Precision Medicine Market Overview and Analysis :
The global precision medicine market size was valued at USD 73.49 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of 11.5% during the forecast period 2022 to 2030.
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Precision medicine, also known as personalized medicine, is an innovative approach to medical treatment and healthcare that takes into account individual differences in patients' genes, environments, and lifestyles. The goal of precision medicine is to tailor medical care and treatment decisions to the specific characteristics of each patient, rather than using a one-size-fits-all approach. This approach recognizes that individuals may respond differently to the same treatment or have different susceptibilities to diseases based on their unique genetic makeup and environmental exposures.
Precision medicine market Latest Trends :
Advancements in genome editing techniques like CRISPR-Cas9 are revolutionizing precision medicine. These technologies allow for precise modification of genes, opening up new possibilities for targeted therapies and potential cures for genetic diseases. Moreover, Artificial intelligence (AI) and machine learning are being applied to vast datasets of patient information and genomics data. These technologies are improving disease prediction, drug discovery, and treatment recommendations.
Segmentation:
The Precision Medicine Market is Segmented by Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, and Other Technologies),
Application :
- Oncology
- CNS
- Immunology
- Respiratory
- Other Applications
Geography :
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- South America
The report offers the value (in USD million) for the above segments.
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Drivers:
Precision medicine analyzes the genes and proteins present in the patient’s body to accordingly design a personalized treatment drug to cure a particular disease. With key discoveries such as single nucleotide polymorphism and microarray/ biochips in the field of precision medicine, the market is expected to experience a boom in the coming years. Research on the human genome is the future of precision medicine and has significant potential to upend the medical treatment of individual patients by understanding their genetics, molecular profiles, and clinical characteristics and evolving proper treatment to cure the disease. The aforementioned factors are projected to flourish the demand for precision medicine shortly. Other than this, the rising prevalence of cancer is expected to boost the demand for precision medicine for personalized therapeutics and diagnostics which will have a positive influence on the market growth. In 2018, there were nearly 1.7 million new cases diagnosed with cancer in the United States.
Besides this, the high cost of precision medicine along with challenges in reimbursement policies expected to hinder the market growth. The application of high-end calculation methodology and advanced computational techniques add various types of cost to the treatment procedure owing to which precision medicine is highly expensive in the market. Apart from this, ongoing advancements in computational tools and innovation in genetic technology help to examine the functional effects of genetic changes that finally cause cancer development. Thus, the genetic diagnosis approach is predicted to fuel the growth of precision medicine exponentially, especially in the field of cancer treatment.
Restraints:
Data Privacy and Security Concerns
The collection, storage, and analysis of vast amounts of patient genetic and health data raise serious concerns about data privacy and security. Patients worry about the misuse of their sensitive genetic information, such as genetic discrimination by insurers or employers. Healthcare organizations and researchers face challenges in ensuring data security and compliance with regulations like the Health Insurance Portability and Accountability Act (HIPAA) in the United States and the General Data Protection Regulation (GDPR) in Europe.
COVID-19 and Russian War Impact on Precision Medicine Market
The COVID-19 pandemic affected the market for precision medicine. For instance, an article published in the JAMA Network in May 2021 reported precision medicine approaches to emphasize more precise diagnosis and treatment based on a range of biomarkers, including genetic variants and data about patients' environment, lifestyle, and behaviors, which are useful in understanding variations in individuals' susceptibility and responses to COVID-19. Thus, the COVID-19 pandemic sparked a surge in demand for precision medicine. However, in the current scenario, it is anticipated that with the emergence of other SARS-CoV-2 strains and the presence of other diseases, the demand for precision medicine may keep on increasing over the forecast period.
Precision Medicine Market Segmental Analysis :
The Oncology Segment is Expected to Witness Significant Growth Over the Forecast Period.
