The precision medicine market size was exhibited at USD 100.95 billion in 2024 and is projected to hit around USD 460.93 billion by 2034, growing at a CAGR of 16.4% during the forecast period 2025 to 2034.
Report Coverage | Details |
Market Size in 2025 | USD 117.51 Billion |
Market Size by 2034 | USD 460.93 Billion |
Growth Rate From 2025 to 2034 | CAGR of 16.4% |
Base Year | 2024 |
Forecast Period | 2025-2034 |
Segments Covered | Application, End-use, Region |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
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 |
The market is expected to grow further due to advancements in genomics, increased demand for personalized treatments, and technological innovations in diagnostics. The rising prevalence of chronic diseases, favorable government initiatives, and increased investment in research are likely to drive the market, aiming to improve patient outcomes through tailored therapeutic approaches.
Next-generation Sequencing (NGS) has transformed genomics and is instantly reshaping clinical diagnosis & personalized medicine. These technological advancements allow for rapid and cost-effective analysis of extensive genomic data, enabling thorough exploration of disease genetics. In clinical settings, NGS is an effective tool for identifying disease-causing variations and facilitating precise & early detection of genetic disorders. In addition, NGS helps diagnose novel disease-related genes & variations, supporting the development of targeted therapies and personalized treatment approaches. These advantages associated with the technology, which include a better understanding of disease mechanisms and identification of specific molecular markers for disease subtypes, significantly enhance precision medicine, enabling tailored medical interventions based on individual characteristics.
Several oncologists expect that NGS combined with companion diagnostics can play a major role in precision diagnostics & therapeutics, significantly increasing the demand for NGS applications. The NGS companion diagnostics space has been continuously evolving and is highly dynamic. Developments in the regulatory framework for the safety & efficacy of NGS-based laboratory tests and increasing clinical investigation data on disease heterogeneity are expected to propel the demand for personalized medicine over the forecast period. For instance, in February 2021, QIAGEN extended its partnership agreement with Inovio Pharmaceuticals, Inc. to develop companion diagnostics for INOVIO’s VGX-3100. VGX-3100 is a phase III DNA immunotherapy candidate for cervical dysplasia.
In addition, due to the successful launch of companion diagnostics, usage & penetration rates of precision diagnostics and drugs greatly depend upon the level of adoption of their respective companion diagnostic tests. Over 150 companion diagnostic on-label combinations and a wide array of precision medicines are expected to be under clinical trials in the coming seven years. Moreover, the adoption of companion diagnostics is expected to increase post-FDA approval of novel tests. The expected increase in accuracy of testing & development of their analysis systems is likely to positively impact the market for companion diagnostics and precision therapeutics & diagnostics over the forecast period.
The utilization of biomarkers for personalized medicine in cancer therapy is also a key factor driving market growth. Biomarkers are crucial in diagnosing cancer and characterizing its specific subtype. This precision allows healthcare professionals to tailor treatment strategies to the unique genetic and molecular profile of each patient’s cancer, improving diagnostic accuracy.
The therapeutics segment led the market in 2024 and is expected to grow at a CAGR of 15.8% over the forecast period. The therapeutics segment is further sub-segmented into pharmaceuticals, medical devices, and others. Personalized pharmaceuticals include biopharmaceuticals & drugs developed through extensive usage of pharmacogenomics and manufactured with personalized therapeutic principles. Owing to the expected development and post-approval commercialization of companion diagnostics, personalized therapeutic drugs will witness significant growth in demand. The fact that a substantial number of personalized biopharmaceuticals are associated with at least one companion diagnostic further reinforces that their expected commercialization during the forecast period will witness linear growth with respect to one another. The companies are also focusing on developing novel solutions in the personalized pharmaceutical marketplace, which are further expected to offer a favorable environment for market growth during the forecast period. For instance, in April 2024, The Barcelona Supercomputing Center and Fujitsu Limited signed a joint agreement to promote and conduct research on personalized medicine with the help of clinical trials data analysis.
The diagnostics segment is anticipated to grow at the fastest CAGR over the forecast period. An increasing number of industrial developments among market players is estimated to offer a favorable environment for segment growth during the forecast period. For instance, in February 2024, Roche announced an extension of its partnership with Janssen Biotech Inc. (Janssen) to develop companion diagnostics for targeted therapies, enhancing its commitment to advancing research and innovation. Moreover, in August 2024, BostonGene, a prominent player in providing AI-driven molecular & immune profiling solutions, and NEC Corporation, along with Japan Industrial Partners, jointly announced the establishment of BostonGene Japan Inc. This Tokyo-based joint venture aimed to advance precision medicine and significantly enhance patient outcomes.
