As per our analysis report, the global precision medicine market size is forecasted to grow USD 96.75 billion by 2026 from USD 56.14 billion in 2020. This market is projected to grow at a healthy compound annual growth rate (CAGR) of 11.5% from 2021 to 2026. Companies such as Pfizer Inc., Qiagen NV, Medtronic PLC, Novartis AG, and Thermo Fisher Scientific Inc. are expected to account for most of the precision medicine market share globally during the forecast period.
Precision medicine, also known as personalized medicine or genomic medicine, is one of the modern healthcare sector trends, which is used for the protective health and treatment of diseases.
The increasing funding by various governments for precision medicine initiatives, availability of favorable regulatory conditions, growing increasing product launches, and R & D activities in countries like the U.S. and China are significant factors primarily promoting the global precision medicine market growth.
For Instance, as per Health Europa, the U.K. government had spent nearly 272.1 million Euros in precision medicine to develop novel diagnostic tools and treatments and medical products in May 2019.
Additionally, factors such as the continually increasing population of cancer patients and collaborations between software and pharmaceutical companies and growing investments in HCIT, and advancements of technology leading to rapid digitalization are catalyzing the growth of the worldwide precision medicine market. As per the International Agency for Research on Cancer, the global cancer patient's base had increased to 18.1 new million cases in 2018.
Intensive focus on initiatives from the private and public organizations for developing precision medicines for targeted therapies is likely to offer growth opportunities for the key players in the global precision medicine market during the forecast period. Integration of smart technologies in healthcare, the growing popularity of precision medicines due to the rise in demand for personalized treatment and healthcare care devices, and the emergence of novel and innovative methods for precision treatment and therapy techniques drive global precision medicine market growth.
Lack of skilled professionals with I.T. expertise in healthcare and high costs associated with deployment and maintenance are the major factors restraining the global precision medicine market.
Furthermore, factors such as the unavailability of favorable reimbursement policies for the treatments based on precision medicines, storage problems for the large volumes of data, and security breaches inhibit the global precision medicine market.
COVID-19 impact on the global precision medicine market:
COVID-19 pandemic is a boom for the precision medicine market across all geographies. The shares of the market propelled since the start of the COVID 19 as precision medicine is a future for developing the individual patient's best treatment procedure. As coronavirus disease shows varied symptoms in every individual, it is challenging to evaluate proper treatment procedures. But with the help of precision medicine, the researchers are finding a way to treat the patients appropriately by performing proper diagnostic procedures. By collecting the patient's required historical health data, the healthcare professionals are making efforts to provide targeted treatment procedures for the severely ill patients with the COVID 19. The market shares are to continue the same flow in the coming years as well.
Precision Medicine Market in the Asia-Pacific:
The Asia-Pacific market is esteemed to hike at a 12.5% CAGR between 2020 to 2025. The rising geriatric population is a significant factor propelling the growth rate of the market. It is estimated that almost 50% of the world’s population above 65 are in the Asia Pacific region. Also, there is an increasing incidence of cancer diseases among the aging population where wealthy people opt for better treatment procedures at any cost. India and China are significant countries contributing the highest shares of the market according to their GDP performances from recent years in the healthcare sector. Growing investments in the biopharmaceutical companies in these countries are eventually fuelling the demand of the market. Increasing disposable in urban areas is additionally prompting the growth rate of the market. Different strategies by key players in offering end users an approach that is precision treatment procedures are solely leveraging the market demand. Expanding healthcare centers and clinics and rising awareness among people are surging the growth rate of the precision medicine market in the Asia Pacific. In India, many novel drugs in the pipeline developed using biomarkers are estimated to help treat chronic diseases like cancer.
Market Size Available
2020 to 2026
2021 to 2026
By Technology, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This report on the global precision medicine market has been segmented and sub-segmented based on the Technology, application, and region.
