Precision Medicine Market - Growth, Trends, and Forecast (2020 - 2025)

The Precision Medicine Market is segmented by Technology, Application (Oncology, CNS, Immunology, Respiratory, Other Applications), and Geography

Market Snapshot

Study Period:

2016-2024

Base Year:

2019

Fastest Growing Market:

South America

Largest Market:

North America

Major Players:

Market Size in 2018:

USD 48.5 Billions

Market Size in 2024:

USD 84.6 Billions

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Market Overview

The global precision medicine market was valued at USD 48,554.1 million in 2018, and is estimated to be valued at USD 84,590.21 million in 2024, witnessing a CAGR of 9.7%. The key factors propelling the growth of this market are increasing online collaborative forums, increasing efforts to characterize genes, and advancements in cancer biology. The fundamental concept of precision medicine is to understand the genetic makeup and difference at a population level, and further at an individual level, in order to customize a drug that targets a particular gene type. Hence, sequencing or characterizing genes is the most important method to gain information about genes and their possible mutations.

The functional characterization of identified genomic mutations, coupled with comprehensive clinical data available in electronic health records, has the potential to provide compelling evidence to implicate novel disease and/or drug-associated mutations in phenotypically well-characterized patients. There have been increasing efforts made by both the government and private players to establish databases that contain information of characterized genes of a large population. Some countries are establishing a national repository of genetic information to accelerate the research in precision medicine. Methods, such as meta-analysis, transcriptome data analysis, and RNA-seq data analysis, are employed to characterize genes, generally.

Scope of the Report

Precision medicine, a combination of molecular biology techniques and systems biology, is an emerging approach for disease treatment and prevention. The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle, for each person, while developing drugs and vaccines.

By Technology
Big Data Analytics
Bioinformatics
Gene Sequencing
Drug Discovery
Companion Diagnostics
Other Technologies
By Application
Oncology
CNS
Immunology
Respiratory
Other Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Oncology is Expected to hold the Highest Market Share in the Application Segment

In the application segment of the precision medicine market, oncology is believed to have the largest market size and is expected to witness a CAGR of 10.3%, during the forecast period.

Precision medicine applications are primarily directed toward better treatment against oncological diseases, with an estimated more than 30% market dominance over other segments. As per the data reported in clinicaltrials.gov, the United States and some European countries are the major hubs for conducting and recruiting patient pool for precision medicine applications in oncology, globally. The high support from the government through funding and rapid growth of genomic analysis are expected to augment the growth of the precision medicine market at a fast rate, over the forecast period.

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North America Dominates the Market and is Expected to do the Same in the Forecast Period

North America currently dominates the market for precision medicine, and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. Former President Barack Obama, in 2015, unveiled the Precision Medicine Initiative (PMI), a bold new enterprise to revolutionize medicine and generate the scientific evidence needed to move the concept of precision medicine into every-day clinical practice.

The Precision Medicine Initiative also includes ongoing efforts through the Department of Veteran’s Affairs (VA), which has enrolled over 450,000 veterans in the Million Veteran Program (MVP), a participant-driven research cohort. The Food and Drug Administration (FDA), the Office of the National Coordinator for Health IT, and the Office for Civil Rights announced in February 2016 that they will build research and data capacity, technical tools, and policies to accelerate precision medicine, thereby, boosting the precision medicine market in the country.

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Competitive Landscape

The precision medicine market is highly competitive and consists of several major players, along with a number of smaller companies. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies with affordable prices. Companies, like Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals, hold substantial shares in the market.

Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Online Collaborative Forums

      2. 4.2.2 Increasing Efforts to Characterize Genes

      3. 4.2.3 Advancement in Cancer Biology

    3. 4.3 Market Restraints

      1. 4.3.1 Perils of Data Sharing

      2. 4.3.2 Shift From Treatment-based To Preventive Healthcare

      3. 4.3.3 Declining Trends in FDA Pharmacotherapy Approval Rate

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Technology

      1. 5.1.1 Big Data Analytics

      2. 5.1.2 Bioinformatics

      3. 5.1.3 Gene Sequencing

      4. 5.1.4 Drug Discovery

      5. 5.1.5 Companion Diagnostics

      6. 5.1.6 Other Technologies

    2. 5.2 By Application

      1. 5.2.1 Oncology

      2. 5.2.2 CNS

      3. 5.2.3 Immunology

      4. 5.2.4 Respiratory

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle East & Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East & Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Biocrates Life Sciences AG

      2. 6.1.2 Nanostring Technologies

      3. 6.1.3 Intomics

      4. 6.1.4 Pfizer Inc.

      5. 6.1.5 Eagle Genomics Ltd

      6. 6.1.6 Teva Pharmaceutical Industries Ltd

      7. 6.1.7 Laboratory Corporation Of America Holdings

      8. 6.1.8 Medtronic

      9. 6.1.9 Novartis AG

      10. 6.1.10 Qiagen NV

      11. 6.1.11 Quest Diagnostics Incorporated

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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