The hospitals segment led the market with a revenue share of 61.0% in 2024. Hospitals provide the ideal setting for personalized medicine due to their comprehensive infrastructure and access to diverse patient populations. Moreover, hospitals often participate in clinical trials and research, ensuring cutting-edge treatments are available. Their ability to rapidly adapt to new technologies and incorporate patient feedback further enhances the efficacy of precision medicine. By centralizing these resources, hospitals can deliver precise, individualized care, improving outcomes and reducing adverse effects, ultimately advancing the overall standard of healthcare.
The home care segment is projected to witness the fastest growth rate over the forecast period. Home care precision medicine is gaining popularity due to its simplified nature and ability to provide personalized healthcare in the comfort of the patient’s home. Advancements in telemedicine, wearable devices, and remote monitoring technologies enable patients to collect and share real-time health data with healthcare providers. Devices, such as continuous glucose monitors, smartwatches, and at-home genetic testing kits, can enable ongoing health management tailored to individual needs. This approach improves patient engagement & adherence to treatment plans and reduces the need for frequent hospital visits.
The North America precision medicine market accounted for 54.0% share in 2024. PMC report published in 2024 notes that personalized medicines now account for more than one in four drugs approved by the FDA since 2014. The NHGRI also points out that the development and expansion of personalized medicine continue through the Human Genome Project (HGP), conducted from 1993 to 2003. This landmark global research effort created the first sequence of the human genome and several additional well-studied organisms, providing researchers with opportunities to develop gene-targeted treatments. Ongoing research continues to explore the value of personalized medicine. The FDA’s Division of Translational and Precision Medicine (DTPM) comprises translational scientists with expertise in human genomics clinical pharmacology, epidemiology, and molecular biology. This team's efforts further highlight the growing market for Precision Medicine (PM) in North America, driven by the potential to enhance treatment outcomes and the continued development of gene-targeted therapies.
U.S. Precision Medicine Market Trends
The precision medicine market in the U.S. is expected to grow over the forecast period due to several factors, including advancements in genomic and molecular research, increasing number of FDA-approved personalized treatments, and initiatives, such as PMI, which promote the integration of personalized approaches into healthcare. The focus on rare diseases and cancer therapies also highlights the growing impact of PM in developing targeted & effective treatments.
Europe Precision Medicine Market Trends
The Europe precision medicine market was identified as a lucrative region in this industry. In Europe, cancer is the second-leading cause of death and morbidity, with over 3.7 million new cases and 1.9 million deaths each year. This highlights the need for-and the promise of-tailoring cancer care to individual patient characteristics. Fueled by this knowledge, cancer treatment is increasingly shifting toward PM, a healthcare approach that systematically uses patient data to inform personalized treatment decisions.
The precision medicine market in the UK is driven by the presence of sophisticated healthcare infrastructure, collaborations between key market players, and launch of novel products. Government support & initiatives are expected to further propel the growth of the country’s precision medicine market in the coming years.
The France precision medicine market is expected to grow exponentially over the forecast period. This growth can be attributed to the increasing focus on research and development in pharmaceuticals.
The precision medicine market in Germany is expected to grow at a lucrative rate over the forecast period due to the ongoing advancements in personalized medicine in Germany by public and private organizations, such as EuroBioForum, the German Center for Infection Research, and the Personalized Medicine Coalition (PMC).
Asia Pacific Precision Medicine Market Trends
The Asia Pacific precision medicine market is anticipated to witness the fastest growth from 2024 to 2030, driven by increasing investments in healthcare infrastructure, rising prevalence of chronic diseases, and advancements in genomic research. Countries like China, Japan, and India are at the forefront, with significant government initiatives and collaborations with global biotech firms. For example, China's 100,000 Genomes Project aims to enhance personalized medicine capabilities. Additionally, the expanding middle-class population and growing awareness about personalized healthcare are further propelling market growth in the region.
The precision medicine market in China is expected to grow over the forecast period due the rising focus on improving healthcare R&D aided with development of novel technologies.
The Japan precision medicine market is expected to grow over the forecast period due to the presence of well-established healthcare system.
Latin America Precision Medicine Market Trends
The precision medicine market in Latin America was identified as a lucrative region in this industry. Technological advancements in the region are anticipated to fuel market growth.
The Brazil precision medicine market is expected to grow over the forecast period. Genomic technology and research have been gradually adopted in medical research, clinical practices, and genome-wide association studies in genetic epidemiology. In addition, an increasing number of industrial developments, such as expansion policies, mergers & acquisitions, and joint ventures, are expected to propel market growth. For instance, in April 2024, BeiGene announced the opening of its new office in Brazil to expand its presence in Latin America.
