New York, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Precision Medicine Market is to reach USD 83.9 billion by 2024 and is further anticipated to reach USD 225.7 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 11.6% from 2024 to 2033.
Precision medicine is also known as the market for personalized medicine and provides medical treatment for a patient based on their individual characteristics such as genes, environment, and medical history. The market has the potential to grow due to improvements in the accuracy of technology like genetic sequencing, the application of big data in analytics, and the attention that is given to the market in terms of investment.
Precision medicine targets the identification of an individual genetic and protein makeup and uses this information to diagnose and treat. In the next years, the studies concerning the human genome will improve targeted therapies, advancing the possibilities in patient-oriented treatments like single nucleotide polymorphism and microarray technology.
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Important Insights
- Market Value: This market size is expected to reach a value of USD 225.7 billion by 2033 from a base value of USD 83.9 billion in 2024 at a CAGR of 11.6%.
- Product Segment: Consumables are projected to dominate the global precision medicine market as they hold the highest market share in 2024
- Technology Segment: Based on technology, bioinformatics is expected to account for a revenue share of 39.2% in 2024.
- Indication Segment: Oncology is projected to dominate this segment as it is anticipated to hold the highest market share in 2024 due to the high prevalence of patients who are suffering from various types of cancer.
- Application Segment: Therapeutics are projected to hold a revenue share of 66.1% in 2024 and are projected to show subsequent growth in the upcoming years as well.
- End User Segment: Clinical laboratories are projected to dominate the global precision medicine market in terms of end users as it hold the highest market share in 2024
- Regional Insights: North America is projected to exert dominance in this market as it had the highest revenue share of about 49.3% in 2024.
Latest Trends
- Genomic Advancements: Such technologies as next-generation sequencing are the key to advancing the idea of precision medicine due to their ability to decode human genome at low costs and in a short amount of time. Incorp using NGS has been enhanced by other firms like Illumina to assist in linking genetic mutations to diseases and help in targeting drugs.
- Big Data Integration: Big data and AI help to refine the scope of precision medicine, as these tools can analyze vast amounts of health data to upgrade the treatment modalities, and recognize disease patterns and patient outcomes.
Precision Medicine Market: Competitive Landscape
- Competitors in precision medicine are pharma and biotech, new entrants, and specialists in diagnostics and technology companies. IT-related healthcare and data analytical companies are handy as they assist in the management and interpretation of large datasets that can help in determining individual patient treatments and care.
- These are the research institutions, genomics companies, and diagnostic tool providers that continue to push the boundaries and move biomarker discovery and genetic analysis forward. The large-scale pharmaceutical companies have sustained their research and development interests and formed strategic alliances as well as acquisitions to strengthen their strength in genomics, diagnostic tools, and molecular medicaments.
Some of the prominent market players
- Pfizer
- Novartis
- Qiagen
- Biocrates Life Sciences
- Tepnel Pharma Services
- Quest Diagnostics
- Menarini Silicon Biosystems
- NanoString Technologies
- Eagle Genomics
- Intomics
- Roche
- Teva Pharmaceutical
- Other Key Players
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Precision Medicine Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 83.9 Bn |
| Forecast Value (2033) | USD 225.7 Bn |
| CAGR (2024-2033) | 11.6% |
| Leading Region in terms of Revenue Share | North America |
| Percentage of Revenue Share by Leading Region | 49.3% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Technology, By Indication , By Application, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Growth Drivers
- Increased Investment: Ventures from the government and private business, for example, the Coordinated Precision Medicine Initiative in the United States, drive new diagnoses and therapies, which drive market growth.
- Rising Prevalence of Chronic Diseases: Higher incidences of cancer, diabetes, and cardiovascular diseases require precise medical solutions made possible by a systems view of diseases. Cancer cases are expected to increase by 70% in the next two decades according to WHO and this should call for innovations.
Restraints
- High Costs: The high costs of technologies and treatments are responsible for the reduced implementation of precision medicine, particularly in developing countries.
