Introduction:

Precision Medicine Market was valued at US$ 90.1 Billion in 2024 and is projected to grow at a CAGR of 1.70% to reach US$ 275.9Billion by 2034.

Precision medicine is combination of molecular biology techniques and systems of the biology which has an approach towards the treatment as well as prevention of the disease. Precision medicine is also known as personalized medicine which has potential to tailor the therapy that can be customized according to genetic makeup, lifestyle, and environment of the individual. Increasing government initiatives and growing interest of biopharmaceutical industries associated with precision medicine are major factors driving growth of the precision medicine market. 

Bloating cancer populations, coupled with affordable DNA profiling are factors supporting growth of the target market. Furthermore, increasing use of multi-omics in research and penetration of high-throughput sequencing platforms will create a favorable condition for the growth for the precision medicine market in the near future.

Growing prevalence of cancer diseases and rate of urbanization

Growing prevalence of cancer diseases and rapid growth in urbanization with adoption of unhealthy lifestyle and poor nutrition food has given positive impact on Precision Medicine market growth. Rising cancer diseases led to rise in demand for advanced diagnostic techniques to effective treatment which in turn, facilitate the Precision Medicine market growth. Precision Medicine uses specific information in cancer disease about person’s tumor to make plan treatment, diagnosis and to find out how well treatment is working which in turn, facilitated Precision Medicine market growth.

According to CDC (Centers for Disease Control and Prevention) in 2019, around 1,752,735 new cancer cases were reported and 599,589 people were died of cancer disease in United States of America.

For instance, in 2016, (NIH), the relationship between cancer incidence and urbanization in Iran were conducted by using Quantile Regression. Data obtained by Ministry of Health & Medical Education and relationship between urbanization and cancer morbidity was investigated by quantile regression and determined that lung cancer, pancreas, prostate, colorectal and breast cancers increasing with rate of urbanization. 95^th percentile for lung cancer, 90^th percentile was maximum increase rate of breast cancer, 95^th percentile was of prostate cancer, 75^th percentile was of colorectal cancer, and 10^th percentile for pancreas cancer. According to the results, it was determined that there was significant impact of rising urbanization on cancer morbidity due to risk factors like more pollution in urban areas, poor nutrition food, lack of exercise, smoking, alcohol intake, etc., which in turn facilitated the Precision Medicine market growth.

Restrains:

However, high costs associated with precision medicine along with declining trends in the FDA pharmacotherapy approvals are key factors expected to hamper growth of the precision medicine market in the near future.

 

Precision Medicine Market is segmented based on Technology, Application, and Region.

Technology Insight

On the basis of Technology, Precision Medicine Market is segmented into Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics, and Big Data Analytics.  Drug Discovery segment is expected to dominate the market growth due to huge investment in research & development activities from private and public organizations to develop novel drugs and growing demand for development of precision medicine.

Application Insights

On the basis of Application, Precision Medicine Market is segmented into Oncology, CNS, Respiratory, Immunology, Hematology, and Others. Oncology segment is expected to dominate the market growth due to growing prevalence of cancer diseases and use of precision medicine in treating various cancers through surgery, chemotherapy, immunotherapy and radiation therapy.

Regional Insights:

On region the Precision Medicine Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period. This can be attributed to high prevalence of cancer and the favorable regulatory scenario in the countries of the region. Further, technological innovation, robust research institutes and healthcare infrastructure, growing research and development activities is anticipated to increase the demand for Precision Medicine Market in coming years. Also, the market in Europe is expected to account for second-highest revenue share in the global market, followed by the market in Asia Pacific. 

Report Scope:

Attribute	Details
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 – 2034
Market Segmentation	By Technology - Bioinformatics, Drug Discovery, Gene Sequencing, Precision Molecular Diagnostics, and Big Data Analytics By Application - Oncology, CNS, Respiratory, Immunology, Hematology, and Others
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 – 2034. For the purpose of this study, has segmented the Precision Medicine Market report based on Technology, Application and Region:

Precision Medicine Market, By Technology:

• Bioinformatics
• Drug Discovery
• Gene Sequencing
• Precision Molecular Diagnostics
• Big Data Analytics

Precision Medicine Market, By Application:

• Oncology
• CNS (Central Nervous System)
• Respiratory
• Immunology
• Hematology
• Others

Precision Medicine Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating the Precision Medicine Market includes, Novartis AG, Intomics A/S, Thermo Fisher Scientific Inc., Ferrer Incode SL, Nanostring Technologies, Inc., Pfizer, Inc., Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., Quest Diagnostics Incorporated, and others.

• Novartis AG*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Intomics A/S
• Thermo Fisher Scientific Inc.
• Ferrer Incode SL
• Nanostring Technologies, Inc.
• Pfizer, Inc.
• Teva Pharmaceuticals
• Merck & Co., Inc.
• Qiagen N.V.
• Quest Diagnostics Incorporated

“*” marked represents similar segmentation in other categories in the respective section

Recent Development:

• In March 2022, Novartis “Pluvicto” is approved by U.S. FDA (Food and Drug Administration) for treating patient with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer (PSMA-positive mCRPC) that spreads to other parts of body. Pluvicto is the first FDA approved targeted radioligand therapy (RLT) a type of precision cancer treatment combining radioactive particle and ligand.
• In May 2020, QIAGEN launched new novel solutions for faster and better analysis of genomic variations in cancer disease with leading position in precision medicine. New launched novel solutions are, novel QIAseq Targeted Methyl panels, new QIAseq Pan-cnacer Multimodal panel and new QCI Interpret One software solution.
• In May 2019, Johns Hopkins launched new Precision Medicine tools to research and treatment called as “Johns Hopkins inHealth”. New launched precision medicine tool includes, the SAFE (Secure Analytic Framework Environment” and PMAP (Precision Medicine Analytics Platform” and access to resources and expert to help clinicians to conduct big-data research and to use the results in improving patient care.

1. Research Objective and Assumption
   • Preface
   • Research Objectives
   • Study Scope
   • Years considered for the study
   • Assumptions
   • Abbreviations
2. Research Methodology
   • Research data
   • Primary Data
     • Primary Interviews
     • Primary Breakdown
     • Key data from Primary Sources
     • Key Industry Insights
   • Secondary Data
     • Major Secondary Sources
     • Secondary Sources
   • Market Estimation
   • Top-Down Approach
     • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
   • Bottom-Up Approach
     • Approach for estimating market share by Bottom-up Analysis (Demand Side)
   • Market Breakdown and Data Triangulation
   • Research Assumptions
3. Market Preview
   • Executive Summary
   • Key Findings—Global Outlook for Precision Medicine Strategies
     • Key Questions this Study will Answer
     • Market Snippet, By Technology
     • Market Snippet, By Application
     • Market Snippet, By Region
   • Opportunity Map Analysis
   • Executive Summary—3 Big Predictions
4. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restraints
     • Market Opportunities
     • Market Trends
   • DR Impact Analysis
   • PEST Analysis
   • Porter’s Five Forces Analysis
   • Opportunity Orbit
   • Market Investment Feasibility Index
   • Macroeconomic Factor Analysis
5. Market Segmentation, By Technology, 2024 – 2034, (US$ Bn)
   • Overview
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
     • Y-o-Y Growth Analysis (%), 2024 – 2034
     • Segment Trends
   • Bioinformatics
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Drug Discovery
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Gene Sequencing
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Precision Molecular Diagnostics
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Big Data Analytics
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
6. Market Segmentation, By Application, 2024 – 2034, (US$ Bn)
   • Overview
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
     • Y-o-Y Growth Analysis (%), 2024 – 2034
     • Segment Trends
   • Oncology
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • CNS
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Respiratory
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Immunology
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Hematology
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
   • Others
     • Overview
     • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
7. Global Market, By Region, 2024 – 2034, (US$ Bn)
   • Overview
     • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
     • Y-o-Y Growth Analysis (%), 2024 – 2034
     • Regional Trends
   • North America
     • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
       • U.S.
       • Canada
   • Europe
     • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
       • Germany
       • UK
       • France
       • Russia
       • Italy
       • Rest of Europe
   • Asia Pacific
     • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
       • China
       • India
       • Japan
       • South Korea
       • Rest of Asia Pacific
   • Latin America
     • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
       • Brazil
       • Mexico
       • Rest of Latin America
   • Middle East & Africa
     • Market Size and Forecast (US$ Bn), By Technology, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
     • Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
       • GCC
       • Israel
       • South Africa
       • Rest of Middle East
8. Competitive Landscape
   • Heat Map Analysis
   • Market Presence and Specificity Analysis
9. Company Profiles
   •  
     • Novartis AG
       • Company Overview
       • Product Portfolio
       • Key Highlights
       • Financial Overview
       • Business Strategies
     • Intomics A/S
     • Ferrer Incode SL
     • Nanostring Technologies, Inc.
     • Pfizer, Inc.
     • Teva Pharmaceuticals
     • Merck & Co., Inc.
     • Qiagen N.V.
     • Quest Diagnostics Incorporated
10. The Last Word
    • Future Impact
    • About Us
    • Contact