MEA Precision Medicine Market Trends
The precision medicine market in MEA was identified as a lucrative region in this industry. The increasing activity in population-scale genomics programs is expected to lead to the publication of research articles in scientific journals, thereby increasing the representation of Middle Eastern genomes in public genetic databases.
The Saudi Arabia precision medicine market is experiencing significant growth, driven by substantial government investment in healthcare and biotechnology. Initiatives like the Saudi Human Genome Program aim to advance genomic research and personalized medicine. Increased funding and a focus on innovative healthcare solutions accelerate the market's development.
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 2034. For this study, Nova one advisor, Inc. has segmented the precision medicine market
By Application
By End-use
By Regional
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Segment Definitions
1.2.1. Application
1.2.2. End-use
1.2.3. Regional scope
1.2.4. Estimates and forecasts timeline
1.3. Research Methodology
1.4. Information Procurement
1.4.1. Purchased database
1.4.2. internal database
1.4.3. Secondary sources
1.4.4. Primary research
1.4.5. Details of primary research
1.4.5.1. Data for primary interviews in North America
1.4.5.2. Data for primary interviews in Europe
1.4.5.3. Data for primary interviews in Asia Pacific
1.4.5.4. Data for primary interviews in Latin America
1.4.5.5. Data for Primary interviews in MEA
1.5. Information or Data Analysis
1.5.1. Data analysis models
1.6. Market Formulation & Validation
1.7. Model Details
1.7.1. Commodity flow analysis (Model 1)
1.7.2. Approach 1: Commodity flow approach
1.7.3. Volume price analysis (Model 2)
1.7.4. Approach 2: Volume price analysis
1.8. List of Secondary Sources
1.9. List of Primary Sources
1.10. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Application and End-use outlook
2.2.2. Regional outlook
2.3. Competitive Insights
Chapter 3. Precision Medicine Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Market Dynamics
3.2.1. Market driver analysis
3.2.1.1. Technological advancements in next-generation sequencing
3.2.1.2. Expanding portfolio of companion/associated diagnostics
3.2.1.3. Increasing prevalence of cancer & usage of biomarkers for precision medicine cancer therapy
3.2.1.4. Growing healthcare expenditure triggering development of effective precision medicine
3.2.2. Market restraint analysis
3.2.2.1. Presence of nonvalue-based precision medicine diagnostics reimbursement policy
3.2.2.2. Lack of proper intellectual property regulations for precision medical technologies
3.2.2.3. Nonstructural development of biomarkers
3.3. Market opportunity analysis
3.3.1.1. Advancements in genomic technologies
3.4. Precision Medicine Market Analysis Tools
3.4.1. Industry Analysis - Porter’s
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL Analysis
3.4.2.1. Political landscape
3.4.2.2. Technological landscape
3.4.2.3. Economic landscape
3.4.3. Pricing Analysis
3.4.4. Volume Analysis (Instruments)
Chapter 4. Precision Medicine Market: Application Estimates & Trend Analysis
4.1. Global Precision Medicine Market: Application Dashboard
4.2. Global Precision Medicine Market: Application Movement Analysis
4.3. Global Precision Medicine Market by Application, Revenue
4.4. Diagnostics
4.4.1. Diagnostics market estimates and forecasts 2018 to 2030 (USD Million)
4.4.2. Genetic Testing
4.4.2.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.4.3. Direct to Consumer Tests
4.4.3.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.4.4. Esoteric Tests
4.4.4.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.4.5. Others
4.4.5.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5. Therapeutics
4.5.1. Therapeutics market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2. Pharmaceuticals
4.5.2.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.2. Oncology
4.5.2.2.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.3. Respiratory Disease
4.5.2.3.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.4. Skin Diseases
4.5.2.4.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.5. CNS Disorders
4.5.2.5.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.6. Immunology
4.5.2.6.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.7. Genetic Diseases
4.5.2.7.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.2.8. Others
4.5.2.8.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.3. Medical Devices
4.5.3.1. Market estimates and forecasts 2018 to 2030 (USD Million)
4.5.4. Others
4.5.4.1. Market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 5. Precision Medicine Market: End-use Estimates & Trend Analysis
5.1. Global Precision Medicine Market: End-use Dashboard
5.2. Global Precision Medicine Market: End-use Movement Analysis
5.3. Global Precision Medicine Market by End-use, Revenue
5.4. Home care
5.4.1. Home care market estimates and forecasts 2018 to 2030 (USD Million)
5.5. Hospitals
5.5.1. Hospitals market estimates and forecasts 2018 to 2030 (USD Million)
5.6. Clinical Laboratories
5.6.1. Clinical Laboratories market estimates and forecasts 2018 to 2030 (USD Million)
5.7. Others
5.7.1. Others market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 6. Precision Medicine Market: Regional Estimates & Trend Analysis by Category, Application, End-use and Methodology
