Global Precision Medicine Market, By Application (Diagnostics, Therapeutics, Others), Technologies (Pharmacogenomics, Point-of-Care Testing, Stem Cell Therapy, Pharmacoproteomics, Others), Indication (Oncology, Central Nervous System (CNS) Disorders, Immunology Disorders, Respiratory Disorders, Others), Drugs (Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, Others), Route of Administration (Oral, Injectable), End Users (Hospitals, Homecare, Specialty Clinics, Others) – Industry Trends and Forecast to 2029
Global Precision Medicine Market Analysis and Size
The market for precision medicine is estimated to increase rapidly over the forecast period. Precision medicine is a new approach to disease prevention and treatment that is gaining traction. The method enables doctors and physicians to investigate an individual's response to a treatment. The method looks at an individual's genetic profile as well as their lifestyle and environment. Precision Medicine Initiative (PMI) was announced in January 2015, with over one million volunteers, to extend precision medicine to all disorders. All of The Unified Shared Services Management, a data-driven business, supported illness treatment and health-prolonging research at the junction of environment, lifestyle, and genetics.
- Data Bridge Market Research analyses that the precision medicine market was valued at USD 58.29 billion in 2021 and is expected to reach USD 145.36 billion by 2029, registering a CAGR of 12.10% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Global Precision Medicine Market Definition
Precision medicine is a medical approach to disease prevention and diagnosis based on genetic, environmental, and behavioral variability. It aids in illness susceptibility prediction, disease diagnosis and progression, tailoring methods, and medicine prescription. It also supports in making related healthcare decisions, enhancing care quality, and decreasing inefficiencies caused by trial-and-error. Precision medicine is also frequently used to detect chromosomal abnormalities in the foetus and cancer, guide therapy for chronic diseases, and estimate the risk of passing genetic problems down to offspring since it minimizes the time, expense, and failure rate of pharmaceutical clinical studies.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Application (Diagnostics, Therapeutics, Others), Technologies (Pharmacogenomics, Point-of-Care Testing, Stem Cell Therapy, Pharmacoproteomics, Others), Indication (Oncology, Central Nervous System (CNS) Disorders, Immunology Disorders, Respiratory Disorders, Others), Drugs (Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, Others), Route of Administration (Oral, Injectable), End Users (Hospitals, Homecare, Specialty Clinics, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
Moderna, Inc. (MA), PERSONALIS INC. (US), GENOCEA BIOSCIENCES, INC (US), CureVac AG (Germany), CELLDEX THERAPEUTICS (US), BIONTECH SE (Rhineland-Palatinate), Advaxis, Inc. (US), Agenus Inc. (US), Immatics Biotechnologies GmbH (Germany), Gritstone Oncology (US), NantKwest, Inc. (US), bioMérieux SA (France), Bayer AG (Germany), Pfizer Inc. (US), GlaxoSmithKline plc (UK), F. Hoffmann-La Roche Ltd. (Switzerland), Merck & Co., Inc. (US)
Precision Medicine Market Dynamics
- Increasing prevalence of CNS disorders
Alzheimer's disease, multiple sclerosis, epilepsy, and other CNS ailments afflict millions of individuals around the world. Epilepsy affects over 50 million people globally, according to a WHO report. Dementia affects more than 50 million individuals worldwide. Alzheimer's disease, the most common kind of dementia, accounts for 60-70 percent of all cases. The industry's growth will be aided by a growing focus on targeted therapeutics and the development of individualized medical treatment regimens for persons suffering from CNS illnesses.
- Rise in the prevalence of cancer
Precision medicine methods are in high demand worldwide because of the rising prevalence of cancer and the expanding number of treatment candidates in clinical trials.
Furthermore, the rising number of cases of genetic diseases will act as a major factor influencing the growth of precision medicine market. Along with this, increasing urbanization and rising level of disposable income are the driving factors accelerating the growth of the precision medicine market. Also, increasing expenditure on healthcare infrastructure and increasing geriatric population are the major market drivers that will further escalate the growth of precision medicine market. Another significant factor that will cushion the precision medicine market's growth rate is the recent development in technologies such as ultra-high throughout sequencing and next-generation sequencing.
- Growing number of R&D activities
Moreover, the rising number of research and development activities will provide beneficial opportunities for the precision medicine market growth.
