Precision Medicine Market is Expected to Reach $50.2 billion | MarketsandMarkets.

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Precision Medicine market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in the precision medicine market is mainly driven by factors such as growing focus on genomic research, growth in genetic testing and companion diagnostics, increasing regulatory approvals for personalized therapeutics.

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Precision Medicine Market Scope:

Report Coverage	Details
Market Revenue in 2023	$29.1 billion
Estimated Value by 2028	$50.2 billion
Growth Rate	Poised to grow at a CAGR of 11.5%
Market Size Available for	2023–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Indication, End User
Geographies Covered	North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Growing demand for cell and gene therapies
Key Market Drivers	Growth in genetic testing and companion diagnostics

Precision Medicine market major players covered in the report, such as:

• 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)
• Regeneron Pharmaceuticals,Inc. (US)
• Sarepta Therapeutics, Inc. (US)
• bluebird bio, Inc. (US)
• Immunocore Ltd. (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)
• Alnylam Pharmaceuticals, Inc. (US)
• BridgeBio Pharma, Inc. (US)
• Incyte Corporation (US)
• argenx SE (Netherlands)
• Mirati Therapeutics, Inc. (US)
• Trevena, Inc. (US)
• Agios Pharmaceutical, Inc. (US)
• Rhythm Pharmaceuticals, Inc. (US)
• MacroGenics, Inc. (US)
• and Among Others

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All the market segments have been divided for Precision medicine market in the report. This report categorizes the Precision Medicine Market into the following segments:

Precision Medicine Market, by Type

• Inhibitor drugs
• Monoclonal Antibodies
• Cell & Gene Therapy
• Antiviral & Anti-retroviral drugs
• Other Therapeutic Products   

Precision Medicine Market by Indication

• Oncology
• Rare Diseases
• Infectious diseases
• Hematological disorders
• Other indications

Precision Medicine Market, by End User

• Hospitals and Clinics
• Home care settings

Precision Medicine Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific (RoAPAC)
• Latin America
• Middle East
• Africa

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The key stakeholders in the Precision Medicine market include:

• Pharmaceutical Companies
• Biotechnology Companies
• Research Institutions and Academic Centers
• Regulatory Agencies
• Health Insurers and Payers
• Private & government-funding organizations

Recent Developments:

• In February 2023, Roche received EC approval for expansion of the Hemlibra (emicizumab) European Union (EU) marketing authorization.
• In January 2022, AstraZeneca (UK) collaborated with Scorpion Therapeutics to develop and commercialize precision medicines against hard-to-target cancer proteins, with an aim to transform oncology treatment. The size of this deal accounted for USD 75 billion.

Frequently Asked Questions (FAQs) of Precision Medicine Market:

Question 1. Who are the key players in the overall precision medicine market?
Answer: Key players in the precision medicine market include 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) among others.  

Question 2: Which type of segment dominates in the precision medicine market?
Answer: The type of segment is segmented as inhibitor drugs, monoclonal, cell & gene therapy, antiviral & antiretroviral drugs, and other therapeutic products. The large share of this segment can be attributed to factors such as the growing number of approved inhibitor drugs as personalized medicines, coverage of major indications such as oncology, rare diseases among others.

Question 3: Which indication segment of the precision medicine market is expected to witness lucrative growth?
Answer: Based on indication, the precision medicine market is segmented into oncology, rare diseases, infectious diseases, hematological disorders and other indications The oncology indication accounted for the largest share of this market owing to factors such as presence of a significant number of approved personalized or precision therapeutics for this indication, availability of genetic testing, diagnostics, among others.

Question 4: What is the market size for precision medicine market?
Answer:  The global precision medicine market is projected to reach USD 50.2 billion in 2028 from USD 29.1 billion in 2023, growing at a CAGR of 11.5%.

Question 5: What are the drivers and opportunites for global precision medicine market?
Answer: The major factors driving the growth of the global precision medicine market are the continuously growing advancements in genomic research, increasing focus on genomic testing and diagnostics among others. Moreover, growing cell and gene therapy research and commercialization is expected to offer opportunities in this market.

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Report Objectives:

• To define, describe, and forecast the global precision medicine market by type, indication, end user and region.
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall precision medicine market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
• To provide detailed information regarding the major factors influencing the market growth, such as drivers, restraint, opportunity, and challenge
• To forecast the size of the market segments with respect to six main regions, namely, North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa
• To strategically analyze the market structure and profile the key players of the global precision medicine market and comprehensively analyze their core competencies2
• To track and analyze competitive developments such as expansions, acquisitions, partnerships, collaborations, agreements, and product approvals in the precision medicine market.

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