6.1. Regional Dashboard
6.2. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
6.3. North America
6.3.1. U.S.
6.3.1.1. Key country dynamics
6.3.1.2. Regulatory framework/ reimbursement structure
6.3.1.3. Competitive scenario
6.3.1.4. U.S. market estimates and forecasts 2018 to 2030 (USD Million)
6.3.2. Canada
6.3.2.1. Key country dynamics
6.3.2.2. Regulatory framework/ reimbursement structure
6.3.2.3. Competitive scenario
6.3.2.4. Canada market estimates and forecasts 2018 to 2030 (USD Million)
6.3.3. Mexico
6.3.3.1. Key country dynamics
6.3.3.2. Regulatory framework/ reimbursement structure
6.3.3.3. Competitive scenario
6.3.3.4. Mexico market estimates and forecasts 2018 to 2030 (USD Million)
6.4. Europe
6.4.1. UK
6.4.1.1. Key country dynamics
6.4.1.2. Regulatory framework/ reimbursement structure
6.4.1.3. Competitive scenario
6.4.1.4. UK market estimates and forecasts 2018 to 2030 (USD Million)
6.4.2. Germany
6.4.2.1. Key country dynamics
6.4.2.2. Regulatory framework/ reimbursement structure
6.4.2.3. Competitive scenario
6.4.2.4. Germany market estimates and forecasts 2018 to 2030 (USD Million)
6.4.3. France
6.4.3.1. Key country dynamics
6.4.3.2. Regulatory framework/ reimbursement structure
6.4.3.3. Competitive scenario
6.4.3.4. France market estimates and forecasts 2018 to 2030 (USD Million)
6.4.4. Italy
6.4.4.1. Key country dynamics
6.4.4.2. Regulatory framework/ reimbursement structure
6.4.4.3. Competitive scenario
6.4.4.4. Italy market estimates and forecasts 2018 to 2030 (USD Million)
6.4.5. Spain
6.4.5.1. Key country dynamics
6.4.5.2. Regulatory framework/ reimbursement structure
6.4.5.3. Competitive scenario
6.4.5.4. Spain market estimates and forecasts 2018 to 2030 (USD Million)
6.4.6. Norway
6.4.6.1. Key country dynamics
6.4.6.2. Regulatory framework/ reimbursement structure
6.4.6.3. Competitive scenario
6.4.6.4. Norway market estimates and forecasts 2018 to 2030 (USD Million)
6.4.7. Sweden
6.4.7.1. Key country dynamics
6.4.7.2. Regulatory framework/ reimbursement structure
6.4.7.3. Competitive scenario
6.4.7.4. Sweden market estimates and forecasts 2018 to 2030 (USD Million)
6.4.8. Denmark
6.4.8.1. Key country dynamics
6.4.8.2. Regulatory framework/ reimbursement structure
6.4.8.3. Competitive scenario
6.4.8.4. Denmark market estimates and forecasts 2018 to 2030 (USD Million)
6.5. Asia Pacific
6.5.1. Japan
6.5.1.1. Key country dynamics
6.5.1.2. Regulatory framework/ reimbursement structure
6.5.1.3. Competitive scenario
6.5.1.4. Japan market estimates and forecasts 2018 to 2030 (USD Million)
6.5.2. China
6.5.2.1. Key country dynamics
6.5.2.2. Regulatory framework/ reimbursement structure
6.5.2.3. Competitive scenario
6.5.2.4. China market estimates and forecasts 2018 to 2030 (USD Million)
6.5.3. India
6.5.3.1. Key country dynamics
6.5.3.2. Regulatory framework/ reimbursement structure
6.5.3.3. Competitive scenario
6.5.3.4. India market estimates and forecasts 2018 to 2030 (USD Million)
6.5.4. Australia
6.5.4.1. Key country dynamics
6.5.4.2. Regulatory framework/ reimbursement structure
6.5.4.3. Competitive scenario
6.5.4.4. Australia market estimates and forecasts 2018 to 2030 (USD Million)
6.5.5. South Korea
6.5.5.1. Key country dynamics
6.5.5.2. Regulatory framework/ reimbursement structure
6.5.5.3. Competitive scenario
6.5.5.4. South Korea market estimates and forecasts 2018 to 2030 (USD Million)
6.5.6. Thailand