- Regulatory Challenges: Detailed rules and requirements and too much bureaucracy negatively impact the development of markets and lengthen the time needed and the expenses required for the implementation of precision medicine solutions.
Growth Opportunities
- Emerging Markets: Its Asia-Pacific and Latin America have higher growth prospects due to advanced personalized medicine adoption resulting from higher investment and uplifted healthcare consciousness.
- Collaborative Research: Combined efforts between universities such as the University of Cambridge and clinics and pharmaceutical firms like AstraZeneca pave the way for better research in Precision Medicine and the creation of new protocols.
Market Analysis
Bioinformatics, anticipated to hold 39.2% of the market share in 2024, dominates precision medicine by managing and analyzing vast biological data. It merges data from different sources, provides healthcare simplification, and helps in developing patient-specific treatments.
Bioinformatics supports drug development, interprets genetic differences, and applies machine learning, and data mining in precision medicine. On this basis, it can be stated that its updates are continuous, which contributes to its important position in the transformation of the practices of healthcare.
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Precision Medicine Market Segmentation
By Product
- Consumables
- Instruments
- Services
By Technology
- Bioinformatics
- Drug Discovery
- Big Data Analytics
- Gene Sequencing
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- Sequencing by Ligation
- Pyrosequencing
- Single Molecule Real Time Sequencing
- Chain Termination Sequencing
- Nanopore Sequencing
- Companion Diagnostics
- Others
By Indication
- Oncology
- Breast Cancer
- Lung Cancer
- Colorectal Cancer
- CNS Disorders
- Alzheimer's Disease
- Parkinson's Disease
- Multiple Sclerosis
- Respiratory Diseases
- Asthma
- Chronic Obstructive Pulmonary Disease (COPD)
- Skin Diseases
- Psoriasis
- Melanoma
- Immunology
- Autoimmune Disorders
- Inflammatory Diseases
- Genetic Diseases
- Cystic Fibrosis
- Hemophilia
- Others
By Application
- Therapeutics
- Inhibitor Drugs
- Monoclonal Antibodies
- Cell & Gene Therapy
- Antiviral & Antiretroviral Drugs
- Others
- Diagnostics
- Genetic Tests
- Direct-to-Consumer Test
- Esoteric Tests
- Biomarker Testing
- Others
By End User
- Clinical Laboratories
- Home Care
- Hospitals
- Others
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Regional Analysis
North America, projected to hold 49.3% of the global precision medicine market in 2024, is expected to continue growing through 2033. This dominance is as a result of an efficient healthcare system, large investment on research and development and high acceptance of technology among the population.
US precision medicine initiative and other government supporting actions, suitable fiscal measures & high prevalence of chronic illness collectively support the growth. North America has been at the forefront of precision medicine due to its leading universities, the biotech industry, and sound healthcare regulation especially FDA rules on precision medicine.
By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments in the Precision Medicine Market
- June 2024: Pfizer announced a breakthrough in precision oncology with the FDA approval of its new targeted therapy for lung cancer, showcasing promising clinical trial results.
- May 2024: Illumina secured a $200 million investment to expand its precision medicine research and development facilities, aiming to accelerate the development of personalized therapies.
- April 2024: Stanford University and IBM collaborated to integrate AI-driven data analytics into precision medicine for enhanced predictive diagnostics.
- March 2024: A Nature study revealed significant pharmacogenomics advancements, optimizing drug prescriptions based on genetic profiles.
- February 2024: 23andMe launched a cutting-edge genetic testing platform that provides comprehensive insights into an individual’s predisposition to various diseases.
- January 2024: The Mayo Clinic announced a large-scale precision medicine initiative aimed at collecting and analyzing genetic data from diverse populations to address health disparities and improve personalized care.
- November 2022: BGI Genomics and the University of Pécs launched a joint lab in Hungary to advance genomic sequencing and clinical diagnostics in Central and Eastern Europe.
- December 2022: Roche announced a precision medicine drug for neuromyelitis optical spectrum disorder (NMOSD) in India, addressing specific patient needs.
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