Global Precision Medicine Market - 2024 - 2031

Report Overview

The Global Precision Medicine Market reached US$ 77.83 billion in 2023 and is expected to reach US$ 131.41 billion by 2031 growing with a CAGR of 6.9% during the forecast period 2024-2031.

Precision medicine, also referred to as personalized medicine, is a healthcare model designed to deliver the appropriate treatment to a patient at the optimal moment by taking into account their unique needs. This approach categorizes individuals into groups based on their genetic makeup, environmental factors, and lifestyle choices, allowing for the customization of medical decisions, practices, and interventions for each patient. The aim is to enhance the accuracy, proactivity, and predictability of diagnosis, treatment, and prevention strategies.

It can be utilized for various purposes, including diagnosis, treatment planning, assessment of treatment efficacy, prognosis, and risk evaluation. This approach involves recognizing the unique molecular characteristics of different cancers to establish more accurate subtypes and employing targeted therapies alongside tumor marker testing. Additionally, precision medicine can assess a patient's likelihood of developing specific cancer types.

Precision medicine leverages advanced technologies such as mobile health applications, imaging techniques, big data analytics, artificial intelligence, and social networking. Despite its potential, there are significant challenges to integrating precision medicine technologies into healthcare practices.

Market Dynamics: Drivers

Increasing prevalence of chronic diseases and advancements in cancer biology

The demand for the global precision medicine market is driven by multiple factors. One of the primary factors is the increasing prevalence of chronic diseases and advancements in cancer biology. Chronic diseases such as cancer, diabetes, and cardiovascular conditions are increasingly prevalent worldwide. These illnesses not only impact individual health but also place significant strain on healthcare systems.

Recent developments in cancer biology have greatly improved the understanding of the disease's fundamental mechanisms, leading to more effective strategies in precision medicine. Molecular profiling includes the capability to perform comprehensive genomic analyses of tumors and enables the identification of specific biomarkers that can forecast a patient's response to various therapies.

Moreover, the integration of omics technologies such as the advantage of technologies like genomics, proteomics, and metabolomics-collectively known as "omics"-has transformed cancer research, and also the application of artificial intelligence (AI) and machine learning (ML) in analyzing extensive datasets from cancer research represents another significant advancement that enhances precision medicine.

In addition, key payers in the industry introduce AI into precision medicine and investments in drug discovery that would drive this market growth. For instance, in June 2023, Dartmouth University established the Center for Precision Health and Artificial Intelligence (CPHAI) to drive interdisciplinary research aimed at leveraging artificial intelligence (AI) and biomedical data to enhance precision medicine and improve overall health outcomes. This new center, launched with an initial investment of $2 million from Dartmouth's Geisel School of Medicine and Dartmouth Cancer Center, will spearhead efforts to harness the power of AI and data-driven insights to personalize healthcare strategies and optimize patient care.

Similarly, in May 2023, At the Bio-IT World Conference, Google Cloud unveiled two new AI-driven life sciences solutions designed to expedite drug discovery and enhance precision medicine for biotech companies, pharmaceutical firms, and public sector organizations. The Target and Lead Identification Suite assist researchers in better understanding amino acid functions and predicting protein structures. The Multiomics Suite accelerates the discovery and interpretation of genomic data, enabling companies to develop precision treatments more effectively.

Restraints

Factors such as the high cost of technologies, data privacy and security concerns, regulatory and reimbursement challenges, and shortage of skilled professionals are expected to hamper the market.

Market Segment Analysis

The global precision medicine market is segmented based on technology, application, and region.

The oncology segment accounted for approximately 52.4% of the global precision medicine market share

The oncology segment is expected to hold the largest market share over the forecast period. This segment is experiencing significant growth due to several factors, including the increasing incidence of cancer, advancements in cancer biology, and the integration of innovative technologies.

Advancements in genomic profiling, particularly next-generation sequencing (NGS), have transformed the capability to examine tumors at a molecular level. This technology facilitates the detection of specific genetic mutations and biomarkers that can guide treatment choices, allowing oncologists to choose therapies that are more likely to be effective for individual patients.

Moreover, key player's strategies such as partnerships & collaborations, and innovative launches in this segment drive this market growth. For instance, in June 2024, Tempus, a pioneer in artificial intelligence and precision medicine, expanded its collaboration with AstraZeneca. This partnership leverages Tempus Next, a platform that equips physicians with technology to support the delivery of guideline-directed biomarker testing for patients with non-small cell lung cancer (NSCLC). This program assists physicians in identifying NSCLC patients who may benefit from guideline-directed molecular testing, including screening for epidermal growth factor receptor (EGFR) mutations.

