Global Precision Medicine Market Size, Status and Forecast 2021-2027

Precision Medicine Market Statistics 2027

The global Precision Medicine market size is projected to reach USD 206320 Million by 2027, from USD 104940 Million in 2020, at a CAGR of 9.6% during 2021-2027. The expansion of the precision medicine market will be fueled by advancements in cancer biologics. The market will be propelled forward by the development of newer therapeutic approaches, such as gene therapy for cancer treatment, as well as an increase in the number of patients receiving predictive diagnostics. Precision medicine market participants will benefit from an expanding range of precision medicine medications. In the previous ten years, the market has seen substantial growth. The industry's number of firms, government research institutes, and private research institutes has been constantly increasing.

What is Precision Medicine ?

According to the National Institutes of Health (NIH), precision medicine is "an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person." This approach will allow doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease will work in which groups of people. It is in contrast to a "one-size-fits-all" approach, in which disease treatment and prevention strategies are developed for the average person, with less consideration for the differences between individuals.

Although the term "precision medicine" is relatively new, the concept has been a part of healthcare for many years. For example, a person who needs a blood transfusion is not given blood from a randomly selected donor; instead, the donor’s blood type is matched to the recipient to reduce the risk of complications. Although examples can be found in several areas of medicine, the role of precision medicine in day-to-day healthcare is relatively limited. Researchers hope that this approach will expand to many areas of health in coming years.

Precision Medicine Market Trends

The precision medicine market is predicted to develop due to advancements in AI and machine learning. Recent advances in big data, artificial intelligence (AI), and genomic testing have made a large amount of medical data available for precision medicine research that was previously unavailable. Because of the massive quantity of data available plus advances in computer power and AI, researchers may be able to work with an ever-expanding database of medical information to design customized remedies.

Leading pharmaceutical companies are projected to invest in precision medicine, propelling the precision medicine industry forward. Precision medicine has benefited from scientists' tireless efforts to examine the human genome and uncover genetic biomarkers. The precision medicine market is now dominated by cancer drugs. Increased R&D operations for various ailments, on the other hand, are projected to result in additional pharmaceuticals for diseases such as cardiovascular, infectious, and neurological diseases, among others. 

Each year, the number of adverse effects caused by ineffective medicine during hospitalization rises. The frequency of hospital admissions caused by adverse effects from standard methods will certainly decrease as access to precision medicine applications grows. The precision medicine market is predicted to grow as a result of these advantages.

Precision Medicine Market Share

Oncology is predicted to be the most profitable segment over the forecast period, based on application. Increased R&D activities for other ailments, on the other hand, are expected to result in more medications for cardiovascular, infectious, and neurological diseases, among other diseases.

In the precision medicine industry, the therapeutic category is likely to be the most lucrative. Precision medicines for the tailored treatment of disorders such as cancer and hereditary diseases have been steadily increasing. The therapeutics segment will rise due to the development of new pharmaceuticals and the rising use of drugs in precision medicine treatment programs. 

Top Companies in the Precision Medicine Market

Johnson & Johnson, IBM, GE Healthcare, Illumina, Roche, and Laboratory Corporation of America Holdings are the leading players in precision medicine in Europe, with the top five accounting for approximately 30% of the European market.

Germany is the largest consumption place in Europe, with a consumption market share nearly 20%. France is the second largest consumption place with the consumption market share of 18%.  

Precision Medicine Market Segmentation

By Type

• Diagnostics
• Therapies 

By Application

• Oncology
• Neurosciences
• Immunology
• Respiratory
• Others 

By Region

• North America
• US.
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA 

Key Companies

• Johnson & Johnson
• IBM
• GE Healthcare
• Illumina
• Roche
• Laboratory Corporation of America Holdings
• Thermo Fisher Scientific
• Novartis
• Abbott Laboratories
• Almac Group
• Intel Corporation
• Biomrieux Sa
• Cepheid
• Qiagen
• Randox Laboratories
• Healthcore