Global Precision Medicine Market Research Report: Forecast (2024-2030)

Market Definition

Precision medicine is referred to as a personalized therapeutic approach used by biotech companies to manufacture medicine based on each individual’s genetic profile. The increasing instances of chronic illness across the globe are necessitating the adoption of a tailored healthcare approach.

Market Insights & Analysis: Global Precision Medicine Market (2024-30):

The Global Precision Medicine Market size was valued at around USD 48.8 Billion in 2023 & is estimated to grow at a CAGR of around 10.6% during the forecast period, i.e., 2024-30. In recent years, the lifestyle of individuals has drastically changed, as they are following unhealthy diets, consuming excessive alcohol, and rarely engaging in physical activities like sports. The transition of individuals toward unhealthy lifestyles has led to rising instances of chronic diseases like diabetes, cardiovascular diseases, etc. According to the British Heart Foundation, as of 2024, almost 110 million men & 80 million women are suffering from coronary heart disease. The higher prevalence of chronic illnesses across the globe is resulting in the requirement for accurate treatment & medicines to improve an individual's health condition, driving the Precision Medicine Market.

Further, there has been an increase in the implementation of initiatives like Ayushman Bharat, the US National Health Initiative, etc., by the governments of countries like India, the US, etc., to improve their healthcare systems. Moreover, the governments of these countries are investing heavily to encourage healthcare facilities to adopt new technologies like artificial intelligence and data analytics to improve the diagnosis and treatment of patients; consequently, the Globe Precision Medicine Market.

Moreover, governments in several countries, like the UAE, Saudi Arabia, etc., are also facilitating the adoption of emerging diagnostic technologies to position themselves as one of the leading medical tourism hubs. For instance,

• As per Vision 2030, the government of Saudi Arabia is investing around USD 65 billion to enhance the country's infrastructure and improve the quality of healthcare treatment for nationals & expatriates.

The increasing investments & efforts made by governments would further facilitate the adoption of precision medicine in medical facilities like hospitals & diagnostic centers. Subsequently, this would boost the size & volume of the Globe Precision Medicine Market during the forecast period.

Global Precision Medicine Market Driver:

Rising Demand for Personalized Therapies to Boost Market Growth – Over the past few years, research by academic institutions, non-profit organizations, etc. has revealed that every individual responds differently to medicine due to genetic, physiological, environmental, and lifestyle factors. According to Stanford Medicine, in 2021, it was revealed that almost 99.5% of individuals have an abnormal or atypical response to at least one therapeutic drug. This variability in medication response slows down the efficacy of the treatments. As a result, healthcare facilities are adopting a personalized therapeutic approach, including tailored treatments based on patient characteristics. These tailored approaches optimize therapeutic outcomes and minimize the risk of adverse drug reactions.

Moreover, these personalized approaches also offer therapies based on the patient's disease analysis, which helps in the early detection of disease risk, identification of high-risk individuals, and implementation of preventive measures. Therefore, individuals are seeking personalized therapies to mitigate disease progression and improve long-term health outcomes, driving the Precision Medicine Market. 

Global Precision Medicine Market Opportunity:

New Drug Development to Enhance the Requirement for Companion Diagnostics & Precision Oncology – The incidence rates of cancer have been consistently increasing across the world due to several factors, like genetic factors, exposure to carcinogens, and lifestyle factors. According to the World Health Organization (WHO), in 2022, cancer was one of the leading causes of death worldwide, accounting for almost 10 million deaths. Therefore, to reduce the current death rate due to cancer, pharmaceutical companies have been increasingly focusing on developing drugs that help in the treatment of different types of cancer. Moreover, these companies are adopting genetic profiling and companion diagnostics to develop new drugs by using genetic profiling since the procedure improves the overall efficacy. Thus, the increasing investments made by biotech & pharmaceutical companies to manufacture drugs to cure chronic illnesses would further lead to the adoption of precision medicine in the forthcoming years.

Also, pharmaceutical companies are focusing on developing diagnostic procedures for the early detection of diseases and reducing the prevalence of cancer & tumors across the globe. As a result, the adoption of technology like companion diagnostics would increase. Subsequently, this would enhance the demand for precision medicine in the forthcoming years.

Global Precision Medicine Market Challenge:

High Costs Associated with Genomic Sequencing Impedes Market Growth – Hospitals & Diagnostic centers primarily require specific laboratory equipment, reagents, and other components to carry out genome sequencing. This equipment is built on emerging technologies like Big Data Analytics, Machine Learning, etc. to carry out the diagnostic procedures smoothly. However, the amalgamation of technology with medical equipment makes it more complex and adds extra costs. As a result, small-scale nursing homes restrain themselves from opting for these systems, impeding market growth.