Also, in June 2023, The National Cancer Institute (NCI) launched a significant initiative focused on precision medicine in cancer treatment, aimed at evaluating the effectiveness of new drug combinations for both adults and children with specific tumor alterations. This initiative named the Combination Therapy Platform Trial with Molecular Analysis for Therapy Choice (ComboMATCH), is the largest effort of its kind to test cancer drug combinations based on tumor biology. The primary goal of ComboMATCH is to identify effective treatments that can progress to larger, more conclusive clinical trials beyond this platform.

Market Geographical Share

North America accounted for approximately 43.8% of the global precision medicine market share

North America region is expected to hold the largest market share over the forecast period owing to the increasing incidence of chronic diseases, especially cancer, cardiovascular diseases, and diabetes, which is a major factor driving the precision medicine market in North America. Cancer continues to be a leading cause of mortality in both the United States and Canada, with around 9 million new cancer cases reported in the U.S. in 2023.

Moreover, advancements in genomic technologies, government initiatives & funding, mergers & acquisitions, and well-advanced healthcare infrastructure are driving this market growth. For instance, in January 2024, BIOS Health is set to establish a precision medicine center in Bakersfield, California, following a successful growth funding round that included key partners like Kern Venture Group. This new facility will focus on neural clinical trials and research, utilizing BIOS's innovative adaptive dosing technology that employs AI and neural biomarkers.

The center aims to address significant challenges in the healthcare industry, particularly the lack of clear data regarding the nervous system's responses to new medications and devices, which often leads to high failure rates in clinical trials. By providing real-time insights into how treatments affect patients' nervous systems, BIOS Health hopes to optimize drug dosing and improve clinical trial success rates.

Similarly, in April 2023, Merck enhanced its immunology pipeline by acquiring Prometheus Biosciences, a clinical-stage biotechnology firm, for approximately $10.8 billion. This acquisition focuses on Prometheus's lead candidate, PRA023, a novel monoclonal antibody designed for the treatment of ulcerative colitis, Crohn's disease, and other autoimmune conditions. Prometheus Biosciences is recognized for its extensive data set, which supports target discovery and enables a precision medicine approach in the fields of inflammation and immunology. The acquisition allows Merck to leverage this data to advance its research and development efforts in immunology, addressing significant unmet needs in patient care.

Market Segmentation

By Technology

Big Data Analytics

Bioinformatics

Gene Sequencing

Drug Discovery

Companion Diagnostics

Others

By Application

Diagnostics

Genetic Tests

Direct to Consumer Tests

Esoteric Tests

Others

Therapeutics

Pharmaceuticals

Oncology

Respiratory Diseases

Skin Diseases

CNS Disorders

Immunology

Genetic Diseases

Others

Others

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Spain

Italy

Rest of Europe

South America

Brazil

Argentina

The rest of South America

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Middle East and Africa

Market Competitive Landscape

The major global players in the precision medicine market include F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., AstraZeneca, Pfizer Inc., GSK plc, Biogen, Bristol-Myers Squibb Company, Abbott, Merck & Co., Inc., and BGI among others.

Key Developments

In March 2024, Mirador Therapeutics officially launched, securing over $400 million in funding led by ARCH Venture Partners. The startup's mission is to "transform precision medicine for immune-mediated inflammatory and fibrotic diseases," as stated in their announcement. They plan to achieve this by utilizing their proprietary Mirador360 development engine, which will facilitate the rapid advancement of various drug discovery and diagnostic programs.

In January 2024, Siemens Healthineers and the Indian Institute of Science (IISc) inaugurated the Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory for AI in Precision Medicine at the IISc campus. This laboratory will focus on creating open-source AI tools to automate the precise segmentation of pathological findings in neuroimaging data, aiming to enhance the accurate diagnosis of neurological diseases and assess their clinical impact on a population level.

In May 2023, Bayer's Consumer Health Division established a new business unit dedicated to the development of Precision Health products across its various everyday health categories. The company will emphasize creating products that empower individuals to take greater control of their health through digital solutions, which will facilitate more informed decision-making based on personal insights and innovative delivery methods.

Why Purchase the Report?

To visualize the global precision medicine market segmentation based on technology, application, and region and understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of the precision medicine market with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping is available in Excel consisting of key products of all the major players.

The global precision medicine market report would provide approximately 54 tables, 45 figures, and 184 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies