Precision Medicine Market to Reach $469 Billion by 2034, Growing at a CAGR of 11.96%

The healthcare industry is undergoing a transformative shift toward more personalized treatment options, and one of the key drivers of this change is precision medicine. This approach tailors medical treatment to the individual characteristics of each patient, including their genetic makeup, lifestyle, and environment. The global precision medicine market is experiencing significant growth as it holds the potential to revolutionize healthcare by improving treatment outcomes, reducing adverse effects, and enhancing the overall quality of care.

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According to BISResearch, The global precision medicine market is expected to witness substantial growth, projected to reach $469 billion by 2034.

What is precision medicine?

Precision medicine tailors healthcare by using genomics, molecular biology, and bioinformatics to customize treatments based on an individual's genetic profile, environment, and lifestyle. It utilizes advanced diagnostics like genetic sequencing, biomarker analysis, and AI-driven imaging for early disease detection and targeted therapies. Digital health tools like EHRs, wearables, and AI analytics enhance decision-making, ensuring more effective, personalized treatments.

Advancement in Sequencing Technologies: The evolution of DNA sequencing technologies, from Sanger sequencing to next-generation sequencing (NGS) and long-read technologies, has significantly driven the growth of precision medicine. The reduced cost of sequencing-from $100 million in 2001 to $100-$200 in 2023-has made genomic testing more accessible and integrated into clinical care. Enhanced accuracy, speed, and multi-omics integration enable better diagnoses, treatments, and large-scale studies, expanding precision medicine's reach and boosting its demand, especially for complex conditions.

Precision Medicine Market by Application:

In 2023, the oncology segment led the global precision medicine market, capturing a 52.8% share. The rising global cancer burden significantly contributes to this demand. The World Health Organization projects over 35 million new cancer cases by 2050, a 77% increase from 2022. Advancements in genomic sequencing and molecular diagnostics, particularly next-generation sequencing (NGS), enable personalized therapies based on genetic alterations and biomarkers. The integration of genomic data in immunotherapy, guiding treatments with genetic markers, further drives the segment's growth.

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Precision Medicine Market by Region

The North American precision medicine market is projected to grow at a 10.25% CAGR, driven by rising genetic disorders, demand for personalized medicine, and government initiatives. Strong medical research infrastructure and biopharmaceutical investments also fuel growth. Meanwhile, the Asia-Pacific region is expected to grow at the fastest rate of 14.67%, due to rising disposable income, increasing chronic diseases, higher demand for personalized health, and the development of cost-effective, advanced diagnostic tools.

Some prominent names established in this market are:

• Almac Group Ltd.
• ANGLE plc
• Astellas Pharma Inc.
• Astra Zeneca
• ASURAGEN INC
• Bio-Rad Laboratories, Inc.
• bioMérieux S.A
• Bristol-Myers Squibb Company
• Cardiff Oncology
• Sanofi S.A
• Sysmex Corporation
• Teva Pharmaceuticals Industries Ltd.
• Thermo Fisher Scientific Inc.

Future Outlook

The precision medicine market is poised for significant growth in the coming years, as technological advancements continue to drive new discoveries and treatment options. With a growing focus on personalized healthcare, the market is expected to continue expanding, transforming how diseases are treated and improving patient outcomes worldwide.

As more therapies are developed and more patients benefit from personalized treatments, precision medicine is likely to become a cornerstone of modern healthcare. With the potential to address unmet medical needs and offer more effective treatments, the future of precision medicine looks exceptionally promising.

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According to Principal Analyst - BIS Research

The precision medicine market is growing rapidly, fueled by advancements in DNA sequencing technologies that make genomic testing more accessible. Despite challenges in data integration, AI offers significant opportunities by enhancing disease diagnosis, risk assessment, and treatment optimization. As AI and sequencing technologies evolve, precision medicine is set to transform patient care, especially in oncology and genetic disorders.

Bhavya Banga
Email: media@bisresearch.com
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