|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The precision medicine market is expected to record a CAGR of 9.2% over the forecast period.
The COVID-19 pandemic affected many different areas of the precision medicine market. Amid the pandemic, precision medicine has been advancing at a breakneck speed. The healthcare industry is focused on conducting precision medicine and genomics research to better understand COVID-19 susceptibility, measure its impact, and discover potential therapies. Precision medicine has spurred collaborative efforts between governments, medical institutions, and researchers to swiftly develop effective treatments. For instance, in July 2020, San Antonio Partnership for Precision Therapeutics provided funding for three projects aimed at accelerating intervention for COVID-19. These projects will focus on how biological substances, such as proteins in the immune system and respiratory tract, affect an individual's responses to the virus and how researchers can utilize the data to develop therapeutics.
Furthermore, in the past few years, a number of gene therapies, diagnostics, and medicines have been introduced in this field due to the rising incidence of life-threatening medical conditions, such as cancer and rare diseases. For instance, as per data published by the Globocan 2020 report, 19.29 million people were living with cancer. Hence, characterizing or sequencing genes is the most important method to gain information about genes and their probable mutations.
To achieve the ambitious goals of precision medicine, creative and energetic involvement and collaboration are required between biologists, physicians, technology developers, data scientists, patient groups, governments, and many others via online collaborative forums. For instance, in May 2021, AdventHealth expanded its genomics program with the launch of a data-driven precision medicine initiative that will structure and integrate longitudinal patient data with molecular testing data, creating a dataset and disease network models to help the health system better predict the development of diseases and responses to treatments. Similarly, in April 2022, a Nordic Precision Medicine Forum was planned to strengthen academic research, facilitating collaboration between academia and industry, attracting more industry-initiated clinical trials, and continuous skill development for precision medicine and highly advanced production of pharmaceuticals and MedTech devices. Moreover, the conduction of online forums for specialized areas like oncology and neurology will also boost the market. For instance, there are online forums planned for May 2022 in New Jersey, United States, and for November 2022 in Berlin, Germany, which will provide a platform for healthcare professionals, industry, patient groups, research, payers, and governments to share their experiences and vision for a future of improved cancer patient outcomes.
Innovation and availability of new technology are other key factors for the market’s growth. For instance, in November 2021, Cleveland Clinic expanded its advanced genomic testing platform as the standard of care for patients with cancer. This expanded capability to test tumor samples involves whole-exome sequencing, which examines all the portions of DNA in the genes responsible for making proteins in the body, and RNA sequencing, which assesses how these proteins are encoded. With advancements in precision therapies and diagnostics, coupled with breakthrough innovations, such as Next Generation Sequencing (NGS) and big genomic data, the industry is expected to witness rapid growth during the forecast period. However, the shift from the treatment-based approach to the preventive healthcare approach is expected to hinder the market’s growth.
Scope of the Report
Precision medicine, a combination of molecular biology techniques and system 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. The precision medicine market is segmented by technology (big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and other technologies), application (oncology, CNS, immunology, respiratory, and other applications), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
|Big Data Analytics|
Key Market Trends
Oncology Expected to Hold the Highest Market Share in the Application Segment
The COVID-19 pandemic had an economic impact and implications on most sectors, including the oncology segment. The pandemic hindered surgeries and, thus, the testing of biopsy tissue. For instance, as per a survey conducted by Breastcancer.org, released in July 2020, in 534 patients, 31.7% of people who had been diagnosed with breast cancer reported a delay in care. Of these people, 22% reported a delay in screening, and 9.3% reported a delay in treatment due to the COVID-19 pandemic in the United States. As a result, more cases of advanced cancers are expected, due to delayed biopsies and other issues, such as postponed medical appointments and preventative screening, over the coming years.
Precision medicine applications are primarily directed toward better treatment of oncological diseases and are expected to hold a major share in the precision medicines market. The key factor behind the dominance of the segment is the rising prevalence of cancer and the rising number of drug candidates for the same under clinical trials. Also, in June 2019, the National Institute of Health granted funding of USD 3.7 million to the Washington University School of Medicine to fund an open-source database with an aim to boost precision medicine and genomic research for cancer. Similarly, the collaborations between key market players are another factor propelling the market’s growth. For instance, in September 2021, AstraZeneca and Thermo Fisher Scientific entered a multi-year strategic collaboration to co-develop next-generation sequencing (NGS)-based companion diagnostics (CDx). AstraZeneca said that more than 90% of its clinical pipeline contains targeted precision therapies, including oncology.
