The global precision medicine market size was estimated to be USD 29.15 billion in 2023 and is expected to reach at USD 97.87 billion by 2034 with a CAGR of 11.64% during the forecast period 2024-2034. Rising advancements in cancer biology, growing incidence of life-threatening medical conditions such as cancer & rare diseases, increasing demand for the development of precision medicine, surge in breakthrough innovations such as Next Generation Sequencing (NGS) & big genomic data, rising online collaborative forums, growing research & development activities, surge in funding by major market players, and increasing technological advancements in precision medicine are some of the key factors boosting the market growth.
Increasing technological advancements in precision medicine is predicted to boost the market growth during the forecast period. The introduction of diagnostic tools that enable doctors to assess and accurately diagnose diseases, followed by the guidance of patients towards suitable therapies, is a key development. As a result, industry players are concentrating on introducing innovative solutions, which is driving market expansion. For instance, in February 2022, Invitae Corporation, a prominent medical genetics company, has unveiled FusionPlex Dx and LiquidPlex Dx in Europe, as a part of its industry-leading Anchored Multiplex PCR chemistry in-vitro diagnostic (IVD) products. Invitae is at the forefront of delivering innovative solutions for precision oncology in the battle against cancer. The FusionPlex and LiquidPlex tests aim to expand access to appropriate cancer therapy for more patients when they need it most.
By type, inhibitor drugs was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the improved efficacy of inhibitor drugs and the availability of a substantial number of commercially approved medications. Additionally, cell & gene therapy is predicted to grow at fastest CAGR during the forecast period owing to the growing investment in research & development of gene therapies and increasing regulatory approvals of gene therapy products. For instance, in August 2022, The US FDA has awarded premarket approval to Thermo Fisher Scientific's Oncomine Dx Target Test, designating it as a companion diagnostic (CDx) used to identify patients with HER2 (ERBB2) activating mutations (SNVs & Exon 20 Insertion) in non-small-cell-lung cancer (NSCLC). This identification can help determine individuals who may be suitable candidates for the drug ENHERTU.
By technology, drug discovery was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the increasing progress in pharmacogenomics, growing focus of biopharmaceutical companies on developing precision medicine for the treatment of diseases, including cancer, and rising approvals by regulatory bodies. For instance, in February 2023, Roche has declared that the European Commission has granted approval for the extension of the marketing authorization for Hemlibra (emicizumab) in the European Union (EU). Additionally, big data analytics is predicted to grow at fastest CAGR during the forecast period owing to the surge in adoption of sensing technologies, increasing technological advancements, and growing implementation of big data analytics in precision medicine.
By application, oncology was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the growing prevalence of oncology, surge in technological developments, increasing number of drug candidates for the same in clinical trials, rising use of precision oncology by patients with cancer, and growing collaborations within market players. For instance, in January 2022, AstraZeneca, based in the UK, has joined forces with Scorpion Therapeutics to co-create and bring to market precision medicines designed to combat challenging-to-address cancer proteins, with the objective of revolutionizing cancer treatment. This collaboration is valued at USD 75 billion. Additionally, central nervous system is predicted to grow at fastest CAGR during the forecast period owing to the surge in the availability of accessible precision medicine and growing research & development activities.
By end-user, pharmaceutical & biotechnology companies was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the rising investment by major market players, surge in technological developments, growing research & development activities, and increasing collaborations within market players. For instance, in February 2022, SEngine Precision Medicine Inc., a precision oncology firm, and Oncodesign, a French biopharmaceutical company specializing in precision medicine, have disclosed a research collaboration agreement. The collaboration's objective is to develop personalized cancer treatments for aggressive and untreatable tumors by exploring the potential of the identified Nanocyclix Inhibitor series to be transformed into drug candidates with clinical effectiveness. Additionally, healthcare IT is predicted to grow at fastest CAGR during the forecast period. IT companies are responsible for managing medical data, which can be harnessed to generate precision medicine by offering valuable diagnostic insights. Diagnostic laboratories analyze patient samples to establish the presence of a specific ailment. Subsequently, precision medicine is tailored based on the patient's diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of sophisticated healthcare infrastructure, increasing funding for research & development activities, surge in number of cancer cases, rising number of precision medicine researchers, and growing launch of advanced tools by leading market players. For instance, in May 2023, Google Cloud has introduced two new AI-powered tools to facilitate the acceleration of drug discovery and the progression of precision medicine in the biotech and pharmaceutical sectors. The first tool, known as the Target and Lead Identification Suite, is tailored to aid companies in predicting and comprehending the structure of proteins, a crucial component of drug development. The second tool, the Multiomics Suite, is designed to assist researchers in managing, storing, analysing, and sharing large volumes of genomic data. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing technological advancements, growing prevalence of various medical conditions such as cancer, increasing demand for the development of precision medicine. For instance, in December 2022, Roche has announced the upcoming launch of a precision medicine-focused drug for the treatment of a rare autoimmune disorder, neuromyelitis optica spectrum disorder (NMOSD), in India by the end of 2023.
Increasing technological advancements in precision medicine is predicted to boost the market growth during the forecast period. The introduction of diagnostic tools that enable doctors to assess and accurately diagnose diseases, followed by the guidance of patients towards suitable therapies, is a key development. As a result, industry players are concentrating on introducing innovative solutions, which is driving market expansion. For instance, in February 2022, Invitae Corporation, a prominent medical genetics company, has unveiled FusionPlex Dx and LiquidPlex Dx in Europe, as a part of its industry-leading Anchored Multiplex PCR chemistry in-vitro diagnostic (IVD) products. Invitae is at the forefront of delivering innovative solutions for precision oncology in the battle against cancer. The FusionPlex and LiquidPlex tests aim to expand access to appropriate cancer therapy for more patients when they need it most.
By type, inhibitor drugs was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the improved efficacy of inhibitor drugs and the availability of a substantial number of commercially approved medications. Additionally, cell & gene therapy is predicted to grow at fastest CAGR during the forecast period owing to the growing investment in research & development of gene therapies and increasing regulatory approvals of gene therapy products. For instance, in August 2022, The US FDA has awarded premarket approval to Thermo Fisher Scientific's Oncomine Dx Target Test, designating it as a companion diagnostic (CDx) used to identify patients with HER2 (ERBB2) activating mutations (SNVs & Exon 20 Insertion) in non-small-cell-lung cancer (NSCLC). This identification can help determine individuals who may be suitable candidates for the drug ENHERTU.
By technology, drug discovery was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the increasing progress in pharmacogenomics, growing focus of biopharmaceutical companies on developing precision medicine for the treatment of diseases, including cancer, and rising approvals by regulatory bodies. For instance, in February 2023, Roche has declared that the European Commission has granted approval for the extension of the marketing authorization for Hemlibra (emicizumab) in the European Union (EU). Additionally, big data analytics is predicted to grow at fastest CAGR during the forecast period owing to the surge in adoption of sensing technologies, increasing technological advancements, and growing implementation of big data analytics in precision medicine.
By application, oncology was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the growing prevalence of oncology, surge in technological developments, increasing number of drug candidates for the same in clinical trials, rising use of precision oncology by patients with cancer, and growing collaborations within market players. For instance, in January 2022, AstraZeneca, based in the UK, has joined forces with Scorpion Therapeutics to co-create and bring to market precision medicines designed to combat challenging-to-address cancer proteins, with the objective of revolutionizing cancer treatment. This collaboration is valued at USD 75 billion. Additionally, central nervous system is predicted to grow at fastest CAGR during the forecast period owing to the surge in the availability of accessible precision medicine and growing research & development activities.
By end-user, pharmaceutical & biotechnology companies was the highest revenue-grossing segment in the global precision medicine market in 2023 owing to the rising investment by major market players, surge in technological developments, growing research & development activities, and increasing collaborations within market players. For instance, in February 2022, SEngine Precision Medicine Inc., a precision oncology firm, and Oncodesign, a French biopharmaceutical company specializing in precision medicine, have disclosed a research collaboration agreement. The collaboration's objective is to develop personalized cancer treatments for aggressive and untreatable tumors by exploring the potential of the identified Nanocyclix Inhibitor series to be transformed into drug candidates with clinical effectiveness. Additionally, healthcare IT is predicted to grow at fastest CAGR during the forecast period. IT companies are responsible for managing medical data, which can be harnessed to generate precision medicine by offering valuable diagnostic insights. Diagnostic laboratories analyze patient samples to establish the presence of a specific ailment. Subsequently, precision medicine is tailored based on the patient's diagnosis.
North America region is anticipated for the highest revenue share during the forecast period owing to the presence of sophisticated healthcare infrastructure, increasing funding for research & development activities, surge in number of cancer cases, rising number of precision medicine researchers, and growing launch of advanced tools by leading market players. For instance, in May 2023, Google Cloud has introduced two new AI-powered tools to facilitate the acceleration of drug discovery and the progression of precision medicine in the biotech and pharmaceutical sectors. The first tool, known as the Target and Lead Identification Suite, is tailored to aid companies in predicting and comprehending the structure of proteins, a crucial component of drug development. The second tool, the Multiomics Suite, is designed to assist researchers in managing, storing, analysing, and sharing large volumes of genomic data. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing technological advancements, growing prevalence of various medical conditions such as cancer, increasing demand for the development of precision medicine. For instance, in December 2022, Roche has announced the upcoming launch of a precision medicine-focused drug for the treatment of a rare autoimmune disorder, neuromyelitis optica spectrum disorder (NMOSD), in India by the end of 2023.
Segmentation: Precision Medicine Market Report 2023 - 2034
Precision Medicine Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Monoclonal
- Inhibitor Drugs
- Antiviral & Antiretroviral Drugs
- Cell & Gene Therapy
- Other Therapeutic Products
Precision Medicine Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Bioinformatics
- Drug Discovery
- Gene Sequencing
- Big Data Analytics
- Companion Diagnostics
- Other
Precision Medicine Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Immunology
- Central Nervous System
- Oncology
- Respiratory
- Others
Precision Medicine Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Pharmaceutical & Biotechnology Companies
- Healthcare IT/ Big Data Companies
- Diagnostic Tool Companies
- Clinical Laboratories
Precision Medicine Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Precision Medicine Market: Type Estimates & Trend Analysis
8. Precision Medicine Market: Technology Estimates & Trend Analysis
9. Precision Medicine Market: Application Estimates & Trend Analysis
10. Precision Medicine Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Precision Medicine Market
13. Europe Global Precision Medicine Market
14. Asia Pacific Global Precision Medicine Market
15. Latin America Global Precision Medicine Market
16. MEA Global Precision Medicine Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- Roche Holding Ag
- Illumina Inc
- Eli Lilly & Company
- AstraZeneca
- Bristol-Myers Squibb
- Quest Diagnostics
- Thermo Fisher Scientific Inc
- Novartis Ag
- Qiagen N.V.
- Laboratory Corporation Of America Holdings
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 29.15 Billion |
| Forecasted Market Value ( USD | $ 97.87 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