Further, a specialized individual is required to conduct the genome sequencing since the procedure requires complete knowledge regarding sequencing reads, identifying genetic variants, and interpreting their clinical significance. Therefore, the unavailability of technical expertise in underdeveloped areas restrains adoption & slows down market growth and expansion.

Global Precision Medicine Market Trend:

Integration with Emerging Technologies Like Artificial Intelligence (AI) and Big Data Analytics – The demand for personalized medicine has significantly increased across the globe to address unmet medical needs. Companies have increasingly relied on technologies like machine learning, artificial intelligence, etc. to analyze the large volume of data, comprising genomic data, clinical data, imaging data, and patient outcomes.

Moreover, the amalgamation of these technologies is used for assessing environmental exposures, lifestyle factors, and disease biomarkers to analyze disease exposure, progression, and recurrence for any individual. This further helps hospitals & nursing homes develop targeted therapies for the consumer & provide appropriate treatment for the individual, reducing mortality rates. Therefore, the increasing integration of technologies like molecular imaging, pharmacogenomics, etc. to develop tailored medicine would further propagate the Precision Medicine Market in the coming years.

Global Precision Medicine Market (2024-30): Segmentation Analysis

The Global Precision Medicine Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on Technology:

• Big Data Analytics
• Bioinformatics
• Whole Genome Sequencing
• Companion Diagnostics
• Molecular Imaging
• Artificial Intelligence
• Others (Pharmacogenomics, Genetic Testing, etc.)

Based on technology, big data analytics holds a significant share in the Global Precision Market owing to its advantages over other technologies like molecular imaging, whole genome sequencing, and others. Big data analytics helps pharmaceutical companies analyze patients' illnesses to make informed, data-driven decisions. The patterns, trends, and insights derived from big data analytics further help pharmaceutical companies & biotech companies identify opportunities, mitigate risks, and optimize medical treatment.

Moreover, the prevalence of diseases across the globe is also significant. As a result, it is becoming essential for healthcare facilities to opt for solutions integrated with big data analytics to assess population-level health trends, disease patterns, and healthcare utilization patterns. This is helping the healthcare practitioner draw educated conclusions & develop public health strategies and preventive interventions. Hence, with the rise in adopting solutions integrated with big data analytics, the demand for precision medicine will increase further in the forthcoming years.

Based on Application:

• Oncology
• Immunology
• Central Nervous System (CNS)
• Respiratory
• Gastroenterology
• Others (Endocrinology, Neurology, etc.)

Over the past few years, air pollution has emerged as one of the pivotal environmental problems due to the rapid industrialization of developing economies and surging transportation activities. The severe air quality index is resulting in a surge in several health-related issues, primarily respiratory diseases. According to the National Geographic Society, in 2022, nearly 2 million individuals died due to the adverse effects of outdoor air pollution. Therefore, to cure respiratory diseases, there is a requirement for treatments that specifically study the patient’s disease characteristics under different environmental exposures.

In addition, due to differences in disease phenotype, genotype, and comorbidities, the individuals do not respond optimally to existing standard treatments. As a result, precision medicine is needed to address unmet needs, develop targeted therapies, and optimize treatment strategies for respiratory patients. Hence, the share of the respiratory segment is considerably higher in the Precision medicine market.

Global Precision Medicine Market (2024-30): Regional Projections

Geographically, the Global Precision Medicine Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America has a well-developed healthcare infrastructure with several state-of-the-art hospitals like the Mayo Clinic, Cleveland Clinic, research institutions, and medical centers. Moreover, the governments of countries like the US, Canada, etc. also invested heavily to digitalize the healthcare infrastructure of their countries. As a result, there has been greater adoption of technologies like molecular imaging, artificial intelligence, etc. by the hospital. Subsequently, this is uplifting the demand for precision medicine in the region.

In addition, the region is also the hub of several tech giants, owing to which hospitals and other healthcare facilities have easy access to emerging technologies. This access to cutting-edge technologies, specialized expertise, and comprehensive healthcare services further facilitates the adoption of precision medicine in the region.

Global Precision Medicine Industry Recent Development:

• 2023: Hoffmann-La Roche Ltd. partnered with Janssen, a pharmaceutical company, to expand a wide range of services, including companion diagnostics, tissue and blood-based biomarkers, sequencing, and digital pathology.

Gain a Competitive Edge with Our Global Precision Medicine Market Report

1. Global Precision Medicine Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Precision Medicine Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.