The high support from the government through funding and rapid growth of genomic analysis is expected to augment the growth of the precision medicine market at a fast rate over the forecast period.
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North America Expected to Continue Market Dominance over the Forecast Period
The presence of better healthcare infrastructure and huge expenditure on R&D is expected to boost the growth of the precision medicine market in the United States. For certain types of cancer treatments, like colorectal cancer and breast cancer, there have been significant advances in precision medicine. According to the American Cancer Society journal, in 2020, there were an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. This is expected to help in the development of precision oncology treatments. For certain types of cancer treatments, like colorectal cancer and breast cancer, there have been significant advances in precision medicine. According to the American Cancer Society journal, in 2020, there were an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. This is expected to help in the development of precision oncology treatments. For instance, in August 2020, Sanford Health invested USD 50 million to help Veteran Affairs (VA) physicians use precision medicine to better match medication to individual cancer survivors. Thus, increasing investments in enabling a precision medicine approach across the country are expected to drive the market studied during the forecast period.
Moreover, the key initiatives by market players are expected to contribute significantly to market growth. For instance, in June 2021, Phigenix Inc. received a patent from the US Patent and Trademark Office (USPTO) directed to methods related to the use and administration of certain PAX2 inhibitors for treating drug-resistant breast cancer. This technology includes diagnostic tests for precision medicine to be utilized for cancer and proprietary inhibitors of the PAX2 oncogene and the PAX2-mediated cancer cell survival and drug resistance. Furthermore, in April 2021, MCI Onehealth Technologies Inc. (MCI) entered a strategic partnership with Ariel Precision Medicine Inc. to accelerate MCI’s precision medicine and technology roadmap for both clinical and commercial projects with pharmaceutical, medical devices, and life sciences companies, thereby driving the market. Similarly, in March 2021, the National Institute of Health (NIH) invested in the next iteration of a public-private partnership to advance precision medicine research for Alzheimer’s disease. Therefore, increasing investments in advancing precision medicine for different diseases is expected to lead to lucrative growth of the market in the country.
Hence, due to the aforementioned factors, the market studied is expected to grow over the forecast period.
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The precision medicine market is moderately competitive and consists of several major players and 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 at affordable prices. Companies like Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals hold substantial shares in the market.
In February 2022, SEngine Precision Medicine Inc. and Oncodesign announced a research collaboration agreement for the R&D of new personalized cancer treatments for aggressive and untreatable tumors.
In January 2022, AstraZeneca signed a collaboration agreement with Scorpion Therapeutics to discover, develop, and commercialize precision medicines against previously hard-to-target cancer proteins, potentially transforming oncology treatment.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Online Collaborative Forums
4.2.2 Increasing Efforts to Characterize Genes
4.2.3 Advancement in Cancer Biology
4.3 Market Restraints
4.3.1 Perils of Data Sharing
4.3.2 Shift from Treatment-based to Preventive Healthcare
4.3.3 Declining Trends in FDA Pharmacotherapy Approval Rate
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1.1 Big Data Analytics
5.1.3 Gene Sequencing
5.1.4 Drug Discovery
5.1.5 Companion Diagnostics
5.1.6 Other Technologies
5.2.5 Other Applications
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
5.3.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Allscripts Healthcare LLC
6.1.3 Astarte Medical
6.1.4 AstraZeneca PLC
6.1.6 Bristol-Myers Squibb
6.1.7 F Hoffmann-La Roche AG
6.1.8 Kailos Genetics Inc.
6.1.9 Laboratory Corporation of America Holdings
6.1.10 Medtronic PLC
6.1.11 Myriad Genetics Inc.
6.1.12 Novartis AG
6.1.13 Pfizer Inc.
6.1.14 Qiagen NV
6.1.15 Quest Diagnostics
6.1.16 Thermo Fisher Scientific Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Precision Medicine Market market is studied from 2019 - 2027.
What is the growth rate of Precision Medicine Market?
The Precision Medicine Market is growing at a CAGR of 9.2% over the next 5 years.
Which region has highest growth rate in Precision Medicine Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Precision Medicine Market?
North America holds highest share in 2021.
Who are the key players in Precision Medicine Market?
Pfizer Inc., Qiagen NV, Thermo Fisher Scientific Inc., Novartis AG, Medtronic PLC are the major companies operating in Precision Medicine Market.