Global Precision Medicine Market Forecast to 2030
The global precision medicine market size was USD 57.69 Billion in 2021 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to latest analysis by Emergen Research. Precision medicine market revenue growth is primarily driven by factors such as advancement in cancer biology, increased adoption of gene therapy globally, increasing use of big data analytics in precision medicine in developed economies, and patient’s involvement in personal healthcare. Precision medicine is an emerging field, which guides therapy according to individual’s genetic makeup, environment, and lifestyle. It helps medical professionals and scientists to develop more precise diagnoses, prognoses, and preventative measures for every given disease. In addition, goal of precision medicine, often known as customized medicine or tailored medicine, is targeting specific mutations that turn healthy cells into malignant ones. Precision medicine's focused treatments, especially for cancer, have fewer adverse effects and faster recoveries compared to standard medicine.
The report investigates the factors influencing industry growth in the global Precision Medicine Market and makes accurate predictions about the growth pattern. The report focuses on the market's key elements, such as drivers, restraints, opportunities, threats, risks, limitations, and other factors. The report includes a detailed analysis of the company profiles, product portfolio, and business expansion strategies, as well as a comprehensive analysis of the competitive landscape.
Furthermore, the development of precision medicine has already led to important new discoveries and FDA-approved medications. These medicines, which have shown tremendous promise in the treatment of a variety of diseases, are tailored to particular individual traits, such as a person's genetic make-up or the genetic profile of a patient's tumour. Moreover, molecular testing is frequently administered to patients with a range of cancers as a component of their ongoing medical care. This makes it possible for doctors to choose cancer treatments that improve a patient's prognosis and lessen the possibility of negative side effects.
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Competitive Terrain:
The global Precision Medicine industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
Biocrates Life Sciences, Tepnel Pharma Services, Menarini Silicon Biosystems, NanoString Technologies, Quest Diagnostics, Qiagen, Teva Pharmaceutical, Eagle Genomics, Novartis, Pfizer
Research Report on the Precision Medicine Market Addresses the Following Key Questions:
- Who are the dominant players of the Precision Medicine market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Precision Medicine market?
- What are the key growth drivers and restraining factors of the Precision Medicine market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Precision Medicine market and its key segments?
Market Overview:
The report bifurcates the Precision Medicine market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Technology Outlook (Revenue: USD Billion; 2019-2030)
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
- End-Use Outlook (Revenue: USD Billion; 2019-2030)
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- Others
- Application Outlook (Revenue: USD Billion; 2019-2030)
- Oncology
- Immunology
- CNS
- Respiratory
- Others
Regional Landscape section of the Precision Medicine report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights From the Report
- The Big Data Analytics (BDA) segment accounted for a rapid revenue share in 2021. Big Data Analytics (BDA) application in precision medicine permits use of new technologies for both patient care and health administration. It is projected that big data for health will have a substantial impact on precision medicine and stratified healthcare. Frequently, patients with same subtype of cancer respond differently to same chemotherapeutics. Another key driver of big data is widespread deployment of sensor technologies. As a result of technical improvements, such as sensors with improved wireless communications, larger bandwidth, and upgraded microelectronics, wearable and implanted sensing, is becoming increasingly popular. These developments have made possible continuous, multidimensional, and context-aware sensing.
- The oncology segment accounted for largest revenue share in 2021. Precision oncology is a rapidly growing and promising research field. Precision oncology enables personalized therapy based upon molecular genetic characteristics of an individual. In addition, precision oncology's ultimate objective is to enhance patient outcomes. Traditional cancer treatments, such as chemotherapy, are cytotoxic to majority of cells, thus they can harm healthy cells while destroying cancer cells. In the era of precision oncology, targeted medicines are largely viewed as foundation for future therapy paradigms.
- The pharmaceutical companies segment accounted for a significant revenue share in 2021. Precision medicine transforms entire pharmaceutical value chain, from early development to go-to-market strategies and it is crucial for pharmaceutical companies to capitalize on this potential over the next five years. In response to demand from government agencies, regulators, and payers for real-world evidence of a drug's efficacy and value for those stakeholders, pharmaceutical companies have adopted a new approach for creating and manufacturing personalized medicine.
- The Europe market accounted for a moderate revenue share in 2021. Recent developments in Europe, such as genome sequencing, diagnostic testing, and others, have accelerated development of personalized medicine over the past decade. Personalized and individualized approach is essential for improved tools and processes to collect, store, and analyze information. This approach also helps to contextualize, integrate, interpret, and provide prompt and accurate decision support in clinical and public health settings.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Precision Medicine market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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