Press release
Precision Medicine Market worth $246.66 billion by 2029 with 11.1% CAGR | MarketsandMarkets Trademark
North America held the largest share of the precision diagnostics market, followed by Europe. Aisa Pacific registered the highest CAGR growth within the precision diagnostics market during the forecast period. The expansion of key diagnostic players in th
The global precision medicine market [https://www.marketsandmarkets.com/Market-Reports/precision-medicine-market-215185595.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=precisionmedicinemarket], valued at US$132.46 billion in 2023, is forecasted to grow at a robust CAGR of 11.1%, reaching US$145.53 billion in 2024 and an impressive US$246.66 billion by 2029. Factors such as the growing integration of AI and ML to enhance precision diagnostics and medicine development supported by rising collaborations between pharmaceutical and diagnostics companies to improve precision healthcare and the rise in direct-to-consumer testing are driving the growth in the market. Moreover, expanding precision healthcare applications into other disease areas and the growing adoption of wearable devices to enhance precision healthcare offer growth opportunities to players in this market. Major players in this market are also expanding their geographic presence by establishing manufacturing and research facilities in emerging economies.
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Browse in-depth TOC on "Precision Medicine Market"
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Based on product, the precision medicine market is divided into inhibitor drugs, monoclonal antibodies, cell and gene therapy, antiviral and anti-retroviral drugs, and other therapeutic products. The large share of the monoclonal antibodies' products segment can be attributed to the fact that many the approved precision therapies are monoclonal antibodies. This large share of this segment is also supported by the ongoing approvals for monoclonal antibody drugs for various cancers and other diseases highlighting a focus of pharmaceutical companies on the development of monoclonal antibodies as precision medicines.
Based on indication, the precision diagnostics market is segmented into oncology, neurology, immunology, and other indications. The oncology segment accounted for the largest share of the precision diagnostics market by indication in 2023. The large share of this segment is attributed to the increase in cancer cases globally, supported by rising demand for diagnostic tests offering early and accurate cancer diagnosis. For this reason, life science companies are increasingly investing and collaborating to develop advanced oncology diagnostic tests. This dominance is expected to continue throughout the forecast period as major players are developing new technologies for better oncology diagnosis.
By geography, The Precision medicine market is divided into five regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America held the largest share of the precision diagnostics market, followed by Europe. Aisa Pacific registered the highest CAGR growth within the precision diagnostics market during the forecast period. The expansion of key diagnostic players in the region followed by favourable policies supporting the larger adoption of precision medicine is a supporting factor. Additionally, there is a greater awareness about personalized approach to treatments in these developed regions compared to the developing/ emerging economies.
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Key players in the Precision medicine market include F. Hoffman La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), and Guardant Health (US) among others and key players in precision medicine market include Merck Co, Inc. (US), Gilead Sciences (US), AstraZeneca (UK), Novartis AG (Switzerland), among others.
F. Hoffmann-La Roche Ltd (Switzerland)
F. Hoffmann-La Roche Ltd (Switzerland) is one of the key players in the precision medicine market offering a wide range of precision medicine products, including FDA-approved precision therapeutic products such as Itovebi (inavolisib), Tecentriq Hybreza (atezolizumab and hyaluronidase-tqjs), and Gavreto (pralsetinib) among others and FDA-approved precision diagnostics products such as VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, and FoundationOne CDx among others. The company has a significant global footprint due to its robust sales and distribution network. Additionally, multiple production sites at various geographic locations give the company an edge over other players in the precision medicine market.
Gilead Sciences, Inc. (US)
Gilead Sciences, Inc. (US) is a leading biopharmaceutical company focused on developing and delivering innovative therapies in precision medicine. The company operates in over 35 countries through subsidiaries such as Gilead Biopharmaceutics Ireland Corporation and Gilead Holdings LLC (UK). Gilead's key precision therapies include SUNLENCA (lenacapavir) an HIV-1 capsid protein inhibitor for drug-resistant HIV, TRODELVY for metastatic triple-negative breast cancer and urothelial cancer, and TECARTUS, a T-cell therapy for relapsed or refractory mantle cell lymphoma and acute lymphoblastic leukemia among others. Gilead further strengthens its precision medicine portfolio through strategic collaborations, including partnerships with Genesis Therapeutics to leverage AI platforms for optimized small-molecule therapies and with Merus for developing tri-specific antibodies targeting tumor-associated antigens.
Agilent Technologies, Inc. (US)
Agilent Technologies, Inc. (US) is a global leader in life sciences, diagnostics, and applied chemical markets, offering instruments, software, services, and consumables. The Diagnostics & Genomics segment focuses on precision diagnostics, providing companion diagnostics (CDX) solutions and advanced testing products. Key products include MAGE-A4 IHC 1F9 BhamRx (SK032) for detecting MAGE-A4 expression and PD-L1 IHC 22C3 PharmaDx for identifying gastric or gastroesophageal junction (GEJ) adenocarcinoma patients eligible for KEYTRUDA (pembrolizumab) among others. Agilent launched the Biopharma CDX Services Lab (BCSL), supporting companion diagnostics development from assay creation to FDA approval. The company collaborated with Incyte to develop CDX solutions for hematology and oncology and with Akoya Biosciences to create multiplex IHC and immunofluorescence-based diagnostic tools for tissue biomarker analysis.
Guardant Health (US)
Guardant Health (US) is a precision oncology company specializing in advanced blood and tissue tests to improve cancer detection, monitoring, and treatment selection. Key products of the company include the Guardant360 liquid biopsy test, Guardant Reveal and Guardant360 Response for early-stage cancer, and GuardantINFINITY for advanced cancer research. Guardant also introduced the Shield test for early colorectal cancer detection and is expanding into lung and multi-cancer screening. These tests aim to provide a reliable alternative to tissue testing, detecting genomic alterations with equal or improved accuracy. Guardant Health received EU In Vitro Diagnostic Regulation (IVDR) certification for the Guardant360 CDX test, enabling tumor mutation profiling in all solid cancers and as a companion diagnostic for targeted therapies in advanced NSCLC and breast cancer. Strategic collaborations entered by the company include partnership with Hikma Pharmaceuticals for commercializing Guardant's biopsy tests in the MENA region, a research collaboration with the Parker Institute for Cancer Immunotherapy to study cancer biomarkers and immunotherapy responses, and a partnership with AnHeart Therapeutics to develop the Guardant360 CDX and TissueNext assays as companion diagnostics for talescitinib, an investigational ROS1 inhibitor for ROS1-positive NSCLC.
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