The oncology segment is expected to witness significant growth over the forecast period owing to increasing cases of oncology and technological developments. Precision medicine applications are primarily directed toward better treatment of oncological diseases and are expected to witness significant growth over the forecast period. The key factor behind the significant growth of the segment is the rising prevalence of cancer and the rising number of drug candidates for the same in clinical trials. The increasing use of precision oncology by patients with cancer is driving the growth of this segment. For instance, in April 2022, an article published in the journal Nature Medicine reported that the increasing use of genomic profiling for diagnosis and therapy guidance in many tumor types has increased the use of precision medicine in cancer patients. According to the article, precision medicine is used for people who are at a higher risk of developing certain cancers, particularly those who have a family history of cancer. Thus, the increasing efficiency of precision medicine and the increasing number of cancer cases are driving the growth of this segment. North America is Expected to Witness a Significant Growth Over the Forecast Period.
The presence of better healthcare infrastructure and huge expenditures on R&D are expected to boost the growth of the precision medicine market in the United States. For certain types of cancer treatments, like colorectal cancer and breast cancer, there have been significant advances in precision medicine. The increasing number of cancer cases in North American countries like Canada is driving the growth of the studied market. For instance, in June 2022, Canada's Cancer Society reported that 233,900 people in Canada were expected to be diagnosed with cancer by the end of 2022. The source also reported that the most commonly diagnosed cancers are expected to be lung, breast, prostate, and colorectal cancers. Thus, increasing cancer cases are increasing the demand for oncology precision medicine and thus driving the growth of the studied market in the region. In a similar way, the National Cancer Institute (NIC), based on data from March 2022, was given USD 6.9 billion by the Consolidated Appropriations Act, 2022. This is a net increase of USD 353 million over FY 2021. Included in the FY 2022 allocation are USD 194 million in funding for the Cancer Moonshot and USD 50 million for the Childhood Cancer Data Initiative. Thus, increasing investments in enabling a precision medicine approach across the country are expected to drive the market studied during the forecast period.
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Precision Medicine Market Competitive Landscape:
There are a lot of different companies that work both globally and locally in the precision medicine market. Some of the companies are:
- Astarte Medical
- Astra Zeneca PLC
- Biogen
- Bristol-Myers Squibb
- F Hoffmann-La Roche AG
- Laboratory Corporation of America Holdings
- Medtronic PLC
- Myriad Genetics Inc.
- Novartis AG
- Pfizer Inc.
- Qiagen NV
- Quest Diagnostics
- Thermo Fisher Scientific Inc.
Recent Developments:
1) December 2022: Roche reported the launch of a drug for a rare autoimmune disorder, neuromyelitis optica spectrum disorder (NMOSD), in India by the end of 2023. This drug is focused on precision medicine.
2) November 2022: BGI Genomics and the University of Pécs (UP) agreed to launch a joint laboratory in Hungary. The joint lab is to start official operations to accelerate the development of genomic sequencing and clinical diagnostic services while strengthening BGI Genomics and the UP's innovative precision medicine developments in the Central and Eastern European region.
Frequently Asked Questions (FAQ) :
Q1. What is the current Precision Medicine Market size?
The global precision medicine market size is currently valued at USD 73.49 billion.
Q2. What is the Growth Rate of the Precision Medicine Market?
Precision Medicine Market is expected grow at a compound annual growth rate (CAGR) of 11.5% during the forecast period.
Q3. Which is the leading Component Segment in the Precision Medicine Market?
Oncology is the leading Component Segment in the Precision Medicine Market.
Q4. Which are the major companies in the Precision Medicine Market?
Astarte Medical, Astra Zeneca PLC, Biogen & Bristol-Myers Squibb are some of the Precision Medicine Market.
Study Assumptions and Market Definition
Scope of the Study
RESEARCH METHODOLOGY
EXECUTIVE SUMMARY
MARKET DYNAMICS
Market Overview
Market Drivers
Increasing Cancer Cases
Technological Developments
Market Restraints
Data Privacy and Security Concerns
Porter's Five Force Analysis
Threat of New Entrants
Bargaining Power of Buyers/Consumers
Bargaining Power of Suppliers
Threat of Substitute Products
Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
By Technology
Big Data Analytics
Bioinformatics
Gene Sequencing
Drug Discovery
Companion Diagnostics
Other Technologies
By Applications
Oncology
CNS
Immunology
Respiratory
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
COMPETITIVE LANDSCAPE
Company Profiles
Abbvie
Roche
Amgen Inc
Pfizer Inc
Novartis AG
Astellas Pharma
Merck and Co.Inc
Eli Lilly
MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
