Global Precision Medicine Market to Grow at 9.1% During 2024-2032, Impelled by the Increasing Prevalence of Cancer

December 06, 2021 | Healthcare

The latest report by IMARC Group, titled “Precision Medicine Market Report by Product (Consumables, Instruments, Services), Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, and Others), Application (Oncology, Central Nervous System (CNS), Immunology, Respiratory Medicine, Infections, and Others), End User (Hospitals and Clinics, Diagnostic Centers, Pharma and Biotech Companies, Healthcare IT Firms, and Others), and Region 2024-2032,” finds that the global precision medicine market size reached US$ 75.2 Billion in 2023. Precision medicine or personalized medicine refers to the emerging approach of preventive healthcare, which focuses on the overall sequencing of the human genome to treat diseases. The approach allows doctors and physicians to study individual responses to therapy, individual profile at a genetic level, as well as their lifestyle and environment. Precision medicine offers various advantages such as improving care quality; eliminating trial-and-error inefficiencies; reducing time, cost, and failure rates of pharmaceutical clinical trials; and guiding the therapy for chronic diseases. It is also increasingly used for predicting the risk of passing on genetic disorders to offsprings.

Global Precision Medicine Market Trends:

The market is primarily driven by the rising incidences of cancer. The increasing approval of drug and companion diagnostic assays is also propelling the growth of the market. Precision medicine facilitates the cost-effective profiling of DNA, thereby increasing the penetration of high-throughput sequencing platforms. In recent years, there has been an exponential growth in targeted molecules in the pipeline for specific applications, especially in oncology. Besides this, the recent outbreak of coronavirus disease (COVID-19) pandemic has led to the increased utilization of precision medicine techniques to understand the susceptibility, impact, and potential therapies associated with the virus. Furthermore, the integration of biotech and pharma industries with big data healthcare companies helps analyze the patient electronic health record and provides improved clinical decision support, which is fueling the market growth. Moreover, key manufacturers are patenting molecules, along with their companion diagnostics, to achieve a competitive edge and enhance profit margins, which is positively influencing the demand for precision medicine in the healthcare industry. Looking forward, the market value is expected to grow at a CAGR of 9.1% during the forecast period (2024-2032).

Market Summary:

Based on the product, the market has been segmented into consumables, instruments, and services.
On the basis of technology, the market has been classified into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others.
The market has been categorized based on the application into oncology, central nervous system (CNS), immunology, respiratory medicine, infections, and others.
On the basis of the end user, the market has been segregated into hospitals and clinics, diagnostic centers, pharma and biotech companies, healthcare IT firms, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being AstraZeneca PLC, Bayer AG, bioMérieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Limited, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated, and Thermo Fisher Scientific Inc.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product, Technology, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AstraZeneca plc, Bayer AG, bioMérieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated and Thermo Fisher Scientific Inc.
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Global Precision Medicine Market to Grow at 9.1% During 2024-2032, Impelled by the Increasing Prevalence of Cancer

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