PUBLISHER: The Business Research Company | PRODUCT CODE: 1429919
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429919
Precision medicine refers to a form of medical treatment that involves the prevention, detection, or treatment of diseases based on an individual's genetic or protein-related information. In order to identify the most effective treatment for an individual, precision medicine takes into account factors such as their genetics, environment, and lifestyle.
The primary technologies associated with precision medicine include bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and others. Bioinformatics technologies utilize computational tools to organize, analyze, understand, visualize, and store information related to biological macromolecules. Precision medicine is applied in various medical fields, including oncology, respiratory diseases, central nervous disorders, immunology, and genetic diseases. It is implemented across different sectors, including pharmaceuticals, diagnostic companies, healthcare, and IT firms.
The precision medicine market research report is one of a series of new reports from The Business Research Company that provides precision medicine market statistics, including precision medicine industry global market size, regional shares, competitors with a precision medicine market share, detailed precision medicine market segments, market trends and opportunities, and any further data you may need to thrive in the precision medicine industry. This precision medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The precision medicine market size has grown rapidly in recent years. It will grow from $73.11 billion in 2023 to $81.06 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The rise observed in the historical period can be ascribed to a higher incidence of cancer, an escalating prevalence of mental health disorders, a heightened occurrence of respiratory diseases, augmented funding, a growing geriatric population, an upsurge in pharmaceutical research and development expenditure, and an expansion in healthcare expenditure.
The precision medicine market size is expected to see strong growth in the next few years. It will grow to $118.08 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The expansion anticipated in the forecast period can be credited to the rising geriatric population, a growing prevalence of cancer, the substantial potential of emerging economies, the emergence of new pathogenic infestations, escalating research and development spending, and an increase in healthcare expenditure. Prominent trends expected in the forecast period encompass the adoption of artificial intelligence technologies to enhance competitiveness, providing diagnosis and personalized treatment for immune-mediated diseases, increased investment in research and development activities, and the establishment of collaborations and partnerships with technology and healthcare entities to enhance product portfolios.
The precision medicine market is anticipated to experience growth due to the increasing prevalence of cancer. Cancer remains a major global cause of death, with one in five individuals expected to develop the disease at some point in their lives. Precision medicine in cancer involves the examination of tumor DNA to identify mutations or genetic abnormalities contributing to cancer. This enables physicians to select personalized treatments that specifically target the identified DNA alterations. In April 2022, the American Cancer Society reported 1.92 million new cancer cases in the US, reflecting a rise from 1.89 million cases in 2021, underscoring the escalating prevalence of cancer and driving the precision medicine market's expansion.
The growth of the precision medicine market is further driven by the increasing expenditure on healthcare. Healthcare expenditure encompasses the total financial investment in healthcare goods and services, including medical equipment, hospital services, physician services, prescription drugs, and public health activities. This financial commitment is crucial for advancing the development, adoption, and integration of precision medicine into mainstream healthcare. For example, in May 2023, the Office for National Statistics reported a 9.4% increase in nominal and a 9.7% increase in real terms in healthcare spending in the UK. With the total healthcare expenditure reaching $367.25 billion (£280.7 billion) in 2021, including pharmaceutical expenditure of $51.84 billion (£39.6 billion), the rising healthcare expenditure is a key driver for the precision medicine market.
Partnerships and acquisitions among precision medicine companies are on the rise, enabling them to broaden their scope in both oncology and non-oncology domains. Continuous research and development in precision medicine are driving innovation and expanding treatment options for chronic diseases. An example is Foundation Medicine Inc.'s partnership with Epic in August 2021, aiming to integrate comprehensive genomic profiling and testing devices with Epic's electronic medical record. This collaboration streamlines access to genomic insights for oncologists and extends the reach of precision medicine to a larger population.
Ongoing research and development in precision medicine are facilitating the adoption of novel approaches and the expansion of treatment strategies for chronic diseases. Harvard Medical School and Clalit Research Institute, in a joint precision medicine research initiative launched in August 2021, are focused on translating data insights into frontline clinical interventions. This initiative includes the establishment of the first precision medicine clinic dedicated to identifying tailored therapies for patients unresponsive to standard treatments.
In April 2021, Servier Laboratories, a France-based pharmaceutical company, acquired Agios Pharmaceuticals Inc.'s commercial, clinical, and research-stage oncology portfolio for an undisclosed amount. This strategic acquisition strengthens Servier Laboratories' presence in the malignant technology market, offering potential long-term growth in the solid tumor space. The transaction encompasses marketed oncology precision medicine in malignant technology and a clinical oncology pipeline featuring multiple early-stage and phase-3 assets. Agios Pharmaceuticals, a US-based company, specializes in developing small-molecule anti-cancer therapeutics targeting cancer cell metabolism through the growth factor pathway.
Major companies operating in the precision medicine market report are Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic PLC, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd., GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc., Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Hypermarcas, Eurofarma, Teuto Brasileiro, Biolab Farmaceutica, Cristalia, Uniao Quimica
North America was the largest region in the precision medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The precision medicine market consists of sales of imatinib, personalized medicine, and individualized medicine. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Precision Medicine Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on precision medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for precision medicine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision medicine market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.