This study offers a global view of the solutions provided by precision medicine in the market. This report analyzes and assesses technologies such as big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. It also provides information about the areas in which precision medicine is used, such as oncology, central nervous system disorders, immunology, respiratory conditions, and others.
The report analyzes and makes projections for each market and its segmentation and assesses the regulatory environment, pipeline products, and future aspects. The report also examines the impact of COVID, discusses emerging trends in the market, and profiles leading companies in the precision medicine market such as Pfizer, Roche, AstraZeneca, Novartis, and Thermo Fisher Scientific. The report covers the major markets of North America and Europe and emerging markets such as India, China, Japan, South America, and others.
Report Includes
- 26 tables
- A comprehensive overview and an up-to-date analysis of the global market for precision medicine
- Analyses of the global market trends, with market revenue data (sales figures) for 2020-2022, forecasts for 2023, and projections of compound annual growth rates (CAGRs) through 2028
- Discussion of industry growth driving factors and major technology issues and challenges affecting the market for precision medicine as a basis for projecting demand in the next few years (2023-2028)
- Estimation of the actual market size and revenue forecast for global precision medicine market in USD million values, and corresponding market share analysis by technology type, application, end user, and region
- Insights into the recent industry structure for precision medicine technologies, competitive aspects of each product segments, increasing investment on R&D activities, market growth strategies, and company revenue share analysis
- Review of the recent patent grants and patent applications on precision medicine technologies
- Updated information on key mergers and acquisition deals, agreements, partnerships, collaborations and product launches within the global precision medicine industry
- Identification of the major stakeholders and analysis of the company competitive landscape based on their recent developments, financial performance, and segmental revenues
- Detailed company profiles of the leading market players, including AstraZeneca, Bristol-Myers Squibb Co., Novartis AG, Pfizer Inc., and Johnson & Johnson
Table of Contents
Executive Summary
Precision medicine is a new method of illness prevention and treatment that considers a person’s unique genetic makeup, environmental factors, and lifestyle choices. According to the genetic or molecular basis of their ailments, precision medicine aims to match the proper medications or therapies to the appropriate patients. It is a method of treating patients that is based on the notion that a sickness that affects one person may not necessarily affect another person who appears to have the same condition in the same way.
No matter how simple the instruments are at their disposal, all physicians strive to improve their accuracy, precision, proactivity, and influence on each individual under their care. However, with the aid of electronic health records, genetic testing, big data analytics, and supercomputing-all the ingredients required to engage in what is quickly becoming truly precise and personalized medicine-modern doctors and scientists are now able to take this mission far, far beyond the reach of their predecessors. One of the most promising methods for combating diseases for which there are now no viable therapies or cures is precision medicine, often known as customized medicine.
Growing demand for personalized medicine, technological advancements, government initiatives, and rise in chronic disease prevalence are the major factors driving the market. However, data interpretation, data privacy, and cost are hindering the growth of the market.
The global precision medicine market was valued at nearly $48.1 billion in 2022. The market is expected to grow at a compound annual growth rate of 13.2% to reach $100.5 billion by the end of 2028.
For the purposes of this report, the global market for precision medicine is segmented into technology, application, and geographical region. The precision medicine market technology types include big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. The applications for which precision medicine can be considered are oncology, central nervous system, immunology, respiratory, and other applications. Big data analytics has the major share in the global precision medicine market, valued at $12.0 billion in 2022.
Precision oncology has the highest share of the global precision medicine market by application. The market value was $11.9 billion in 2022, and this segment is expected to grow with a CAGR of 16.3% during the forecast period of 2023 to 2028.
The major players include Pfizer, Roche, AstraZeneca, Novartis, and Thermo Fisher Scientific. Other important players include Catalent Inc., Amgen, Bristol-Myers Squibb, Johnson & Johnson, Merck & Co., AbbVie Inc., and IQVIA.
There are several other smaller players in the market that have presence in the market because of their digital solutions. These companies include 2bPrecise, Fabric Genomics, Human Longevity Inc., LifeOmic Holdings LLC, and SOPHiA GENETICS.
Companies Mentioned
- 2Bprecise
- Abbvie Inc.
- Amgen Inc.
- Astrazeneca
- Bristol-Myers Squibb Co.
- Catalent Inc.
- Clinisys
- F. Hoffmann-La Roche Ltd.
- Fabric Genomics
- Human Longevity Inc.
- Iqvia Holdings Inc.
- Johnson & Johnson
- Lifeomic Holdings LLC
- Lonza
- Merck & Co. Inc.
- Novartis AG
- Parexel International Corp.
- Pfizer Inc.
- Sophia Genetics
- Syapse Inc.
- Thermo Fisher Scientific Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 65 |
| Published | August 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 54.2 Billion |
| Forecasted Market Value ( USD | $ 100.5 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
