Precision Medicine Market projected increase to US$ 172.56 billion by 2030, reflecting a steady CAGR of 11.4%

Precision Medicine Market Snapshot

“The Precision Medicine Market is estimated to increase at a CAGR of 11.4% from $ 75.56 Billion in 2023 to $ 172.56 billion by 2030.”

Precision medicine, as defined by the Precision Medicine Initiative, is an emerging approach for disease treatment and prevention that considers individual genetic, environmental, and lifestyle variations. This method allows medical professionals and researchers to predict disease-specific treatments and preventative measures more accurately, unlike a one-size-fits-all strategy that focuses on typical individuals and neglects individual variations.

Precision medicine, a relatively new concept in healthcare, involves using a donor whose blood type matches the recipient's, rather than randomly selecting a donor for blood transfusions. Although its application in routine healthcare is limited, researchers predict that precision medicine will be increasingly used in various healthcare and medical fields in the coming years.

The FDA's Role in Advancing Precision Medicine

The FDA is working to ensure the accuracy of Natural Genomics (NGS) testing to provide accurate and clinically relevant test findings. The FDA faces new regulatory challenges due to the vast volume of information provided by NGS. Unlike conventional diagnostics, NGS combines millions of test results into a single test. To support NGS test development, the FDA has collaborated with industry, academic, and patient stakeholders to create a flexible regulatory strategy using consensus standards, crowdsourced data, and advanced open-source computing technology.

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Impact of Coronavirus (COVID-19) Pandemic

COVID-19 could significantly impact the economy by directly affecting production and demand, disrupting distribution routes, and affecting businesses and financial markets. Countries like China, India, Saudi Arabia, UAE, and Egypt are experiencing difficulties in transporting pharmaceuticals due to widespread lockdowns.

The COVID-19 pandemic has impacted the precision medicine market, affecting surgery and biopsy tissue testing, potentially increasing the incidence of advanced tumors. From March to September 2020, there were fewer screen-detected cancers, leading to fewer breast biopsy recommendations with cancer diagnoses. This data, collected from seven BCSC registries and 66 sites, shows a 24% decrease in breast biopsy recommendations compared to 2019.

Growth Drivers

“Increasing development of big data analysis and IT sector are expected to drive growth of the precision medicine market.”

• The field of precision medicine is experiencing significant advancements in big data analysis, research and development activities, and technological advancements.
• The increase in research and development activities is being accelerated.
• The field of precision medicine is experiencing significant technological advancements.

Precision medicine uses genetic analysis to create personalized therapeutic pills for specific ailments. Advancements in this field, such as single nucleotide polymorphism and microarray/biochips, are expected to expand the industry. The future of precision medicine relies on understanding a patient's genetic makeup, molecular profile, and clinical features to develop effective therapy, utilizing research on the human genome.

The market expansion of precision medicine is expected to be hindered by reimbursement regulations and the high cost of the technology. The high cost of precision medicine is due to its high-end calculation methodologies and complex computational tools. However, advancements in genetic technology and computational tools are expected to accelerate the development of precision medicine, particularly in cancer therapy, by evaluating the functional impact of genetic mutations.

Market Restraints

• The genetic test, a mandatory method for analyzing mutations, is currently unaffordable due to the lack of insurance coverage.
• The genetic test is expensive.

Precision Medicine Market Segment Analysis

Precision Medicine Market by Application

The oncology segment is expected to experience significant growth due to rising cancer cases and technological advancements. Precision medicine applications, focusing on improving oncological treatment, are expected to increase significantly. The rising incidence of cancer and the increasing number of cancer-related medication candidates in clinical trials are the main factors contributing to this growth.

The market for precision oncology is expanding due to the increasing use of genetic profiling for diagnosis and therapeutic advice in cancer patients. A study published in Nature Medicine in April 2022 found that patients with a family history of cancer are more likely to contract specific malignancies. This growth is driven by the increased effectiveness of precision medicine and the rise in cancer incidence.

Precision Medicine Market by End-Use

The diagnostic centre market is expected to grow at a CAGR of 11.3% through 2030 due to global growth in diagnostic centres, modern infrastructure, and improved diagnostic methods. The public's growing awareness of the value of diagnostics, particularly for predictive tests for conditions like cancer, genetic diseases, and pulmonary ailments, is also driving market expansion for precision medicine.

The market expansion is expected to be fueled by technological advancements, including the introduction of diagnostic tools that aid physicians in accurately diagnosing conditions and recommending appropriate treatment to patients.

