overall growth of this segment.
End-User Analysis
The pharmaceuticals segment held the majority of this segment.
In 2020, the Pharmaceutical and Biotechnology Companies segment will have the largest share. Developing technologies and significant market players participating in various investment programs drive the segment’s overall expansion.
Globally, biopharmaceutical companies spend US$ 179 billion on R&D, according to the Pharmaceutical Industry and global health 2021 report, compared to the rest of the high-tech industry.
The biopharmaceutical industry spends 7.3 times as much on research and development each year as the aerospace and defense industries, 6.5 times the chemicals industry, and 1.5 times the software and computer services industry.
Key Market Segments
Based on Technology
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Other Technologies
Based on Application
- Oncology
- Respiratory Diseases
- Central Nervous System Disorders
- Immunology
- Genetic Diseases
- Other Applications
Based on the End-User
- Hospitals and Clinics
- Pharmaceuticals
- Diagnostic Companies
- Healthcare and I.T. Firms
- Other End-Users
Drivers
The rise in the prevalence of cancer, clinical trials for precision medicine, and increasing usage of A.I. in healthcare.
The increasing incidence of genetic diseases primarily drives the market’s expansion, the rising prevalence of cancer, and the growing amount of treatment options in clinical trials.
According to the National Cancer Institute, the annual rate of new cancer cases is 442.4 per 100,000 men and women. It accounts for 158.3 deaths per 100,000 men and women annually, affects an expected 16,850 adults and children between 0 and 19, and causes 1,730 deaths.
To carry out clinical trials for precision medicine, a few pharmaceutical companies worked with government-run organizations. The NCI created the Molecular Analysis for Therapy Choice project and directed approximately 6,000 clinical trials on precision medicine to treat cancer tumors.
Additionally, patients are evaluated remotely from the comfort of their own homes, a reduction in travel time and expenses, which results in a greater patient involvement rate.
The growth of the medical tourism industry in European nations is fuelled by precision medicine’s ability to reduce drug reactions and expand treatment options.
For instance, the government of the UK invested approximately US$ 70 million in the industry Strategy challenge fund to improve healthcare infrastructure. It established three advanced therapy treatment centers to advance gene and precision medicine.
With innovative advancements, artificial intelligence is revolutionizing the healthcare industry by making it easier for professionals to record and monitor clinical data, resulting in fewer errors. In August 2020, AstraZeneca plc and Renalytix AI plc introduced strategies for precision medicine for metabolic, renal, and cardiovascular diseases.
Additionally, researchers at Seoul National University Hospital and College of Medicine developed an artificial intelligence (A.I.) algorithm called Deep Learning Based Automatic Detection to analyze chest radiographs and identify abnormal cancer growth. As a result, the market expansion is driven by the growing use of AI in precision medicine.
Restraints
Lack of skilled professionals and high costs associated with precision medicine
The market’s expansion is slowed by the high cost of precision medicine and the scarcity of skilled workers in underdeveloped and developing nations. In addition, the COVID-19 outbreak and stringent regulations further restrict the market’s expansion.
Opportunity
The adoption of advanced technologies and a rise in the rate of R&D activities.
R&D activities increased due to the expanding amount of emerging markets, and government initiatives like the Swiss Personalized Health Network are contributing to the expansion of the market.
In Switzerland, the health network fosters personalized health and medical care growth by providing lucrative growth opportunities. For example, to assist Veterans Affairs (V.A.) physicians in better matching medication to individual cancer survivors, Sanford Health invested fifty million dollars in August 2020.
During the forecast period, the personalized medicine market will also benefit from manufacturers’ increased focus on adopting advanced innovative technologies like the Next Generation Sequencing (NGS) Test, cancer genome sequencing, application of molecular diagnostics, molecular medicine, evidence-based medicine, CRISPR, genetic sequencing biobanking, and biomarkers.
Regional Analysis
North America dominates the global precision medicine market during the forecast period.
In 2022, North America held a significant lead, accounting for above 40%. An increase in cancer cases, advanced healthcare infrastructure, increased demand for precision medicine, a significant investment in R&D, a growth in digitalization, and the initiatives taken by major market players account for most of the North American region’s population.
In 2020, the American Cancer Society reported approximately 606,520 cancer-related deaths in the US and 1.8 million new disease cases. After North America, the European Precision Medicine Market is expanding the fastest.
In 2022, North America dominated the precision medicine market. However, Asia-Pacific is anticipated to experience the greatest expansion rate during the forecast period. Therefore, Asia-Pacific, Eastern Europe, Western Europe, South America, North America, the Middle East, and Africa are all included in the report on the market for precision medicine.
In addition, the precision medicine market report provides information on Brazil, Australia, France, China, Germany, Indonesia, India, Japan, South Korea, Russia, the United Kingdom, and the United States. Asia-pacific is an economically developing region but still behind developed countries. Therefore, the area has enormous potential for market growth, and the region is expected to show an excellent hike by the end of the forecast period.
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
Geographically, North America is a country that is dominating the precision medicine market. Significant investment in precision medicine in the U.S. will trigger the market’s growth within the forecast period. Although the funding is for oncology-targeted therapy, research will also be expanded for other applications. North America is at the front as the utilization and development of precision medicine are concerned.
Some prominent major companies are Pzifer Inc., Thermo Fisher Scientific Inc., Biomérieux SA, Bristol-Myers Squibb, Cepheid Inc., Myriad Genetics Inc., Almac Group Ltd, Asuragen Inc., and others.
Listed below are some of the most prominent global precision medicine market players.
Market Key Players
- Synapse, Inc.
- E. Healthcare
- AB-Biotics SA
- Abbott Laboratories
- HealthCore, Inc.
- Hoffmann-La Roche AG
- Johnson & Johnson
- Eli Lilly and Company
- Novartis AG
- Other Key players
Key Industry developments
- In February 2022, a research collaboration agreement for developing new personalized cancer treatments for aggressive and untreatable tumors was announced by SEngine Precision Medicine Inc. (a precision oncology company) and Oncodesign (a French biopharmaceutical company) that specializes in precision medicine. It is done to see if the identified Nanocyclix inhibitor series can be turned into drug candidates likely to work in the clinic.
- In January 2022, AstraZeneca and Scorpion Therapeutics agreed to develop, market, and discover precision medicines against previously difficult-to-target cancer proteins. It could revolutionize oncology treatment by overcoming the difficulties of targeting transcription factors and reaching underserved patient populations. It focuses on proteins called transcription factors, which control critical cellular processes and gene expression.
Report Scope
Report Features Description Market Value (2022) USD 83.4 Bn Forecast Revenue (2032) USD 254 Bn CAGR (2023-2032) 12.1% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Technology- Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, and Other Technologies; By Application- Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, and Other Applications; and By End Users- Hospitals and Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare & IT Firms, and Other End Users. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA. Competitive Landscape Synapse, Inc., G.E. Healthcare, AB-Biotics SA, Abbott Laboratories, HealthCore, Inc., F. Hoffmann-La Roche AG, Johnson & Johnson, Eli Lilly and Company, Novartis AG, and Other Key players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the current size of precision medicine market?The global precision medicine market size was valued at USD 83.43 Bn in 2022 and is expected to reach USD 296.8 Bn by 2032.
What is the growth rate of global precision medicine market?The global precision medicine market is poised to grow at a compound annual growth rate (CAGR) of 12.1% during the forecast period 2022 to 2032.
Who are the key players in the precision medicine market?The key players in the market are Synapse, Inc., E. Healthcare, AB-Biotics SA, Abbott Laboratories, HealthCore, Inc., Hoffmann-La Roche AG, Johnson & Johnson, Eli Lilly and Company, Novartis AG, Other Key players,
- Synapse, Inc.
- E. Healthcare
- AB-Biotics SA
- Abbott Laboratories
- HealthCore, Inc.
- Hoffmann-La Roche AG
- Johnson & Johnson
- Eli Lilly and Company
- Novartis AG Company Profile
- Other Key players
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