Precision Medicine Market - By Technology:
Based on the technology, the drug discovery segment is expected to dominate during the forecast period. It is likely to grow further during the forecast period due to increasing research and development initiatives by public and private organizations to develop novel and innovative drugs. The significant data analytics segment is growing rapidly and is expected to witness a substantial boost in the global precision medicine market over the forecast period. The rising demand to develop innovative drugs or vaccines in favor of the end-users is solely to fuel the market demand.
The gene sequencing segment is also anticipated to have significant market shares due to ongoing research and development activities with sequencing technologies.
Bioinformatics and companion diagnostics segments are also deemed to have the highest growth opportunities in the coming years. Increasing awareness over the utilization of different laboratories and growing prevalence to launch new diagnostic procedures is likely to prompt these segments' demand.
Precision Medicine Market - By Application:
Based on application, the oncology segment contributed a significant share of revenues to the global precision medicine market in 2020. The section is likely to grow owing to the factors such as the rising prevalence of oncological conditions, a wide range of applications in oncology research, an increasing account of the cancer population, an influx of investments by public and private organizations in research activities for cancer, and rising focus of government organizations to provide enhanced healthcare to people. The oncology segment is gaining traction over market demand. The rise in the incidences of cancer diseases due to changes in food habits and adopting a sedentary lifestyle is a major factor for the segment to grow tremendously. Europe and the US are the major countries contributing the highest shares for this segment with the increasing patient pool in oncology for personalized medicine applications. Immunology and Respiratory are following the oncology segment is leading the dominant shares of the market. The rapid spread of COVID 19 is a key driving factor for these segments to grow. Government support through funds to improve the healthcare infrastructure is also leveraging the demand of the market.
CNS and Immunology segments are other significant contributing segments suspected of expanding further during the forecast period.
Precision Medicine Market - By Region:
Regionally, North America is the biggest market in terms of market share globally, followed by Europe. The spread of analytics and awareness of its potential is increasing at a rapid rate in Europe. The market in North America is highly driven due to a higher acceptance rate, patient affordability, and upgrading in gene mapping technologies.
The European region is next to North America, leading the majority of the shares in the global precision medicine market. Due to the growing obtainment of precise diagnostic tools, electronic healthcare goods, and the recommended medicine, especially for diseases that are considered to accelerate the market growth in this region. The United Kingdom's personal medicine market is expected to play a leading role. It is due to the support receiving from the government and also the increase of cancer.
Asia-Pacific region is regarded as the quickest growing market due to medical management groundwork advancements, increasing aging population, initiatives from the government, and contributions from academic laboratories, and increasing taxable income. This region is expected to occupy a market share of 14% in the global market during the forecast period, and this is due to increasing payable income levels.
The Latin American region performs well during the forecast period due to the advancement in healthcare framework, populace growth, and biotechnology production growth. Moreover, the factor like having completed no knowledge related to health is likely to be increasing fixedly that helps this region to produce strength in the upcoming years.
The Middle East & Africa is likely to produce a significant growth share in the global precision market due to increased cancer cases. Also, the government took steps to improve the healthcare that has been committed to market development. In MEA, the healthcare industry is growing rapidly in Botswana, Ghana, and South Africa.
KEY MARKET PLAYERS:
Companies leading the global precision medicine market profiled in the report are Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic & Quest Diagnostics.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Big Data Analytics
5.1.4 Gene Sequencing
5.1.5 Drug Discovery
5.1.6 Companion Diagnostics
5.1.8 Y-o-Y Growth Analysis, By Technology
5.1.9 Market Attractiveness Analysis, By Technology
5.1.10 Market Share Analysis, By Technology
5.2.7 Y-o-Y Growth Analysis, By Application
5.2.8 Market Attractiveness Analysis, By Application
5.2.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.4 Market Attractiveness Analysis
6.1.5 Market Share Analysis
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.6 Biocrates Life Sciences
8.7 Teva Pharmaceutical
8.8 Nanostring Technologies
8.9 Laboratory Corporation of America Holdings
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures