Press release
Precision Medicine Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Precision Medicine
What Is the Expected Precision Medicine Market Size During the Forecast Period?
The market size for precision medicine has experienced swift growth in the recent past. The value is set to increase from $80.15 billion in 2024 to $88.73 billion in 2025, growing at a compound annual growth rate (CAGR) of 10.7%. Factors that contributed to the growth during the historic period include the rise in cancer occurrences, a surge in mental health disorders, increase in respiratory diseases cases, expanded funding, a growing elderly population, as well as increased pharmaceutical R&D spending and healthcare expenditure.
The market size of precision medicine is anticipated to experience robust growth in the upcoming years, with a projection to reach $129.37 billion in 2029, boasting a compound annual growth rate (CAGR) of 9.9%. This growth during the predicted period can be linked to factors such as the rise in the elderly population, a higher incidence of cancer, strong potential in developing economies, the emergence of new pathogenic diseases, upsurge in research and development expenditures, and an increase in healthcare spending. Noteworthy trends during this forecasted period include the adoption of artificial intelligence technologies to enhance competitiveness, providing diagnostic services and personalized treatment for immune-related diseases, heightening investments in research and development undertakings, and establishing collaborations and partnerships with technology and healthcare firms to enrich their product offerings.
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What Are the High-Growth Segments in the Precision Medicine Market?
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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What Key Drivers Are Expected to Influence Future Precision Medicine Market Growth?
The anticipated increase in cancer cases is expected to fuel the expansion of the precision medicine market. Cancer remains a leading cause of mortality globally, with one in every five people being estimated to develop the disease at some point in their lifetime. Precision medicine in the area of cancer involves the examination of DNA from tumours to identify mutational or other genetic irregularities leading to the disease. This allows doctors to potentially select a treatment that best suits or specifically targets the alterations in the tumour DNA. For example, the World Health Organization, a Switzerland-based agency dedicated to international public health, predicts that by 2050, there will be over 35 million new cancer cases. This signifies a 77% increase from the projected 20 million cases in 2022. Thus, the growing occurrence of cancer propels the expansion of the precision medicine market.
Which Companies Hold the Largest Share Across Different Precision Medicine Market Segments?
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
What Are the Latest Developing Trends in the Precision Medicine Market?
The number of collaborations and acquisitions among precision medicine enterprises is witnessing an upsurge, allowing them to broaden their methodologies in both cancer and non-cancer fields. With the ongoing evolution of precision medicine accessing new research areas, partnerships and associations significantly boost the companies' competence and tactics. Take for example, in September 2022, GSK plc, a British pharmaceutical entity, strengthened its alliance with Tempus, a precision medicine firm based in the US. This trilateral collaboration aims to enhance clinical trial designing, accelerating patient recruitment, and identifying drug targets using Tempus' AI-powered platform and a vast pool of de-identified patient data. Building on their past work, this partnership could notably enhance GSK's R&D prowess, particularly in the field of oncology.
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What Are the Emerging Geographies for The Precision Medicine Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Precision Medicine Market?
2. What is the CAGR expected in the Precision Medicine Market?
3. What Are the Key Innovations Transforming the Precision Medicine Industry?
4. Which Region Is Leading the Precision Medicine Market?
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