The global precision medicine market value surpassed USD 59.5 billion in 2020 and expected to reach USD 141.33 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 11.5% during the forecast period 2020 to 2027.
Precision medicine analyzes the genes and proteins present in the patient’ body to accordingly design the personalized treatment drug to cure the particular disease. With key discoveries such as single nucleotide polymorphism and microarray/ biochips in the field of precision medicine, the market expected to experience a boom in the coming years. Research on human genome is the future of precision medicine and has significant potential to upend the medical treatment on individual patients by understanding their genetics, molecular profiles, and clinical characteristics and evolving proper treatment to cure the disease. The aforementioned factors projected to flourish the demand for precision medicine in the near future. Other than this, rising prevalence of cancer expected to boost the demand for precision medicine for personalized therapeutics and diagnostics that will render a positive influence on the market growth. In 2018, there were nearly 1.7 Million new cases diagnosed with cancer in the United States.
Besides this, high cost of precision medicine along with challenges in reimbursement policies expected to hinder the market growth. The application of high-end calculation methodology and advanced computational techniques add various types of cost to the treatment procedure owing to which the precision medicine is highly expensive in the market. Apart from this, on-going advancement in the computational tools and innovation in the genetic technology helps to examine the functional effects of genetic changes that finally cause cancer development. Thus, genetic diagnosis approach predicted to fuel the growth of precision medicine exponentially especially in the field of cancer treatment.
Drug discovery technology registered considerable growth in the recent past and expect to lead the overall market revenue in 2020. Advancement in pharmacogenomics expected to pave the way for significant growth of the drug discovery in the precision medicine.
Pharmacogenomics helps in predicting the efficacy of the drug as well as helps in understanding the differences in pharmacokinetics and pharmacodynamics using genetic information of individuals. Furthermore, increasing emphasis of biopharmaceutical players for developing precision medicine for the treatment of diseases that include cancer expected to further propel the market growth.
Oncology application led the global precision medicine market with significant revenue share in 2020 and analyzed to grow at a prominent rate during the forecast period. Increasing prevalence of cancer across the globe expected to flourish the demand for precision medicine for effective therapeutic approach.
Precision medicine helps to examine the patient’s genes and the root cause of the cancer disease. It also helps in designing personalized medicine for the patient to cure them in less time as compared to conventional treatment methods. As per the stats published by the World Cancer Research Fund related to cancer in 2018, there were nearly 18 Million cases of cancer across the globe out of which 9.5 Million cases were found in men and 8.5 Million cases in women. This number is predicted to increase in the coming years. Subsequently, the above factor flourishes the growth of oncology segment in precision medicine market.
In terms of revenue, North America captured more than 40% of the overall market value share in 2020 and projected to maintain its position in the coming years. Increasing prevalence of cancer along with the presence of key market players in the region expected to be the key factors contributing for the market growth in the region. Furthermore, demand for precision medicine is mainly driven by favorable government initiatives and rising investment for developing novel solutions for effective disease management. For instance, in September 2018, National Institutes of Health (NIH) announced to fund USD 28.6 Million to three U.S. based genome centers. The funding helps these companies to generate genomic data from bio-samples that is a critical component of precision medicine discoveries.
On the other hand, the Asia Pacific seeks lucrative growth over the forecast period due to low cost clinical trials of newly developed diagnostic products and precision medicine. Furthermore, rising disposable income and rising economy in the developing nations such as India expected to boost the demand of precision medicines in the region. The region offers several aspect of growth in the medical sector owing to on-going research and significant investment on health care facilities and techniques.
Key Companies & Market Share Insights
The global precision medicine market is highly competitive owing to presence of numerous market players. The players are largely focused towards product enhancement and development to retain and upgrade their position in the market. For instance, in May 2018, Foundation Medicine announced to approve the Advanced Diagnostic Laboratory Test (ADLT) for Foundation One CDx that is mainly used for solid tumors that integrates multiple companion diagnostics.
Some of the prominent players in the precision medicine market include:
Segments Covered in the Report
This research study encompasses comprehensive assessment of the marketplace revenue with the help of prevalent quantitative and qualitative intelligences, and prognoses of the market. This report presents breakdown of market into major and niche segments. Furthermore, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report comprises market division and its revenue valuation by categorizing it depending on technology, application, end-use, and region:
By Regional Outlook
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