Precision Medicine Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the worldwide Precision Medicine Market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global precision medicine market from 2024 to 2031.

Key Insights:

Precision Medicine Market Size (2024E): US$30.7 Bn
Projected Market Value (2031F): US$67.4 Bn
Global Market Growth Rate (CAGR 2024 to 2031):12.6%

Precision Medicine Market - Report Scope:

Precision medicine is an innovative approach to tailoring medical treatment to the individual characteristics of each patient. This field encompasses various medical areas, including oncology, cardiology, and neurology, leveraging genomic information and other patient data to guide therapeutic decisions. The precision medicine market serves a diverse range of stakeholders, including healthcare providers, pharmaceutical companies, and diagnostic laboratories, focusing on personalized therapies, companion diagnostics, and advanced therapeutics. Market growth is driven by increasing prevalence of chronic diseases, rising demand for personalized healthcare, advancements in genomic and proteomic technologies, and growing investments in research and development.

Market Growth Drivers:

The global precision medicine market is propelled by several key factors, including the increasing incidence of chronic diseases such as cancer and cardiovascular disorders, which necessitate more targeted treatment options. Advancements in genomic sequencing technologies and a decline in their costs facilitate the integration of genetic data into clinical practice, enhancing the effectiveness of personalized therapies. Furthermore, rising patient awareness regarding the benefits of precision medicine and an increasing emphasis on patient-centered care drive the demand for tailored treatment options. The growing collaboration between technology companies and healthcare providers is also fostering innovation in the development of digital health tools and platforms that support precision medicine initiatives, ultimately broadening patient access to personalized care.

Market Restraints:

Despite promising growth prospects, the precision medicine market faces challenges related to regulatory hurdles, high costs associated with genomic testing, and concerns regarding data privacy and security. Navigating the complex regulatory landscape can hinder the speed at which new therapies and diagnostics are introduced to the market. Additionally, the high expenses involved in precision medicine technologies may limit their accessibility, particularly in developing regions where healthcare budgets are constrained. Addressing these challenges requires ongoing collaboration between industry stakeholders, regulators, and healthcare providers to establish clear guidelines and support for the adoption of precision medicine across various healthcare settings.

Market Opportunities:

The precision medicine market presents significant growth opportunities driven by technological innovations, increased investment in genomics research, and the expanding role of artificial intelligence in healthcare. The integration of AI and machine learning into precision medicine applications can enhance data analysis, improve patient outcomes, and streamline drug discovery processes. Moreover, the growing trend of remote patient monitoring and telehealth services enables healthcare providers to deliver personalized care more effectively. Strategic partnerships, investment in R&D, and the development of user-friendly, cost-effective precision medicine solutions are essential to capitalize on emerging opportunities and sustain market leadership in the dynamic landscape of personalized healthcare.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the precision medicine market globally?
Which therapeutic areas and technologies are most influential in the adoption of precision medicine?
How are advancements in genomic technologies reshaping the competitive landscape of the precision medicine market?
Who are the key players contributing to the precision medicine market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global precision medicine market?

Competitive Intelligence and Business Strategy:

Leading players in the global precision medicine market, including Illumina, Inc., Thermo Fisher Scientific Inc., and Roche Holding AG, focus on innovation, product differentiation, and strategic collaborations to gain a competitive edge. These companies invest in R&D to develop advanced genomic sequencing technologies, diagnostic tools, and personalized therapies, catering to diverse patient needs and clinical requirements. Collaborations with research institutions, healthcare providers, and regulatory bodies facilitate market access and promote technology adoption. Moreover, an emphasis on clinical research, evidence-based practice, and patient engagement enhances market growth and improves patient outcomes in the rapidly evolving precision medicine landscape.

