Precision Medicine Market (By Technology: Bioinformatics, Big Data Analytics, Drug Discovery, Gene Sequencing, Companion Diagnostics, and Others; By Application: CNS, Immunology, Oncology, Respiratory, and Others; By End-use: Diagnostic Companies, Pharmaceutical Companies, Healthcare IT companies, and Others))- Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

Precision Medicine Market Size and Growth

The global precision medicine market size was valued at USD 82.19 billion in 2023 and is projected to surpass around USD 246.30 billion by 2033, registering a CAGR of 11.6% over the forecast period of 2024 to 2033. 

Precision Medicine Market Key Takeaways

• The North America market has captured 49.19% of the total revenue share in 2023.
• By technology, the companion diagnostics segment is growing at a CAGR of 13.2% between 2024 to 2033.
• By application, the oncology segment has contributed highest revenue share in 2023.
• The CNS application segment has accounted 15% of the revenue share in 2023.
• By end user, the hospital segment has dominated the market with revenue share of 53% in 2023.
• The diagnostic centers end user segment is expanding at a CAGR of 13.3% from 2024 to 2033.

Diagnostic and therapeutic precision medicines are among the most difficult and beneficial breakthroughs of modern science. They provide very effective and efficient therapy choices for patients suffering from major illnesses, with fewer adverse effects. The prevalence of life-threatening medical disorders, particularly cancer and rare diseases, has resulted in a large growth in the number of gene therapies, medicines, and diagnostics released in this field in recent years. The global prevalence of cancer has skyrocketed. At the same time, progress in its diagnosis, prevention, and treatment has grown. With developments in precision diagnostics and therapeutics, as well as breakthrough discoveries like Next Generation Sequencing (NGS) and big genomic data, the market is predicted to grow steadily over the forecast period.

There have also been significant advances in gene therapy and the creation of precision treatments for diseases such as cancer, TB, and Alzheimer's. These mutation-triggered diseases are projected to generate significant money. One of the primary benefits of precision diagnostics and medicines is that they can be tailored to specific requirements and circumstances rather than fitting each individual into the framework of "one treatment for all."

Currently, operational and innovation obstacles in developing these treatments impede the market's future growth. The enormous expense of R&D and clinical trials is also a significant barrier. Nonetheless, chances in this business are many and quite profitable. This is attracting more pharmaceutical and biotech companies to enter this market.

Precision Medicine Market Report Scope

Precision Medicine Market Trends

• Advancements in Genomics: Genomic sequencing technologies have become more affordable and accessible, enabling the identification of genetic variations associated with diseases and drug responses. This has led to the development of targeted therapies based on a patient's genetic makeup.
• Cancer Genomics: Precision medicine has made significant strides in the field of oncology. Cancer genomic profiling helps identify specific mutations driving tumor growth, leading to the development of targeted therapies and immunotherapies.
• Liquid Biopsies: Liquid biopsies, which involve analyzing biomarkers such as circulating tumor DNA (ctDNA) or circulating tumor cells (CTCs) from a blood sample, are gaining prominence. These non-invasive tests provide real-time information on tumor dynamics and treatment response, facilitating personalized cancer care.
• AI and Machine Learning: Artificial intelligence (AI) and machine learning algorithms are being utilized to analyze vast amounts of genomic and clinical data, identifying patterns and predicting treatment outcomes. This enables healthcare providers to make more informed decisions regarding patient care.
• Companion Diagnostics: Companion diagnostics play a crucial role in precision medicine by identifying patients who are most likely to benefit from a particular treatment or therapy. These tests help optimize treatment selection and dosage, minimizing adverse effects and maximizing efficacy.
• Integration of Multi-Omics Data: Precision medicine is moving towards integrating data from multiple sources, including genomics, transcriptomics, proteomics, and metabolomics. This holistic approach provides a comprehensive understanding of disease mechanisms and individual patient profiles.
• Patient Empowerment and Engagement: With the advent of consumer genomics companies and health apps, patients are increasingly taking an active role in managing their health. Empowering patients with access to their genetic information and personalized treatment options fosters collaboration between patients and healthcare providers.
• Regulatory Landscape: Regulatory agencies are adapting to the complexities of precision medicine by implementing guidelines for the development and approval of genomic tests and targeted therapies. This includes considerations for data privacy, test validation, and clinical utility.
• Global Expansion: Precision medicine is gaining traction globally, with initiatives and collaborations emerging in various countries to harness the potential of genomic medicine. This includes government-funded precision medicine programs, research consortia, and public-private partnerships.
• Cost Reduction and Reimbursement: Efforts are underway to address the affordability of precision medicine, including strategies to reduce the cost of genomic sequencing and companion diagnostics. Additionally, there's a growing emphasis on securing reimbursement for precision medicine tests and therapies to ensure widespread adoption.

