Reports - Precision Medicine Market
Precision Medicine Market Size, Share & Trends Analysis Report by Type (Inhibitor Drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-retroviral drugs, Other Therapeutic Products) by Indication (Oncology, Rare Diseases, Infectious diseases, Hematological disorders, Other indications) by End User (Hospitals and Clinics, Home care settings) by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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2035
11.3%
North America
Asia Pacific
2019 - 2023
2023 - 2035
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The global Precision Medicine Market is valued at USD 31.94 Billion in 2024 and is projected to reach a value of USD 103.73 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 11.3% between 2025 and 2035.
The Precision Medicine market is poised for continued growth, driven by progress in genomics, a growing demand for personalized therapies, and cutting-edge innovations in diagnostic technologies. With an emphasis on improving patient outcomes through individualized treatment plans, factors such the rising prevalence of chronic illnesses, pro-business government regulations, and increased research expenditures are anticipated to drive the Precision Medicine market.
The Precision Medicine market is driven by advancements in genomics, data analytics and AI. Organizations such as Foundation Medicine provide comprehensive genetic profiling to precision cancer therapies, leading to more effective and customized medications which enhance patient outcomes. There has been a lot of merger and acquisition activity in the Precision Medicine market as businesses try to increase their product offerings and global presence. For instance, in October 2022, Eli Lilly and Company acquired Akouos, Inc., a precision genetic medicine firm focused on developing adeno-associated viral gene therapies for inner ear conditions, including sensorineural hearing loss.
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The Type segment is divided into Inhibitor drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-retroviral drugs, Other Therapeutic Products. The Inhibitor drugs segment held the significant Precision Medicine market size in 2024.
The Inhibitor drugs led the Precision Medicine market industry in 2024, capturing over significant revenue. The inhibitor drugs segment dominated the market, driven by their demonstrated superior effectiveness and the wide availability of commercially approved options. Additionally, these drugs address major indications such as oncology and rare diseases, contributing significantly to their market share.
The Indication segment is divided into Oncology, Rare Diseases, Infectious diseases, Hematological disorders, Other indications. The Oncology segment held the dominant share in 2024, accounting for significant Precision Medicine industry share.
Oncology held the largest market share in the global Precision Medicine industry in 2024 driven by the growing number of approvals for oncology treatments designed as personalized or precision medicines. The rising global prevalence of various cancer types has further amplified the demand for targeted therapies and precision treatments, among other contributing factors.
The End User segment is divided into Hospitals and Clinics and Home care settings. The Hospitals and Clinics segment held the dominant share in 2024, accounting for significant Precision Medicine industry share.
The Hospitals and Clinics segment led the global Precision Medicine industry in 2024 and expected to grow at the fastest rate. Hospitals and clinics serve as optimal environments for personalized medicine, offering robust infrastructure and access to varied patient demographics. Their involvement in clinical trials and research ensures the availability of innovative treatments. Additionally, hospitals excel in adopting new technologies and integrating patient feedback, enhancing the effectiveness of precision medicine. By consolidating these capabilities, they provide tailored care that improves patient outcomes, minimizes side effects, and elevates the overall quality of healthcare.
In 2024, the Precision Medicine market size of the North America is USD 3.60 Billion.
North America Precision Medicine industry report is driven by a well-established network of hospitals, research institutions, and diagnostic laboratories, which facilitates the widespread adoption and implementation of precision medicine approaches. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and Health Canada provide clear pathways for the approval and commercialization of precision medicine products and services.
U.S. Precision Medicine Market Analysis
In 2024, the U.S. led the Precision Medicine Market, driven by the rising incidence of cancer. For instance, the American Cancer Society estimated that in 2022, there were approximately 1.9 million new cancer cases and 609,360 cancer-related deaths in the U.S. Furthermore, technological advancements, regulatory support, progress in data analytics and AI, industry collaboration and investment, increased patient awareness, and integration with healthcare systems all contribute to the market’s growth.
China Precision Medicine Market Analysis
The Chinese government has prioritized healthcare reform and investment in precision medicine as part of its national healthcare strategy. Initiatives like the Precision Medicine Initiative and the Healthy China 2030 plan aim to foster innovation, improve healthcare quality, and address the rising burden of chronic diseases through personalized medicine approaches. Technological advancements, an increasing disease burden, and a growing healthcare sector are further driving the market’s expansion. Additionally, industry growth, rising healthcare spending, and international collaborations are boosting the Precision Medicine market in China.
Germany Precision Medicine Market Analysis
Germany holds a prominent position in the global Precision Medicine market. The country has become a key player, with strong growth potential driven by its focus on healthcare innovation, advanced healthcare infrastructure, and robust research and development in precision medicine. Germany’s healthcare system, known for its high-quality care and efficient delivery, supports the adoption of precision medicine initiatives. Moreover, the presence of leading pharmaceutical and biotechnology companies, along with a skilled workforce and favorable government policies, further contributes to the Precision Medicine market’s growth.
Based on the provided market data, Vantage Market Research offers customizations in the reports to meet the specific needs of clients.
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Market Drivers for Precision Medicine Market
Rising Prevalence of Chronic Diseases:
The global rise in chronic diseases such as cancer, diabetes, and cardiovascular diseases (CVDs) is a key factor driving the expansion of the Precision Medicine market. These conditions are among the leading causes of death and disability worldwide, placing a heavy strain on healthcare systems. Precision medicine offers a promising solution for managing these diseases, with therapies tailored to each patients genetic profile. This personalized approach not only enhances treatment effectiveness but also minimizes the risk of adverse drug reactions, improving patient outcomes and reducing healthcare costs. As the prevalence of these diseases continues to grow, the demand for precision medicine is expected to increase, further driving Precision Medicine market growth.
Technological Advancements in Genomics and Bioinformatics:
The Precision Medicine Market has a rapid progress in genomics and bioinformatics. The advent of high-throughput sequencing technologies has made genome sequencing faster and more cost-effective, facilitating the integration of genomic data into clinical practice. This has enabled the creation of personalized treatments tailored to an individuals genetic profile. Additionally, bioinformatics, which merges biological data with computational tools and statistical analysis, is essential for interpreting the vast amounts of data produced by genomic sequencing. These technological innovations have enabled the identification of genetic mutations linked to various diseases and the development of targeted therapies that enhance treatment outcomes, further expanding the Precision Medicine market.
Market Restraints for Precision Medicine market
High Cost of Precision Medicine:
The development and implementation of precision medicine are often expensive due to the complex technologies involved, such as genomic sequencing and advanced diagnostics. This high cost can limit accessibility for patients, particularly in low- and middle-income regions, and pose a challenge for widespread adoption.
Market Opportunities for Precision Medicine market
Shift Toward Personalized Healthcare:
The growing trend toward personalized healthcare, fueled by the increasing demand for customized treatment options and a greater focus on preventive care, is accelerating the growth of the precision medicine market. Both patients and healthcare providers are increasingly recognizing the advantages of personalized medicine, including improved treatment efficacy, reduced trial and error in drug selection, and long-term cost savings. This shift is further supported by the integration of electronic health records (EHRs) with genomic data, which enables more precise medical treatment tailored to individual characteristics. As a result, the demand for precision medicine solutions is rising, contributing to the expansion of the market.
The Precision Medicine market industry report is highly competitive, driven by significant advancements in genomics, molecular diagnostics, and targeted therapies. Key players, including Roche, AstraZeneca, Pfizer, Novartis, and Thermo Fisher Scientific, are actively investing in R&D, strategic collaborations, and acquisitions to enhance their portfolios and maintain market leadership. Partnerships, such as AstraZenecas collaboration with Scorpion Therapeutics, highlight the industrys focus on addressing unmet needs, particularly in oncology. Startups and emerging companies are also contributing to the dynamic landscape, leveraging innovative technologies like CRISPR and AI-driven drug discovery. This competitive environment is further intensified by regulatory approvals and the growing demand for personalized treatment solutions worldwide.
The key players in the global Precision Medicine market report include - Pfizer Inc. among others.
Roche obtained European Commission (EC) approval to expand the marketing authorization of Hemlibra (emicizumab)
AstraZeneca (UK) partnered with Scorpion Therapeutics
The global Precision Medicine market can be categorized as Type, Indication, End User and Region.
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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