Key Companies Profiled:

Illumina, Inc.
Thermo Fisher Scientific Inc.
Roche Holding AG
GRAIL, Inc.
23andMe, Inc.
Foundation Medicine, Inc.
Myriad Genetics, Inc.
Novartis AG
Merck & Co., Inc.
AstraZeneca

Key Segments Covered in Precision Medicine Market Industry Research

By Type

Inhibitor drugs
Monoclonal Antibodies
Cell & Gene Therapy
Antiviral & Anti-retroviral drugs
Other Therapeutic Products

By Indication

Oncology
Rare Diseases
Infectious diseases
Hematological disorders
Other indications

By End User

Hospitals and Clinics
Home care settings

By Region

North America
Europe
Asia Pacific (APAC)
Latin America
Middle East
Africa

Product Code: PMRREP12646

1. Executive Summary

2. Market Introduction

2.1. Market Definition
2.2. Market Taxonomy

3. Global Precision Medicine Market Analysis Scenario

3.1. Market Size (US$ Bn) and Forecast
- 3.1.1. Market Size and Y-o-Y Growth
- 3.1.2. Absolute $ Opportunity
3.2. Market Overview

4. Market Dynamics

4.1. Macro-economic Factors
4.2. Drivers
- 4.2.1. Supply Side
- 4.2.2. Demand Side
4.3. Restraints
4.4. Opportunity
4.5. Forecast Factors - Relevance and Impact
4.6. Technology Advancement
4.7. Application Expansion
4.8. Research Funding

5. Global Precision Medicine Market Analysis and Forecasts, By Technology

5.1. Introduction
5.2. Basis Point Share (BPS) Analysis By Technology Type
5.3. Y-o-Y Growth Projections By Technology Type
5.4. Market value Forecast By Technology, 2024-2031
- 5.4.1. NGS
- 5.4.2. Drug Discovery Technologies
- 5.4.3. Bioinformatics
5.5. Prominent Trends
5.6. Market Attractiveness By Technology

6. Global Precision Medicine Market Analysis and Forecasts, By Application

6.1. Introduction
6.2. Basis Point Share (BPS) Analysis By Application
6.3. Y-o-Y Growth Projections By Application
6.4. Market value Forecast By Application, 2024-2031
- 6.4.1. Oncology
- 6.4.2. Immunology
- 6.4.3. Neurology
- 6.4.4. Cardiology
- 6.4.5. Infectious Diseases
- 6.4.6. Others
6.5. Prominent Trends
6.6. Market Attractiveness By Application

7. Global Precision Medicine Market Analysis and Forecasts, By Region

7.1. Basis Point Share (BPS) Analysis By Region
7.2. Y-o-Y Growth Projections By Region
7.3. Market value Forecast By Region
- 7.3.1. North America
- 7.3.2. Latin America
- 7.3.3. Europe
- 7.3.4. Asia Pacific
- 7.3.5. Middle East and Africa
7.4. Market Attractiveness By Region

8. North America Precision Medicine Market Analysis and Forecast

8.1. Introduction
- 8.1.1. Basis Point Share (BPS) Analysis By Country
- 8.1.2. Y-o-Y Growth Projections By Country
- 8.1.3. Key Regulations
8.2. Market value Forecast By Technology, 2024-2031
- 8.2.1. NGS
- 8.2.2. Drug Discovery Technologies
- 8.2.3. Bioinformatics
8.3. Market value Forecast By Application, 2024-2031
- 8.3.1. Oncology
- 8.3.2. Immunology
- 8.3.3. Neurology
- 8.3.4. Cardiology
- 8.3.5. Infectious Diseases
- 8.3.6. Others
8.4. Market value Forecast By Country, 2024-2031
- 8.4.1. U.S.
- 8.4.2. Canada
8.5. Market Attractiveness Analysis
- 8.5.1. By Technology
- 8.5.2. By Application
- 8.5.3. By Country
8.6. Prominent Trends
8.7. Drivers and Restraints: Impact Analysis

9. Latin America Precision Medicine Market Analysis and Forecast

9.1. Introduction
- 9.1.1. Basis Point Share (BPS) Analysis By Country
- 9.1.2. Y-o-Y Growth Projections By Country
- 9.1.3. Key Regulations
9.2. Market value Forecast By Technology, 2024-2031
- 9.2.1. NGS
- 9.2.2. Drug Discovery Technologies
- 9.2.3. Bioinformatics
9.3. Market value Forecast By Application, 2024-2031
- 9.3.1. Oncology
- 9.3.2. Immunology
- 9.3.3. Neurology
- 9.3.4. Cardiology
- 9.3.5. Infectious Diseases
- 9.3.6. Others
9.4. Market value Forecast By Country, 2024-2031
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Market Attractiveness Analysis
- 9.5.1. By Technology
- 9.5.2. By Application
- 9.5.3. By Country
9.6. Prominent Trends
9.7. Drivers and Restraints: Impact Analysis

10. Europe Precision Medicine Market Analysis and Forecast

10.1. Introduction
- 10.1.1. Basis Point Share (BPS) Analysis By Country
- 10.1.2. Y-o-Y Growth Projections By Country
- 10.1.3. Key Regulations
10.2. Market value Forecast By Technology, 2024-2031
- 10.2.1. NGS
- 10.2.2. Drug Discovery Technologies
- 10.2.3. Bioinformatics
10.3. Market value Forecast By Application, 2024-2031
- 10.3.1. Oncology
- 10.3.2. Immunology
- 10.3.3. Neurology
- 10.3.4. Cardiology
- 10.3.5. Infectious Diseases
- 10.3.6. Others
10.4. Market value Forecast By Country, 2024-2031
- 10.4.1. U.K.
- 10.4.2. France
- 10.4.3. Germany
- 10.4.4. Italy
- 10.4.5. Spain
- 10.4.6. Rest of Europe
10.5. Market Attractiveness Analysis
- 10.5.1. By Technology
- 10.5.2. By Application
- 10.5.3. By Country
10.6. Prominent Trends
10.7. Drivers and Restraints: Impact Analysis

11. Asia Pacific Precision Medicine Market Analysis and Forecast

11.1. Introduction
- 11.1.1. Basis Point Share (BPS) Analysis By Country
- 11.1.2. Y-o-Y Growth Projections By Country
- 11.1.3. Key Regulations
11.2. Market value Forecast By Technology, 2024-2031
- 11.2.1. NGS
- 11.2.2. Drug Discovery Technologies
- 11.2.3. Bioinformatics
11.3. Market value Forecast By Application, 2024-2031
- 11.3.1. Oncology
- 11.3.2. Immunology
- 11.3.3. Neurology
- 11.3.4. Cardiology
- 11.3.5. Infectious Diseases
- 11.3.6. Others
11.4. Market value Forecast By Country, 2024-2031
- 11.4.1. Japan
- 11.4.2. China
- 11.4.3. India
- 11.4.4. Australia
- 11.4.5. New Zealand
- 11.4.6. Rest of Asia Pacific
11.5. Market Attractiveness Analysis
- 11.5.1. By Technology
- 11.5.2. By Application
- 11.5.3. By Country
11.6. Prominent Trends
11.7. Drivers and Restraints: Impact Analysis

12. Middle East and Africa Precision Medicine Market Analysis and Forecast

12.1. Introduction
- 12.1.1. Basis Point Share (BPS) Analysis By Country
- 12.1.2. Y-o-Y Growth Projections By Country
- 12.1.3. Key Regulations
12.2. Market value Forecast By Technology, 2024-2031
- 12.2.1. NGS
- 12.2.2. Drug Discovery Technologies
- 12.2.3. Bioinformatics
12.3. Market value Forecast By Application, 2024-2031
- 12.3.1. Oncology
- 12.3.2. Immunology
- 12.3.3. Neurology
- 12.3.4. Cardiology
- 12.3.5. Infectious Diseases
- 12.3.6. Others
12.4. Market value Forecast By Country, 2024-2031
- 12.4.1. GCC Countries
- 12.4.2. South Africa
- 12.4.3. Saudi Arabia
- 12.4.4. Rest of MEA
12.5. Market Attractiveness Analysis
- 12.5.1. By Technology
- 12.5.2. By Application
- 12.5.3. By Country
12.6. Prominent Trends
12.7. Drivers and Restraints: Impact Analysis

13. Competition Landscape

13.1. Competition Dashboard
13.2. Market Share Analysis By Company
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 13.3.1. F. Hoffmann-La Roche AG
- 13.3.2. Illumina, Inc.
- 13.3.3. Thermo Fisher Scientific Inc.
- 13.3.4. QIAGEN
- 13.3.5. Quest Diagnostics
- 13.3.6. Laboratory Corporation of America Holdings
- 13.3.7. Novartis AG
- 13.3.8. AstraZeneca
- 13.3.9. Bristol-Myers Squibb
- 13.3.10. Eli Lilly And Company