Press release
Global Precision Medicine Market to Reach $129.37 Billion by 2029, Growing at 9.9% CAGR
Precision Medicine Market Size
The surge in cancer cases is expected to stimulate the expansion of the precision medicine market. As a significant cause of death across the globe, one in five persons is prone to develop cancer during their lifetime. Precision medicine for cancer involves scrutinizing tumor DNA to detect mutations or any genetic irregularities causing the disease. Doctors could then select the most suitable treatment for a patient's individual cancer by targeting these specific DNA changes. Interestingly, the World Health Organization, a Switzerland-based entity tasked with overseeing international public health, reported in February 2024 that by 2050, the number of new cancer cases is expected to surpass 35 million, marking a 77% rise from the projected 20 million cases in 2022. Thus, the escalating occurrence of cancer propels the precision medicine market's growth.
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What is the projected compound annual growth rate (CAGR) of the precision medicine market from 2025 to 2034, and what factors influence it?
The market size for precision medicine has seen a swift expansion in recent times. The market valuation will scale up from $80.15 billion in 2024 to $88.73 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.7%. Different factors have contributed to the growth during the historic term which includes a surge in cancer cases, a rise in the occurrence of mental health conditions, an uptick in the number of respiratory illnesses, amplified funding, increased elderly population, a boost in pharmaceutical R&D spending, and heightened healthcare expenditure.
The market size of precision medicine is anticipated to undergo robust growth in the upcoming years, reaching a sum of $129.37 billion by 2029 with a compound annual growth rate (CAGR) of 9.9%. The growth during the projected period can be credited to factors such as the rising elderly population, the increasing prevalence of cancer, significant growth potential in developing economies, the appearance of new pathogenic infections, an uptick in research and development expenditure and a surge in healthcare costs. Key trends expected during the forecast period involve the implementation of artificial intelligence technologies to enhance competitiveness, providing diagnoses and bespoke treatments for immune-mediated diseases, an investment surge in research and development efforts, and forming alliances and partnerships with technology and healthcare firms to enhance their product offerings.
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What are the most significant trends transforming the precision medicine market today?
An increasing number of mergers and alliances among firms dealing in precision medicine is facilitating their capability to broaden their methods to both cancer-related and non-cancer-related fields. Ongoing research and evolution in the domain of precision medicine, backed by collaborations and partnerships, are bolstering the companies' potential and techniques. For instance, GSK plc, a pharmaceutical company hailing from the UK, extended its partnership with Tempus, a US precision medicine firm, in September 2022. The main goal of this triennial partnership is to elevate clinical trial design, expedite the enrollment process of patients, and pinpoint drug targets using Tempus' AI-powered platform and vast amounts of anonymized patient data. This collaboration is a continuation of their past work and is predicted to enhance GSK's research and development capabilities, especially in cancer treatment.
What are the major segments of the precision medicine market and their role in driving growth?
The precision medicine market covered in this report is segmented -
1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technology
2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications.
3) By End-Use: Pharmaceutical Companies, Diagnostic Companies, Healthcare And IT Firms, Others
Subsegments:
1) By Big Data Analytics: Predictive Analytics, Prescriptive Analytics, Data Mining
2) By Bioinformatics: Genomic Data Analysis, Proteomics Data Analysis, Metabolomics Data Analysis
3) By Gene Sequencing: Next-Generation Sequencing (NGS), Sanger Sequencing, Whole Genome Sequencing
4) By Drug Discovery: Target Identification And Validation, Lead Compound Discovery, Preclinical And Clinical Trials
5) By Companion Diagnostics: Biomarker Testing, Genomic Profiling, Companion Diagnostic Tests
6) By Other Technology: Personalized Treatment Plans, Telemedicine And Digital Health Solutions, Wearable Health Technology
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Which regions are key players in the growth of the precision medicine market?
North America was the largest region in the precision medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the precision medicine market?
Major companies operating in the precision medicine market include Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Eurofarma, Biolab Farmaceutica, Cristalia, União Quimica
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What Is Covered In The Precision Medicine Global Market Report?
• Market Size Forecast: Examine the precision medicine market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the precision medicine market for a structured understanding.
• Key Players Overview: Analyze major players in the precision medicine market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the precision medicine market.
• Segment Contributions: Evaluate how different segments drive overall growth in the precision medicine market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the precision medicine market.
• Industry Challenges: Identify potential risks and obstacles affecting the precision medicine market.
• Competitive Landscape: Review strategic developments in the precision medicine market, including expansions, agreements, and new product launches.
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