6.5.6.1. Key country dynamics
6.5.6.2. Regulatory framework/ reimbursement structure
6.5.6.3. Competitive scenario
6.5.6.4. Thailand market estimates and forecasts 2018 to 2030 (USD Million)
6.6. Latin America
6.6.1. Brazil
6.6.1.1. Key country dynamics
6.6.1.2. Regulatory framework/ reimbursement structure
6.6.1.3. Competitive scenario
6.6.1.4. Brazil market estimates and forecasts 2018 to 2030 (USD Million)
6.6.2. Argentina
6.6.2.1. Key country dynamics
6.6.2.2. Regulatory framework/ reimbursement structure
6.6.2.3. Competitive scenario
6.6.2.4. Argentina market estimates and forecasts 2018 to 2030 (USD Million)
6.7. MEA
6.7.1. South Africa
6.7.1.1. Key country dynamics
6.7.1.2. Regulatory framework/ reimbursement structure
6.7.1.3. Competitive scenario
6.7.1.4. South Africa market estimates and forecasts 2018 to 2030 (USD Million)
6.7.2. Saudi Arabia
6.7.2.1. Key country dynamics
6.7.2.2. Regulatory framework/ reimbursement structure
6.7.2.3. Competitive scenario
6.7.2.4. Saudi Arabia market estimates and forecasts 2018 to 2030 (USD Million)
6.7.3. UAE
6.7.3.1. Key country dynamics
6.7.3.2. Regulatory framework/ reimbursement structure
6.7.3.3. Competitive scenario
6.7.3.4. UAE market estimates and forecasts 2018 to 2030 (USD Million)
6.7.4. Kuwait
6.7.4.1. Key country dynamics
6.7.4.2. Regulatory framework/ reimbursement structure
6.7.4.3. Competitive scenario
6.7.4.4. Kuwait market estimates and forecasts 2018 to 2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company/Competition Categorization
7.3. Vendor Landscape
7.3.1. List of key distributors and channel partners
7.3.2. Key customers
7.3.3. Key company market share analysis, 2023
7.3.4. F. Hoffmann-La Roche Ltd
7.3.4.1. Company overview
7.3.4.2. Financial performance
7.3.4.3. Product benchmarking
7.3.4.4. Strategic initiatives
7.3.5. Siemens Healthineers AG
7.3.5.1. Company overview
7.3.5.2. Financial performance
7.3.5.3. Product benchmarking
7.3.5.4. Strategic initiatives
7.3.6. Janssen Global Services, LLC
7.3.6.1. Company overview
7.3.6.2. Financial performance
7.3.6.3. Product benchmarking
7.3.6.4. Strategic initiatives
7.3.7. Illumina, Inc.
7.3.7.1. Company overview
7.3.7.2. Financial performance
7.3.7.3. Product benchmarking
7.3.7.4. Strategic initiatives
7.3.8. Quest Diagnostics Incorporated
7.3.8.1. Company overview
7.3.8.2. Financial performance
7.3.8.3. Product benchmarking
7.3.8.4. Strategic initiatives
7.3.9. 23andMe, Inc.
7.3.9.1. Company overview
7.3.9.2. Financial performance
7.3.9.3. Product benchmarking
7.3.9.4. Strategic initiatives
7.3.10. NeoDiagnostix
7.3.10.1. Company overview
7.3.10.2. Financial performance
7.3.10.3. Product benchmarking
7.3.10.4. Strategic initiatives
7.3.11. Myriad Genetics
7.3.11.1. Company overview
7.3.11.2. Financial performance
7.3.11.3. Product benchmarking
7.3.11.4. Strategic initiatives
7.3.12. Medtronic
7.3.12.1. Company overview
7.3.12.2. Financial performance
7.3.12.3. Product benchmarking
7.3.12.4. Strategic initiatives
7.3.13. GE Healthcare
7.3.13.1. Company overview
7.3.13.2. Financial performance
7.3.13.3. Product benchmarking
7.3.13.4. Strategic initiatives
7.3.14. Abbott
7.3.14.1. Company overview
7.3.14.2. Financial performance
7.3.14.3. Product benchmarking
7.3.14.4. Strategic initiatives
7.3.15. QIAGEN
7.3.15.1. Company overview
7.3.15.2. Financial performance
7.3.15.3. Product benchmarking
7.3.15.4. Strategic initiatives