Precision Medicine Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type, By Type, By Indications, By Drugs, By End-Users, and Region Forecast 2019-2030
The precision medicine market was valued at US$ 82,643.7 million in 2023 and is expected to grow at a CAGR of 3.9% over the forecast year to reach US$ 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.
Study Period
2024-2030Base Year
2023CAGR
3.9%Largest Market
North AmericaFastest Growing Market
Asia Pacific
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.
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
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 82,643.7 million |
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Market Size in 2030 |
US$ 108,023.6 million |
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Market CAGR |
3.9% |
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By Product Type |
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By Type |
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By Indication |
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By Drugs |
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By End User |
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The precision medicine market was valued at US$ 82,643.7 million in 2023 and is expected to grow at a CAGR of 3.9% over the forecast year to reach US$ 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.
| 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 |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.
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