Global Precision Medicine Market 2024 – 2033

Reports Description

The precision medicine market presented an earning of USD 78.58 billion by the year 2021 to 89.16 billion in 2022 and is foreseen to touch USD 189.64 billion by the end of 2030 with a compound annual growth rate of 11.5%.

Precision medicine is mostly used in the healthcare industry to provide patients with sophisticated diagnostic tools to identify a specific disease before its problems manifest themselves. As a result, the healthcare system may better prepare for dealing with various ailments and achieve better results by curing the patients more quickly.

To rule out the possibility of various chronic diseases, the genetic component of the individual is taken into account and examined appropriately. The need for precision medicine has skyrocketed in the current industry due to the rising prevalence of serious diseases like cancer. The high cost of these medical facilities makes it difficult for the average person to choose them, which restrains the market’s growth throughout the projection period.

The growth of the precision medicine market has been significantly constrained by the people’s declining disposable income. People all over the world’s poor lifestyle choices have also been shown to be a significant contributor to a number of ailments. The most effective alternative for treating these many ailments turns out to be precision medicine.

COVID-19 Analysis:

The COVID pandemic’s existence has a significant impact on the market for precision medicine. Due to the pandemic, regular patient follow-ups and continued long-term therapies were hampered because hospitals chose elective operations and treatments to reduce the likelihood of cross-infection. Nonetheless, the difficulties that were caused among the susceptible group might be effectively addressed with the use of precision medicine.

The market for precision medicine has grown significantly as a result of rising public knowledge of recent innovations in the healthcare industry. In recent years, the lucrative reimbursement facilities offered by the government with the assistance of health insurance providers have proven to be a significant growth factor for the precision medicine market. It is anticipated that this trend will continue throughout the projection period as well.

Growth Elements:

Precision medicine is more in demand on the market due to the rising desire for current technology in the healthcare industry. Precision medicine is more in demand now than ever before due to the rapidly rising incidence of cancer among people. Modern medications cause less side effects than older ones, which has proven to be a key driver of market expansion for precision medicine.

The intensive research and development efforts made by the major market players to bring new, modern medications with improved efficacy on human health to market have proven to be a fantastic opportunity for the developing market. These causes will show to be the driving forces of progress.

Segmental insights

Segmentation of the precision medicine market on the basis of technology

Due to the substantial research and development activities carried out by the major market participants in order to bring cutting-edge medications to society, the drug discovery segment displayed the highest growth in terms of technology. Significant technological advancements are being made in order to raise the standard of medicines and release new ones onto the market that are more effective against the rising number of chronic diseases worldwide.

The goal is to extend people’s lives as much as possible, and by doing so, the market will experience significant growth over the course of the projection period. A significant driver in the market’s expansion has been the employment of contemporary medications to treat a multitude of chronic ailments that have lately appeared in society as a result of people’s poor living patterns. Pharmacogenomics, which helps the maker differentiate between pharmacodynamics and pharmacokinetics using the genetic information of a specific individual, is used to forecast the effectiveness of a new drug.

The fierce competition among the major market participants to release innovative medicines for the treatment of diseases like cancer has significantly accelerated the market’s growth phase. The following-largest technology segment is bioinformatics, which is anticipated to experience rapid expansion due to the expanding market throughout the forecast period. The following area that falls under this sector is big data analytics, which has experienced significant expansion over time as a result of rising demand. The following sub-segments in this category, companion diagnostics and gene sequencing contribute to the market’s sustained expansion.

Segmentation of the precision medicine market on the basis of application

Based on application, the rapid modernization of the systems has resulted in an increase in cancer prevalence among people, which has proven to be a significant growth factor for this segment within this category. A significant element driving up demand for cutting-edge medications is the numerous difficulties linked to cancer condition. The enormous geriatric population has contributed to an increase in cancer prevalence in society.

A significant factor that has increased the number of cancer cases worldwide is the poor lifestyle choices that people make as a result of growing urbanisation. Precision medicine is used to investigate the patient’s hereditary factors and identify the root causes of the disease. This technique has made it easier to create individualised drugs to treat specific individuals, which are more effective in controlling the spread of disease in a shorter amount of time.

The standard medical practices that are used in the healthcare industry do not assess the patient’s condition based on genetics. Precision medicine has become increasingly popular in the healthcare industry as a result of the rising desire for quicker treatment alternatives caused by global modernization. Due to its high prevalence among individuals, the number of cancer cases is driving it to rise in the next years. This is assisting the market in the cancer sector of the precision medicine market to record significant income over the course of time. Due to the increased stress and workload that individuals are under, diseases that affect the central nervous system have also experienced enormous growth in recent years. The demand for precision medicine in the modern healthcare industry has increased due to the frequency of central nervous system illnesses.

The demand for precision medicine for respiratory diseases has increased due to the rising prevalence of respiratory ailments among people as a result of the increasing environmental pollution on a global scale. Due to the people’s weakened respiratory systems after contracting the disease, the pandemic epidemic had a substantial effect on this market. Also, it had a favorable effect on people’s health by making them aware of the importance of health

Report Scope

Regional Perspectives:

Geographically, the market has been driven by North America, which has experienced the quickest development due to an increase in the frequency of chronic diseases among people. Modern technology’s presence in this field has increased the demand for precision medicine by educating people about the cutting-edge medical resources at their disposal.

The market for precision medicine has been boosted by the various initiatives that the government and private organizations have undertaken to raise awareness about the cutting-edge healthcare system and the treatment options that are available. This trend is expected to continue throughout the forecast period.

The government has supported the different profitable offers made by the insurance business and the healthcare sector in the form of reimbursement facilities, which has helped to enlarge the market and boost income returns over time.

Due to the numerous chronic diseases that are becoming more prevalent in society and the rising average life expectancy of the population, there is a greater demand for precision medicine. With more money in their pockets thanks to rising incomes, consumers can now choose to use cutting-edge medical services like precision medicine, which aids in the early detection and treatment of serious illnesses. Due to the rise in chronic illnesses among the population, Europe’s geographic region has also seen a modest increase in the need for precision medicine. The government’s provision of cutting-edge healthcare facilities has assisted the precision medicine market in recording significant growth and is anticipated to continue doing so over the course of the forecast period.

South American and Middle Eastern nations have also made substantial contributions to the rising need for cutting-edge healthcare systems to stop the spread of serious illnesses. As a result of the increasing status of the nations that are adopting contemporary amenities to give their citizens a better lifestyle, the Asia Pacific region has exhibited respectable growth in the market.

Recent Developments

• In order to manufacture the components for Kymriah gene therapy, Oxford Biomedica, and Novartis came to an agreement in 2017 covering the supply of critical ingredients. Within three years, it is anticipated that this agreement will provide Oxford Biomedica with a sizable revenue of approximately $100 million. On the other hand, Novartis planned to grow Kymriah into a company that generated $1 billion annually.

Segments covered in the report on the precision medicine market

By Technology

• Bioinformatics
• Big Data Analytics
• Drug Discovery
• Gene Sequencing
• Companion Diagnostics
• Others

By Application

• CNS
• Immunology
• Oncology
• Respiratory
• Others

By End-Use

• Diagnostic Companies
• Pharmaceutical Companies
• Healthcare IT companies
• Others

By Sequencing Technology

• Sequencing by Synthesis
• Ion Semiconductor Sequencing
• Sequencing by Ligation
• Pyrosequencing
• Single Molecule Real Time Sequencing
• Chain Termination Sequencing
• Nanopore Sequencing

By Product

• Consumables
• Instruments
• Services

By Route of Administration

• Oral
• Injectable

By Drugs

• Alectinib
• Osimertinib
• Mepolizumab
• Aripiprazole Lauroxil
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America