PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490308
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490308
Precision Medicine Market size was valued at USD 30,154.2 Million in 2023, expanding at a CAGR of 12.40% from 2024 to 2032.
Precision medicine, also known as personalized medicine or individualized medicine, is a method of healthcare that considers individual differences in genes, environment, and lifestyle when developing medical treatment plans and actions. Rather of taking a one-size-fits-all strategy, precision medicine seeks to personalize medical decisions and treatments to the unique characteristics of each patient.
Precision Medicine Market- Market Dynamics
Precision Medicine Utilizes Genetics and Proteins for Personalized Treatments, Driving Market Growth
Precision medicine uses the patient's genes and proteins to create a personalized treatment specifically tailored to treat their specific disease. Due to key findings like single nucleotide polymorphism and microarray/biochips in the realm of precision medicine, the market is anticipated to see significant growth in the near future. Studying the human genome is crucial for the advancement of precision medicine and has the ability to revolutionize medical care for each patient by analyzing their genetics, molecular makeup, and clinical features to provide tailored treatments for curing diseases. The mentioned factors are expected to boost the demand for precision medicine in the coming years. In addition, an increase in cancer cases is projected to drive the need for precision medicine for individualized treatments and testing, positively impacting market expansion. In the United States in 2018, close to 1.7 Million new cancer cases were diagnosed.
Precision Medicine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.40% over the forecast period (2024-2032)
Based on Type segmentation, Inhibitor drugs was predicted to show maximum market share in the year 2023
Based on Indication segmentation, Oncology was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Precision Medicine Market is segmented on the basis of Type, Indication, End User, and Region.
The market is divided into three categories based on Type: Inhibitor drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-retroviral drugs and Other Therapeutic Products. In 2023, the inhibitor drugs category accounted for the biggest share of the market due to factors such as increased effectiveness of inhibitor pharmaceuticals and a significant number of commercially approved drugs. Furthermore, inhibitor medications cover a wide range of indications, including oncology and uncommon illnesses.
The market is divided into two categories based on Indication: Oncology, Rare Diseases, Infectious diseases, Hematological disorders, and Other indications. The oncology category dominated the market from 2023 to 2032. Precision oncology is a rapidly emerging and promising research subject that allows for individualized therapy based on an individual's molecular and genetic traits. However, the central nervous system is the fastest-growing category over the predicted period, owing to the increased availability of precision medicine. The central nervous system Targeted Agent Prediction (CNS TAP) System was developed to help in the selection of precision medicine therapies based on patient-specific genomic data.
Precision Medicine Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In terms of revenue, North America is the largest market share holding region in 2023 and is expected to continue its position in the future years. The increasing frequency of cancer, as well as the presence of prominent market players in the region, are projected to be key drivers driving market expansion in the region. Furthermore, demand for precision medicine is being driven mostly by positive government initiatives and increased investment in creating novel solutions for optimal illness management.
The Asia-Pacific precision medicine market is predicted to develop at the quickest CAGR between 2023 and 2032. This is owing to the availability of low-cost clinical trials for cutting-edge precision medicine, as well as significant investments in healthcare facilities and technology. Furthermore, the Chinese precision medicine industry had the biggest market share, while India's precision medicine market was the fastest-growing in the Asia-Pacific region.
Major market players are investing heavily in research and development to extend their product lines, which will help the precision medicine market grow even more. Market participants are also pursuing strategic measures to expand their global footprint, including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other businesses. Precision medicine competitors must provide cost-effective products in order to expand and survive in an increasingly competitive and rising market environment.
In January 2022, AstraZeneca and Scorpion Therapeutics have agreed to collaborate on the development, marketing, and discovery of precision therapies targeting hitherto difficult-to-target cancer proteins. It could transform oncology treatment by overcoming the challenges of targeting transcription factors and reaching underserved patient populations. It focuses on proteins known as transcription factors, which regulate important physiological processes and gene expression.
GLOBAL PRECISION MEDICINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Hoffmann-La Roche Ltd. (Switzerland)
Novartis AG (Switzerland)
Pfizer Inc. (US)
Bristol Myers Squibb (US)
AstraZeneca (UK)
Gilead Sciences, Inc. (US)
AbbVie Inc. (US)
Eli Lilly and Company (US)
GlaxoSmithKline plc (UK)
Sanofi (France)
Johnson & Johnson (US)
Merck KGaA (Germany)
Amgen, Inc. (US)
Others