Precision Medicine Market Size

Precision Medicine Market Analysis

The Precision Medicine Market size is estimated at USD 81.03 billion in 2024, and is expected to reach USD 104.40 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).

The COVID-19 pandemic affected the market for precision medicine. For instance, an article published in the JAMA Network in May 2021 reported precision medicine approaches to emphasize more precise diagnosis and treatment based on a range of biomarkers, including genetic variants and data about patients' environment, lifestyle, and behaviors, which are useful in understanding variations in individuals' susceptibility and responses to COVID-19. Thus, the COVID-19 pandemic sparked a surge in demand for precision medicine. However, in the current scenario, it is anticipated that with the emergence of other SARS-CoV-2 strains and the presence of other diseases, the demand for precision medicine may keep on increasing over the forecast period.

The factors that are driving the growth of the studied market are increasing online collaborative forums, increased efforts to characterize genes, and advancements in cancer biology. In the past few years, several 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, according to the Globocan 2021 fact sheet, an estimated 21.8 million new cancer cases are expected to be reported by 2025. The increasing incidence of cancer cases is expected to drive the need for precision medicine for the effective treatment of patients and thus contribute to the growth of the studied market.

Furthermore, technological advancements and advances in cell biology are fueling the growth of the market under consideration.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. Thus, such advancements are driving the growth of the studied market.

Moreover, the creation 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, researchers, payers, and governments to share their experiences and vision for a future of improved cancer patient outcomes. Thus, such forums demand the development of precision medicine for the growing number of cancer cases in the country, thus driving the growth of the studied market.

Innovation and the availability of new technology are other key factors for the market's growth. For instance, in November 2021, the 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.

Thus, due to the increasing number of online collaborative forums, increasing efforts to characterize genes, and advancements in cancer biology, the market is expected to witness significant growth over the forecast period. However, the perils of data sharing, the shift from treatment-based to preventive healthcare, and declining trends in the FDA pharmacotherapy approval rate may slow down the growth of the studied market.