Moreover, growing focus of manufacturers on the adoption of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the precision medicine market growth during the forecast period.
Restraints/Challenges Global Precision Medicine Market
- High cost associated with diagnosis and precision medicine
However, the high costs of diagnosis as well as precision medicine will impede the market's growth rate.
On the other hand, the dearth of skilled professionals in under-developed nations will challenge the precision medicine market. Additionally, the emergence of unfavorable conditions due to COVID-19 outbreak and strict regulations and standards will act as restrain and further impede the growth rate of the market during the forecast period of 2022-2029. People's lack of understanding about genetic illnesses and the uses of personalized medicines limits market growth.
This precision medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the precision medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Precision Medicine Market
The COVID19 pandemic wreaked havoc around the world, wreaking disaster on both the financial and health sectors. The global economy's growth pace has begun to slow, and recovery will take many more years. Various companies and industries suffered significant financial losses, and the market's growth rate slowed. Many industrial operations and manufacturing processes had to close as a result of the lockdown limitations. According to the market analysis, the precision medicine informatics market grew steadily despite these challenges.
The worldwide health crisis has resulted in a huge increase in the demand for pharmaceuticals in the healthcare industry. The increased prevalence of diseases necessitated the development of tailored medicines that would aid in the better treatment of individuals. The health crisis is driving increased demand for personalized treatments, boosting the precision medicine market's potential. The growing number of cases of genetic mutation illnesses necessitates the assistance of the precision medicine sector, which will result in the blockchain precision medicine market expanding over the forecast period.
- In February 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to develop a new tailored cancer treatment for aggressive and untreatable cancers.
Global Precision Medicine Market Scope
The precision medicine market is segmented on the basis of application, technologies, indication, drugs, route of administration and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of application, the precision medicine market is segmented into diagnostics, therapeutics and others.
- Point-of-Care Testing
- Stem Cell Therapy
On the basis of technologies, the precision medicine market is segmented into pharmacogenomics, point-of-care testing, stem cell therapy, pharmacoproteomics and others.
- Central Nervous System (CNS) Disorders
- Immunology Disorders
- Respiratory Disorders
On the basis of indication, the precision medicine market is segmented into oncology, central nervous system (CNS) disorders, immunology disorders, respiratory disorders, others.
- Aripiprazole Lauroxil
On the basis of drugs, the precision medicine market is segmented into alectinib, osimertinib, mepolizumab, aripiprazole lauroxil and others.
Route of Administration
On the basis of route of administration, the precision medicine market is segmented into oral, injectable.
- Specialty Clinics
On the basis of end users, the precision medicine market is segmented into hospitals, homecare, specialty clinics, others.
Precision Medicine Market Regional Analysis/Insights
The precision medicine market is analysed and market size insights and trends are provided by country, application, technologies, indication, drugs, route of administration and end users as referenced above.
The countries covered in the precision medicine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the precision medicine market because of the enormous investment in the field of precision medicine in this region. Additionally, the increase in adoption of and use of precision medicine will flourish the market's growth rate in this region.
Europe is expected to grow during the forecast period due to suitable initiatives taken by the government in this region. Also, the arrival of big data in healthcare and increasing cancer incidence will propel the market's growth rate in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The precision medicine market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for precision medicine market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the precision medicine market. The data is available for historic period 2010-2020.
Competitive Landscape and Precision Medicine Market Share Analysis
The Precision medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to precision medicine market.
Some of the major players operating in the precision medicine market are:
- Moderna, Inc. (MA)
- PERSONALIS INC. (US)
- GENOCEA BIOSCIENCES, INC (US)
- CureVac AG (Germany)
- CELLDEX THERAPEUTICS (US)
- BIONTECH SE (Rhineland-Palatinate)
- Advaxis, Inc. (US)
- Agenus Inc. (US)
- Immatics Biotechnologies GmbH (Germany)
- Gritstone Oncology (US)
- NantKwest, Inc. (US)
- bioMérieux SA (France)
- Bayer AG (Germany)
- Pfizer Inc. (US)
- GlaxoSmithKline plc (UK)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Merck & Co., Inc. (US)
Research Methodology : Global Precision Medicine Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-precision-medicine-market
Customization Available : Global Precision Medicine Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.