Precision Medicine Market By Technology Insights

The drug discovery technology registered considerable growth in the recent past and expect to lead the overall market revenue in 2021. Advancement in pharmacogenomics expected to pave the way for significant growth of the drug discovery in the precision medicine.

The pharmacogenomics helps in predicting the efficacy of the drug as well as helps in understanding the differences in pharmacokinetics and pharmacodynamics using genetic information of individuals. Furthermore, increasing emphasis of biopharmaceutical players for developing precision medicine for the treatment of diseases that include cancer expected to further propel the market growth.

Precision Medicine Market By Application Insights

The oncology application led the global precision medicine market with significant revenue share in 2021 and analyzed to grow at a prominent rate during the forecast period. Increasing prevalence of cancer across the globe expected to flourish the demand for precision medicine for effective therapeutic approach.

Precision medicine helps to examine the patient’s genes and the root cause of the cancer disease. It also helps in designing personalized medicine for the patient to cure them in less time as compared to conventional treatment methods. As per the stats published by the World Cancer Research Fund related to cancer in 2018, there were nearly 18 Million cases of cancer across the globe out of which 9.5 Million cases were found in men and 8.5 Million cases in women. This number is predicted to increase in the coming years. Subsequently, the above factor flourishes the growth of oncology segment in precision medicine market.

Precision Medicine Market By Regional Insights

In 2023, North America accounted for the largest share of 49.19% of the global market due to the presence of a large number of leading pharmaceutical and biotech companies, along with a well-established healthcare infrastructure. Furthermore, support from government entities, coupled with higher R&D investment, is driving these regional markets. For instance, in 2015, the then-U.S. government announced the launch of the Precision Medicine Initiative to improve research and development in this field.

The precision medicine therapeutics market in Asia Pacific is expected to present strong growth of 11.9% CAGR due to increasing awareness among the population about the significance of precision medicine for the treatment of various diseases and rising income and expenditure on healthcare. Initiatives by governments to improve infrastructure and patient care are also poised to support market growth. For instance, inspired by the U.S. initiative, in 2016, the government of China launched the Precision Medicine Initiative, a 15-year project directed at developing new treatment concepts. In September 2022, Siemens Healthineers launched ARTIS icono, angiography system, in India, which will enable higher quality of treatment of patients leading to an increased scope of precision medicine in the advanced therapy field.

Key Companies & Market Share Insights

Diagnostics and therapeutic precision medicines have garnered the attention of several large pharmaceutical and biopharmaceutical companies thanks to massive profit margins and growth prospects. The market has also been witnessing rapid growth owing to significant tie-ups between IT and healthcare companies.

Companies are undergoing mergers, partnerships, and acquisitions to gain an advantage in the market. For instance, in February 2023, Roche announced a partnership with Janssen Biotech Inc. in the precision medicine segment to develop numerous companion diagnostics technologies such as digital pathology, immunohistochemistry, polymerase chain reaction, next generation sequencing, and immunoassays.

Precision Medicine Market Top Key Companies:

• F. Hoffmann-La Roche Ltd.-Foundation Medicine
• Siemens Healthineers
• Janssen Pharmaceuticals
• Illumina
• Quest Diagnostics Incorporated.
• 23andMe, Inc.
• NeoDiagnostix, Inc.
• IBM Watson
• Myriad Genetics Inc.
• Medtronic
• GE Healthcare
• Abbott Laboratories
• Dako A/S
• Biogen
• Precision Biologics Incorporated
• Qiagen Incorporated

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 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

• Alectinib
• Osimertinib
• Mepolizumab
• Aripiprazole Lauroxil
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)