New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global Precision Medicine Market value in 2021 was worth USD 65.22 billion, and by 2030 it will be worth USD 175.6 billion with an 11.5% CAGR. Precision is a field of medicine focusing on the individual variability of genes, environment, and lifestyle to diagnose and prevent diseases. It helps with disease detection, disease susceptibility prediction, strategy customization, progression improvement, and drug prescription that is effective. Additionally, it helps with decision-making related to healthcare, raises the standard of care, and reduces ineffective trial-and-error methods.
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Precision Medicine Market Insights:
- On the basis of technology, drug discovery segment held a dominant position with a revenue share of nearly 2.15%.
- Oncology segment was the biggest market contributor, with a revenue share of nearly 40% in 2020 on the basis of application.
- In terms of end-user, the biotechnology and pharmaceutical companies segment led the market with a share of about 33% in 2020.
- Geographically, in 2021 North America held a significant position with a market share of nearly 40%
Factors accelerating the Precision Medicine Market growth:
The growing profile of precision medicine and the increased use of A.I. in healthcare are influencing market expansion.
- The market has changed significantly over the past ten years. The industry has witnessed an increase in businesses and public and private research institutes. Scientists' continual and uncompromising efforts to analyze the human genome and find genomic biomarkers have been successful. In addition, government programs have also significantly contributed to the growth of the market.
- Biotechnology has advanced tremendously in the last decade. Computers have become faster and smaller in size, while datasets are becoming more diverse and larger in volume. These advancements are fuelling the engine of artificial intelligence in medical science, creating tremendous opportunities in precision medicine. A.I. advancements are changing the medical industry by supporting medical practitioners in recording clinical data and monitoring it regularly with greater accuracy and fewer errors.
Precision Medicine Market: A thorough Segmentation Analysis
The precision medicine market segmentation is done on the basis of technology, end-user, application, sequencing technology, product, route of administration, drugs, and region.
By Technology
- Drug Discovery
- Bioinformatics
- Big Data Analytics
- Gene Sequencing
- Companion Diagnostics
- Other Technologies
By Application
- CNS
- Respiratory
- Immunology
- Oncology
- Other Applications
By End-User
- Research Centers and Academic Institutes
- Pharmaceutical and Biotechnology Companies
- Healthcare Providers
- Other End Users
By Sequencing Technology
- Chain Termination Sequencing
- Nanopore Sequencing
- Sequencing by Ligation
- Pyrosequencing
- Ion Semiconductor Sequencing
- Single Molecule Real Time Sequencing
- Sequencing by Synthesis
By Product
- Instruments
- Services
- Consumables
By Route of Administration
- Injectable
- Oral
By Drugs
- Mepolizumab
- Osimertinib
- Aripiprazole Lauroxil
- Alectinib
- Others
By Region
North America
- Mexico
- Canada
- United States
- Rest of North America
Europe
- United Kingdom
- France
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
LAMEA
- Argentina
- Brazil
- Saudi Arabia
- Uruguay
- UAE
- Rest of LAMEA
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On the basis of technology, drug discovery segment held a dominant position with a revenue share of nearly 2.15%. The segment is growing due to factors like a rise in initiatives for research and development from private and public organizations to build novel drugs, developments in pharmacogenomics, and a rising demand for the creation of precision medicine.
Oncology segment was the biggest market contributor, with a revenue share of nearly 40% in 2020 on the basis of application. Based on the size of the cancerous tumor cell, precision medicine aids in the treatment of various cancers through chemotherapy, surgery, radiation therapy, and immunotherapy. With the help of precision medicine, alternative therapies can be chosen by knowing an individual's tumor's genetic changes. Mepolizumab is a treatment for breast and lung cancer that works well, contributing to the market's expansion.
In terms of end-user, the biotechnology and pharmaceutical companies segment led the market with a share of about 33% in 2020. The segment's overall growth is fuelled by factors like the use of cutting-edge technologies and the emergence of significant market participants involved in numerous investment initiatives.
Geographically, in 2020 North America held a significant position with a market share of nearly 40%. The rising incidence of cancer and the emergence of major market players in the area are the main drivers of market expansion in the region. Furthermore, government initiatives and rapidly increasing investment in the creation of cutting-edge treatments for efficient disease management are boosting the demand for precision medicine in the region.
Precision Medicine Market Report Coverage
| Report Attribute | Details |
| Forecast Period | 2021 - 2030 |
| The market size value in 2021 | USD 65.22 Billion |
| The revenue forecast in 2030 | USD 174.6 Billion |
| Growth rate | 11.5 percent |
| The base year for estimation | 2020 |
| Historical data | 2017 - 2020 |
| Unit | USD Billion, CAGR (2021 - 2030) |
| Segmentation | Technology, Application, End User, Sequencing Technology, Product, Route of Administration, Drugs, Region. |
| By Technology | Bioinformatics, Big Data Analytics, Drug Discovery, Gene Sequencing, Companion Diagnostics |
| By Application | Respiratory, Oncology, Immunology, CNS |
| By End-User | Healthcare Providers, Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies |
| By Region | North America, Europe, Asia Pacific and LAMEA |
| Country Scope | U.S., Canada, France, Germany, U.K., China, Japan, India, South Korea, Mexico, Brazil, U.A.E. etc. |
| Company Usability Profiles | Syapse, Inc., Foundation Medicine, 2bPrecise LLC, SOPHiA GENETICS SA, Fabric Genomics PierianDx, Inc., Human Longevity, Koninklijke Philips N.V. N-of-One, Translational Software, Inc., Sunquest Information Systems Inc., Gene42, Inc., LifeOmic Health, Tempus Labs, Inc., Flatiron Health, Inc., LLC, NantHealth, Inc., IBM Watson Group, etc, Abbott, AB-Biotics SA, GE Healthcare, LABORATORY CORPORATION OF AMERICA HOLDINGS, Biocrates Life Sciences, ABBOTT LABORATORIES, Glaxosmithkline Plc (GSK), Genelex, Johnson & Johnson, HealthCore, Inc., Dako A/S, Koninklijke Philips N.V. |
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Key players in Precision Medicine Market:
- Translational Software, Inc.
- N-of-One, Inc.
- Human Longevity, Inc.
- Gene42, Inc.
- Johnson & Johnson
- HealthCore, Inc.
- Dako A/S
- LifeOmic Health
- Foundation Medicine, Inc.
- Fabric Genomics
- SOPHiA GENETICS SA
- PierianDx, Inc.
- Syapse, Inc.
- 2bPrecise LLC
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- Biocrates Life Sciences
- Flatiron Health, Inc.
- Koninklijke Philips N.V.
- Abbott
- AB-Biotics SA
- Glaxosmithkline Plc (GSK)
- Sunquest Information
- LLC
- NantHealth, Inc.
- Tempus Labs, Inc.
- IBM Watson Group
- G.E. Healthcare
- ABBOTT LABORATORIES
- Genelex
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Recent Development
- G.E. Healthcare launched the new Omni Legendi at the European Association of Nuclear Medicine Annual Meeting, the first system on its brand-new, all-digital PET/CT platform.
- To enhance healthcare workflows all over the world, SOPHiA GENETICS and Microsoft have entered a multi-year inclusive strategic partnership. This investment will establish the foundation for multimodal data curation, advancement, and deployment in the next era of healthcare. The SOPHiA DDM Platform powered by Microsoft Azure will improve patient care by delivering cutting-edge results for precision medicine.
- OraSure Technologies, Inc., a leader in point-of-care, at-home, and sample collection technologies announced that its ORAcollect Dx saliva collection device has been approved for OTC (direct-to-consumer) use by the U.S. FDA.
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