Precision Medicine Market Size, Share, Analysis, Trends, And Growth 2032

Precision Medicine Market Size

The global precision medicine market size was worth around USD 31.93 billion in 2023 and is predicted to grow to around USD 87.14 billion by 2032 with a compound annual growth rate (CAGR) of roughly 11.8% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion). The report covers a forecast and an analysis of the Precision Medicine market on a global and regional level.

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Precision Medicine Market: Overview

Precision medication (PM) is a form of medication that uses data about a person’s genes, proteins, lifestyle, and environment to forestall, diagnose, and treat diseases. It is an emerging approach that proposes the customization of aid with medical alternatives, treatments, practices, or merchandise that are being tailored for an individual patient.

Modern developments in applications of big data technologies for the correct detection of diseases are driving the precision drugs market. In addition, important company players are concentrating their efforts on improving software systems that support drug discovery procedures, which, in turn, helps in storing huge amounts of genetic information, thereby supporting the medicine precision market. However, deviation from treatment-based to preventive healthcare, abstaining trends in food and drug administration pharmacotherapy approval rate, the encroachment of privacy rules, and misconception of genetic and health data may limit the precision medicine market growth.

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Precision Medicine Market: Segmentation

The study contributes a conclusive view of the precision medicine market by segmenting the market based on technology, application, end-user, and region. 

By technology, the market is divided into drug discovery, big data analytics, bioinformatics, companion diagnostics, genomic sequencing, and others. The drug discovery segment holds the largest market share, of about 25%, which is closely followed by companion diagnostics and genomic sequencing.

Based on application, the market includes respiratory, oncology, CNS, immunology, and others. Oncology is likely to witness the highest CAGR in the market over the forecast timeframe. Immunology accounted for the second-largest market share in 2023 and is anticipated to indicate similar growth trends over the forthcoming years.

By end-user, the market includes pharmacy and biotechnology firms, diagnostic companies, healthcare-IT/big data firms, clinical laboratories, and others. Healthcare-IT/big data firms are predicted to hold a substantial share in the precision medicine market over the estimated timeframe.

Precision Medicine Market: Report Scope

Precision Medicine Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America is likely to account for the most important share of the precision medicine market over the forecast timeframe, owing to the increasing geriatric population suffering from chronic diseases like cancer, cardiovascular diseases, diabetes, etc. The Asia Pacific precision medicine market is projected to grow notably in the future, owing to the rising burden of genetic diseases in China that will drive the demand for gene therapies. Government of China has taken initiatives to fund the Chinese precision medicine market growth, which will advance the Asia Pacific precision medicine market growth in the future.

Precision Medicine Market: Competitive Players

Some major players of the precision medicine market are:

• Eagle Genomics
• Biocrates Life Sciences
• Teva Pharmaceuticals
• Novartis
• Quest Diagnostics
• Qiagen
• Silicon Biosystems
• NanoString Technologies
• Ferrer inCode
• Laboratory Corporation of America Holdings
• Pfizer
• Hoffmann-La Roche
• Tepnel Pharma Services

This report segments the global precision medicine market into:

Precision Medicine Market: By Technology

• Bioinformatics
• Genomic Sequencing
• Drug Discovery
• Companion Diagnostics
• Big Data Analytics Software
• Others

Precision Medicine Market: By Application

• Oncology
• Immunology
• Respiratory
• CNS
• Others

Precision Medicine Market: By End-User

• Pharmaceuticals Companies
• Biotechnology Companies
• Diagnostic Laboratories
• Healthcare-IT/Big Data firms
• Clinical Laboratories
• Others

Precision Medicine Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa