- Consumable
- Instruments
- Services
The precision medicine market was valued at USD 82,643.7 million in 2023 and is expected to grow at a CAGR of 3.9% over the forecast year to reach USD 108,023.6 million in 2030. 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 precision medicine 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.
Precision Medicine Market 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.
Precision Medicine Market Summary
Study Period
2024-2030Base Year
2023CAGR
3.9%Largest Market
North AmericaFastest Growing Market
Asia PacificPrecision Medicine Market Dynamics
Many impactful trends are engulfing the precision medicine market, shaping its future. An impactful trend is the increasing application of artificial intelligence and machine learning in healthcare, which will allow various current clinical capabilities in data analysis and eventually support tailor-made therapies based on individual genetic profiles. This has been further facilitated by the importance of companion diagnostics in selecting the best therapy for particular patient groups. Additionally, a notable trend toward the patient-centric healthcare arena, where more focus is being placed on involving patients and engaging them in decision-making regarding their treatment choices. The relative accessibility of genomics technologies and the continually declining cost of DNA sequencing have further increased the population coverage of precision medicine.
North-America Got Significant Share of
Precision Medicine Market Regional Analysis
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. There are sizeable regional diversities in the precision medicine market, and North America leads the way. This is owing to a robust base of healthcare infrastructure investments, high investment in research and development, and a strong presence of leading biotechnology and pharmaceutical companies. The United States constitutes a large share of this share, as pushed forward by developments in genomics and personalized healthcare initiatives. The most rapidly growing market is the Asia-Pacific region, driven mainly by increasing healthcare expenditures, awareness of personal medicine, and a booming population that has a high prevalence rate of chronic diseases. For example, in China and India, healthcare systems are quickly modernizing and precision medicine technology investment is on the rise to improve patient outcomes and raise treatment efficacy. All these regions are to be leaders in this change and growth being witnessed in the precision medicine market as they continue growing.
Latin America
Europe
Asia Pacific
Middle East
North America
Precision Medicine Market Segmentation
By Product Type
By Type
- Monoclonal Antibodies
- Cell & Gene Therapy
- Antiviral & Anti-retroviral drugs
- Others
By Indication
- Oncology
- Rare Diseases
- Infectious diseases
- Hematological disorders
- Others
By Drugs
- Alectinib
- Osimertinib
- Mepolizumab
- Aripiprazole Lauroxil
- Others
By End User
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
- Others
Frequently Asked Questions
The precision medicine market was valued at USD 82,643.7 million in 2023 and is expected to grow at a CAGR of 3.9% over the forecast year to reach USD 108,023.6 million in 2030.
The precision medicine market is growing due to 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.
The precision medicine market is emerging with the trend another rising focus on companion diagnostics that helps identify suitable patients for particular treatments is currently one major trend in the industry.
North America is the dominant region in the precision medicine market.
Asai-Pacific is the fastest-growing region in the precision medicine market.
Key Features of the Report
- The precision medicine market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
| 1.Executive Summary |
| 2.Global Precision Medicine Market Introduction |
| 2.1.Global Precision Medicine Market - Taxonomy |
| 2.2.Global Precision Medicine Market - Definitions |
| 2.2.1.Type |
| 2.2.2.Product Type |
| 2.2.3.Indication |
| 2.2.4.Drugs |
| 2.2.5.Region |
| 3.Global Precision Medicine Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Precision Medicine Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Precision Medicine Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Monoclonal Antibodies |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Cell & Gene Therapy |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Antiviral & Anti-retroviral drugs |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Precision Medicine Market By Product Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Consumable |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Instruments |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Services |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Precision Medicine Market By Indication, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Oncology |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Rare Diseases |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Infectious diseases |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Hematological disorders |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Others |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.Global Precision Medicine Market By Drugs, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Alectinib |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Osimertinib |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Mepolizumab |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Aripiprazole Lauroxil |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Others |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.Global Precision Medicine Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Precision Medicine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Monoclonal Antibodies |
| 10.1.2.Cell & Gene Therapy |
| 10.1.3.Antiviral & Anti-retroviral drugs |
| 10.1.4.Others |
| 10.2. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Consumable |
| 10.2.2.Instruments |
| 10.2.3.Services |
| 10.3. Indication Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Oncology |
| 10.3.2.Rare Diseases |
| 10.3.3.Infectious diseases |
| 10.3.4.Hematological disorders |
| 10.3.5.Others |
| 10.4. Drugs Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Alectinib |
| 10.4.2.Osimertinib |
| 10.4.3.Mepolizumab |
| 10.4.4.Aripiprazole Lauroxil |
| 10.4.5.Others |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Precision Medicine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Monoclonal Antibodies |
| 11.1.2.Cell & Gene Therapy |
| 11.1.3.Antiviral & Anti-retroviral drugs |
| 11.1.4.Others |
| 11.2. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Consumable |
| 11.2.2.Instruments |
| 11.2.3.Services |
| 11.3. Indication Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Oncology |
| 11.3.2.Rare Diseases |
| 11.3.3.Infectious diseases |
| 11.3.4.Hematological disorders |
| 11.3.5.Others |
| 11.4. Drugs Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Alectinib |
| 11.4.2.Osimertinib |
| 11.4.3.Mepolizumab |
| 11.4.4.Aripiprazole Lauroxil |
| 11.4.5.Others |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.Asia Pacific (APAC) Precision Medicine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Monoclonal Antibodies |
| 12.1.2.Cell & Gene Therapy |
| 12.1.3.Antiviral & Anti-retroviral drugs |
| 12.1.4.Others |
| 12.2. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Consumable |
| 12.2.2.Instruments |
| 12.2.3.Services |
| 12.3. Indication Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Oncology |
| 12.3.2.Rare Diseases |
| 12.3.3.Infectious diseases |
| 12.3.4.Hematological disorders |
| 12.3.5.Others |
| 12.4. Drugs Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Alectinib |
| 12.4.2.Osimertinib |
| 12.4.3.Mepolizumab |
| 12.4.4.Aripiprazole Lauroxil |
| 12.4.5.Others |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Precision Medicine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Monoclonal Antibodies |
| 13.1.2.Cell & Gene Therapy |
| 13.1.3.Antiviral & Anti-retroviral drugs |
| 13.1.4.Others |
| 13.2. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Consumable |
| 13.2.2.Instruments |
| 13.2.3.Services |
| 13.3. Indication Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Oncology |
| 13.3.2.Rare Diseases |
| 13.3.3.Infectious diseases |
| 13.3.4.Hematological disorders |
| 13.3.5.Others |
| 13.4. Drugs Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Alectinib |
| 13.4.2.Osimertinib |
| 13.4.3.Mepolizumab |
| 13.4.4.Aripiprazole Lauroxil |
| 13.4.5.Others |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Precision Medicine Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 14.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.Monoclonal Antibodies |
| 14.1.2.Cell & Gene Therapy |
| 14.1.3.Antiviral & Anti-retroviral drugs |
| 14.1.4.Others |
| 14.2. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Consumable |
| 14.2.2.Instruments |
| 14.2.3.Services |
| 14.3. Indication Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Oncology |
| 14.3.2.Rare Diseases |
| 14.3.3.Infectious diseases |
| 14.3.4.Hematological disorders |
| 14.3.5.Others |
| 14.4. Drugs Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Alectinib |
| 14.4.2.Osimertinib |
| 14.4.3.Mepolizumab |
| 14.4.4.Aripiprazole Lauroxil |
| 14.4.5.Others |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.AstraZeneca plc |
| 15.2.2.Bayer AG |
| 15.2.3.bioMérieux SA |
| 15.2.4.Bristol-Myers Squibb Company |
| 15.2.5.Eli Lilly and Company |
| 15.2.6.Hoffmann-La Roche AG |
| 15.2.7.Illumina Inc. |
| 15.2.8.Laboratory Corporation of America Holdings |
| 15.2.9.Merck KGaA |
| 15.2.10.Novartis AG |
| 15.2.11.Pfizer Inc. |
| 15.2.12.Qiagen N.V. |
| 15.2.13.Quest Diagnostics Incorporated |
| 15.2.14.Thermo Fisher Scientific Inc. |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
- AstraZeneca plc
- Bayer AG
- bioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA
- Novartis AG
- Pfizer Inc.
- Qiagen N.V.
- Quest Diagnostics Incorporated
- Thermo Fisher Scientific Inc.