Precision Medicine Market by Type (Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral), Indication (Oncology, Rare diseases, Hematology, Infectious), End user (Hospitals & Clinics, Home care) & Region - Global Forecast to 2028

Increasing Regulatory Approvals for Personalized Therapeutics

The precision medicine market is expected to reach USD 50.2 billion by 2028 from USD 29.1 billion in 2023, at a CAGR of 11.5% during the forecast period. The key factors driving the growth of the precision medicine market include growing initiatives related to genomic research, and the increasing number of regulatory approvals for personalized therapeutics. Moreover, rising demand for cell and gene therapies is an opportunity area for this market. 

By type, the monoclonal antibodies segment accounted for the second largest share of the precision medicine market

Based on type, the precision medicine market is categorized into inhibitor drugs, monoclonal, cell & gene therapy, antiviral & antiretroviral drugs, and other therapeutic products. In 2022, monoclonal antibodies accounted for the highest growth rate owing to factors such as the benefits offered by monoclonal antibodies over traditional medicines. These advantages have led to shifting focus of the clinical pipeline dominantly on monoclonal antibodies. 

By end user, the hospitals and clinics segment accounted for the largest share in the precision medicine market

Based on end user, the precision medicine market is segmented into hospitals and clinics and home care settings. In 2022, the hospitals and clinics segment accounted for the largest share of the precision medicine market. Growth in this market segment can be attributed to the availability of services such as genetic testing, diagnostics and counselling in hospital setups. Besides, hospitals have easy accessibility to therapeutic products which are made available for patients opting for precision medicine regimes.   
 
North America: the largest share of the precision medicine market

North America accounted for the largest share of the precision medicine market. The large share of the North America region can be attributed to major factors such presence of technologically advanced infrastructure in healthcare settings offering precision medicines, and easy accessibility to advanced therapeutics among others. Besides, the region has a well established healthcare system which further supports the growth of this market. 

Europe: The fastest-growing region in the precision medicine market.

The European precision medicine market is projected to grow at the highest CAGR during the forecast period. This is attributed to one of the major factors including the growing initiatives for precision medicine advancements with the presence of some of the key players in the market. Some examples of these players include F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), AstraZeneca (UK), and GlaxoSmithKline plc (UK) among others. 

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side - 70% and Demand Side 30%
• By Designation: Managers - 45%, Directors - 30%, and Executives - 25%
• By Country: North America - 25%, Europe - 25%, Asia Pacific - 40%, Latin America - 5%, and Middle East - 2.5% & Africa - 2.5%

Prominent Players

• F. Hoffmann-La Roche Ltd. (Switzerland) 
• Novartis AG (Switzerland)
• Pfizer Inc. (US)
• Bristol Myers Squibb (US)
• AstraZeneca (UK)
• Gilead Sciences, Inc. (US)  
• AbbVie Inc. (US)
• Eli Lilly and Company (US)
• GlaxoSmithKline plc (UK)
• Sanofi (France)
• Johnson & Johnson (US)
• Merck KGaA (Germany)
• Amgen, Inc. (US)
• Takeda Pharmaceutical Company Limited (Japan)
• Regeneron Pharmaceuticals, Inc. (US)
• Sarepta Therapeutics, Inc. (US)
• bluebird bio, Inc. (US)
• Immunocore Holdings Plc (UK)
• Blueprint Medicines Corporation (US)
• Vertex Pharmaceuticals Incorporated (US)
• Horizon Therapeutics Plc (Ireland)
• Alnylam Pharmaceuticals, Inc. (US)
• Rigel Pharmaceuticals, Inc. (US)
• Taiho Pharmaceutical Co., Ltd. (Japan)
• Seagen Inc. (US) 

Research Coverage:
This report provides a detailed picture of the precision medicine market. It aims to estimate the size and future growth potential of the market across different segments, such as the type, indication, end user and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.  

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the precision medicine market and its segments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, trends, opportunities, and challenges. 

The report provide insights on the following pointers

• Analysis of key drivers (growth in genomic research, genetic testing and companion diagnostics), opportunities (cell and gene therapy demand), restraints (budget constraints) and challenges (challenges associated with precision medicines adoption) influencing the growth of the precision medicine market.   
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the precision medicine market. 
• Market Development:  Comprehensive information about lucrative markets - the report analyses the precision medicine market across varied regions.   
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the precision medicine market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan) among others in the precision medicine market.