Precision Medicine Market Size, Share, Growth, Trends, and Global Industry Analysis: Size, Share, Growth, Trends, and Global Industry Analysis By Product Type (Consumables, Instruments, and Services), By Type (Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-retroviral drugs, and Others), By Indications (Oncology, Rare Diseases, Infectious diseases, Hematological disorders, and Others), By Drugs (Alectinib, Osimertinib, Mepolizumab, Aripiprazole Lauroxil, and Others), By End-Users (Hospitals and Clinics, Diagnostic Centers, Pharma and Biotech Companies, Healthcare IT Firms, and Others), and Region Forecast 2020-2031

Precision Medicine Market size was valued at US$ 85,867 million in 2024 and is expected to reach US$ 112,237 million by 2031, growing at a significant CAGR of 3.9% from 2025-2031. Precision medicine is a kind of medicine that involves understanding information about a person's genes, proteins, environment, and lifestyle in preventing, diagnosing, or treating any disease. In the context of cancer, precision medicine helps in the diagnosis by using exact information about the tumor in question concerning the individual. It helps in making treatment plans, checking the effectiveness of a given treatment, or in prognosis. Precision medicine also helps to know the level of risk one may have in getting a given specified type of cancer.

A combination of factors will drive the market, ranging from the increasing prevalence of chronic diseases to the more clinically effective, patient-centric health solutions that improve the efficacy of treatments and lead to better patient outcomes. Growth in genomics, biotechnology, and data analytics technology also supports more targeted therapies and individualized treatment plans. However, such strong restraints as research and development costs, which have been quite high, as well as regulatory issues in approving new therapies, inhibit the market.

There are more opportunities growth of biobanks and genomic databases through which more research would be conducted and new precision medicine approaches be developed. Another rising focus on companion diagnostics that helps identify suitable patients for particular treatments is currently one major trend in the industry.

Key Developments:

• In December 2023, AstraZeneca acquired CAR-T Firm Gracell to build on existing capabilities and previous investments in cell therapy in hematology and bring a potential best-in-class treatment to patients living with blood cancers.
• In May 2023, Bayer launched a business unit focused on developing new Precision Health products across its range of everyday health categories.
• In February 2023, Roche announced it was further extending its collaboration with Janssen Biotech Inc. (Janssen) to jointly develop companion diagnostics for targeted treatments-a tremendous step further in the intensification of collaborative research and innovation efforts.