Precision Medicine Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
In this ever-developing world, discovery and evolution are pillars that make the walls of foundation of the forthcoming future. One such evolution in the field of medicine, called as Precision Medicine began back in the year 2003. Precision Medicine also known as personalized or individualized medicine is a unique branch of medicine that facilitates treatment according to the individual’s genetic makeup, lifestyle, and environment. Since its inception, this branch has shown magnificent promise and growth. This market from USD$ 57 Billion in 2019 is expected to grow at a robust CAGR of over 11% in the period 2020-2026.
The growth of this market is attributed towards various relevant factors including comprehensive surge in global cases of cancer, patient’s increasing involvement in personal healthcare, integration of big data healthcare companies with pharma & biotech companies, increase in ageing population susceptible to diseases etc.
As it is completely dependent on genetic sequencing, the advancements in genetic sequencing also support precision medicine. Human genome research, which is understandably the future of precision medicine has the potential to positively alter or modify medical treatments to individual patients through the understanding of molecular profiles, genetics and clinical characteristics in determining the treatment. Additionally, it also allows doctors and researchers to predict more accurate treatment and preventive strategies for diseases.
Though, high diagnostic cost, potential threat to personal data, lack of awareness about the possible applications, stringent reimbursement policies and regulatory framework all hamper the growth of the market; government initiative & grants and private companies investing in R&D of precision medicines are expected to boost the market growth. For instance, in August 2017, Armonica Technologies, Inc., an Albuquerque-based company, received US$ 1.5 million as a catalyst fund.
Moreover, benefits like; shifting of emphasis in medicine from reaction to prevention, lesser side-effects improved disease detection, preempt disease progression, customized disease-prevention strategies, reduction in the time, cost, and failure rate of pharmaceutical clinical trials are all factors that look to propel the growth of this market.
PRECISION MEDICINE MARKET SEGMENTATION:
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
By Target Audience
- Medical device manufacturers and distributors
- Government research organizations
- Hospitals and clinics
- Regulatory agencies
- Pharmaceutical companies
- North America
North America is estimated to dominate the global precision medicine market during the forecast period, owing to the advancement in gene mapping technologies, increasing awareness and initiatives related to precision medicine, which, together play a vital role in the growth of this regional market. In around 2015, President Obama announced the launch of Precision Medicine Initiative that aimed to revolutionize the way of medical treatment to improve health. North America held more than 40% market share in 2019 and the U.S. precision medicine industry is projected to exceed USD 41 billion by 2026
The European market for precision medicine is expected to be the second-largest during the forecast period. UK market held significant share in 2019 and was valued at around more than USD 3 billion. Favorable government initiatives coupled with emergence of big data in healthcare will fuel the market growth. The demand for precision medicine is attributed to the favorable government initiatives and growing investments for the development of novel solutions for effective disease management.
According to the Health Europa, in 2018, UK government invested around USD 272.1 million in precision medicine for the development of novel diagnostic tools, medical products and treatments.
Presence of key players, increasing awareness, growing healthcare expenditure to ensure better outcomes through individualized treatment and increasing prevalence of cancer in the region will boost the market growth by 2026.
Asia-Pacific is also estimated to be the fastest-growing market because of the developing healthcare infrastructure, increasing demand for personalized healthcare treatments and drugs and also the rapidly increasing disposable income in the region.
FEW KEY PLAYERS IN PRECISION MEDICINE MARKET:
- ABBOTT LABORATORIES
- Almac Group
- Cepheid Inc
- CETICS Healthcare Technologies GmbH
- GE Healthcare
- Intomics A/S
- Johnson & Johnson
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- Medtronic, Novartis
- Pfizer Inc
- BIOBASE GmbH (Subsidiary)
- Quest Diagnostics Inc
- Randox Laboratories Ltd
- Other Players
- In May 2018, Foundation Medicine announced approval for Advanced Diagnostic Laboratory Test (ADLT) for FoundationOne CDx used for solid tumors that integrates multiple companion diagnostics. The new product approval will help in expanding its existing product portfolio.
- In October 2018, Qiagen announced its launch of novel RNA-seq library preparation solutions for next-generation sequencing thereby expanding its portfolio and user base significantly.
- In Oct 2020, Praxis Precision Medicines , a company officially launched in May with $100 million in financing supported by Blackstone Life Sciences and Novo Holdings, three months after closing a $110 million Series C financing round, anticipated raising an additional $190 million in an initial public offering.
- In Oct 2020, Scientists developed new 'precision medicine' approach to treating damaged DNA in pancreatic cancer.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global precision medicine market by the following segments:
- Target Audience
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Precision Medicine Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?