Competitive Landscape of the Precision Medicine Market Analysis

• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• Novartis AG
• Abbott Laboratories
• Agilent Technologies
• Almac Group
• Amgen Inc.
• Astellas Pharma Inc.
• AstraZeneca PLC
• Bio-Rad Laboratories, Inc.
• Bristol-Myers Squibb Company
• Danaher Corporation
• Hoffmann-La Roche Ltd.
• GE Healthcare
• Intomics A/S
• Merck & Co., Inc.
• Myriad Genetics, Inc.
• Pfizer Inc.
• Qiagen N.V.
• Quest Diagnostics

New Developments in Precision Medicine Market

Oct 19, 2023, Thermo Fisher Scientific, Boehringer Ingelheim Partner on Companion Dx for Lung Cancer

NEW YORK – Thermo Fisher Scientific and Boehringer Ingelheim said on Thursday that they have partnered to develop companion diagnostic tests to help identify patients with non-small cell lung cancer (NSCLC) with specific mutations who may benefit from emerging targeted therapies.

October 17, 2023 Thermo Fisher to Acquire Olink for $3.1B, Expanding Proteomics Presence

Thermo Fisher Scientific has agreed to acquire Olink Holding for approximately $3.1 billion, the companies said, in a deal intended to expand the buyer’s presence in proteomics.

08 March 2023, Agilent Announces Global Distribution Agreement with Proscia to Accelerate Data-Driven Precision Medicine

Agilent announced a multi-year distribution agreement with Proscia® – a leader in digital pathology – to offer a comprehensive digital diagnostic pathology system. Combining Agilent's trusted pathology staining solutions with Proscia’s Concentriq® Dx enterprise pathology platform will empower pathology labs to transform diagnostic efficiency and quality to improve patient health outcomes.

 Regional Analysis

Largest Market-> North America

Fastest Growing Market-> Asia Pacific

North America is expected to experience significant growth in the precision medicine industry due to improved healthcare infrastructure and significant R&D spending. The industry has made significant strides in treating specific cancers like colorectal and breast cancer. The growth is driven by the rising incidence of cancer in North American nations like Canada, where 233,900 people are expected to receive a cancer diagnosis by the end of 2022, with colon, lung, breast, and prostate cancers being the most frequently diagnosed malignancies.

The North America precision medicine market is expected to hold a 43% revenue share in 2022 due to rising cancer and genetic disorders incidences, the growing use of precision medicine techniques, and the presence of major companies like Pfizer, Qiagen, Quest Diagnostics, and Roche. Cancer is the leading cause of death in Canada and the US, with 1.8 billion new cases detected in 2020. Revenue will be driven by high awareness of precision medicine and personalized cancer treatment.

MCI Onehealth Technologies Inc. has partnered with Ariel Precision Medicine Inc. in April 2021 to advance its precision medicine technology roadmap for clinical and commercial projects. The National Institutes of Health (NIH) also engaged in public-private cooperation in March 2021 to enhance precision medicine research for Alzheimer's disease. Expanding partnerships in improving precision medicine for various diseases is expected to lead to profitable market expansion in the nation.

Segments Covered in the Precision Medicine Market Report

Precision Medicine Market Analysis by Type

• Diagnostics {Genetic Tests
• Biomarker Based Tests}
• Therapeutics

Precision Medicine Market Analysis by Application

• Diagnostics {Genetic Tests
• Biomarker Based Tests}
• Therapeutics

Precision Medicine Market Analysis by End-use

• Hospitals
• Diagnostic Centres
• Research & Academic Institutes

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa

Frequently Asked Questions

What is the expected growth rate of the Precision Medicine market over the next 7 years?

Precision Medicine Market is estimated to increase at a CAGR of 11.4% from $ 75.56 Billion in 2023 to $ 172.56 billion by 2030.

Who are the major players in the Precision Medicine market and what is their market share?

Illumina, Inc., Thermo Fisher Scientific Inc., Novartis AG, Abbott Laboratories, Agilent Technologies, Almac Group, Amgen Inc., Astellas Pharma Inc., AstraZeneca PLC, Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, Danaher Corporation, are prominent players operating and dominating in the market.

What is the demand projection for Precision Medicine by 2030?

Demand for Precision Medicine is projected to reach a market value of US$ 172.56 billion by 2030-end.

What is the sales growth projection for Precision Medicine?

Revenue from sales of Precision Medicine is projected to increase at a CAGR of 11.4% through 2030.