Precision medicine is a new approach to illness prevention and management that is gaining traction. It entails personalised techniques for an individual, such as predictive diagnostic, preventative, and treatment tactics based on their genetic composition and genetic changes.
The global market for the Precision Medicine is anticipated to develop at a compound annual growth rate (CAGR) of 11.5 % throughout the course of the forecast, to reach USD 175.64 billion by 2030.
Covid-19 Impact & Market Status
COVID-19 has had an impact on various aspects of the precision medicine business. Precision medicine is progressing at a dizzying pace in the midst of the present pandemic. To better understand COVID-19 susceptibility, assess its impact, and uncover viable remedies, the healthcare sector is focusing on precision medicine and genomics research. Precision medicine has prompted governments, medical institutions, and academics to work together to produce viable medicines more quickly. In 2020, the San Antonio Partnership for Precision Therapeutics, for example, announced financing for three initiatives focused at speeding COVID-19 intervention. These studies will look at how biological components, such as proteins in the immune system and respiratory tract, impact an individual's viral response and how researchers might use this information to build therapies.
The COVID-19 outbreak had an impact on the precision medicine business in the United States because healthcare services were drastically limited as a result of social distancing measures enacted by numerous governments throughout the world. Furthermore, the COVID-19 pandemic had a significant influence not only on the area economy, but also on the operation of general hospital treatment for non-COVID-19 patients throughout the region.
Installed Base of Healthcare Infrastructure and New Technology Penetration
The precision medicine market also offers detailed market analysis for each country, including growth in healthcare capital expenditure, installed base of various types of precision medicine products, impact of technology using life line curves, and changes in healthcare regulatory scenarios and their impact on the precision medicine market. The data is provided for the years 2010 through 2019.
Market Share Analysis and Competitive Landscape for Precision Medicine
The competitive landscape for the precision medicine market breaks out information by competitor. Company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details included.
The research covers the top companies in the precision medicine industry are Neon Therapeutics, Moderna, Inc, Merck & Co., Inc, Bayer AG, PERSONALIS INC, GENOCEA BIOSCIENCES, INC., F. Hoffmann-La Roche Ltd, CureVac AG, CELLDEX THERAPEUTICS, BIONTECH SE, Advaxis, Inc., GlaxoSmithKline plc, Bioven International Sdn Bhd, Agenus Inc., Immatics Biotechnologies GmbH, Immunovative Therapies, Bristol-Myers Squibb Company, Gritstone Oncology, NantKwest, Inc. and bioMérieux SA among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
North American Region to dominate the market
North America dominated the customised medicine industry in 2020, accounting for 48.6 percent of total revenue. During the predicted period, the region is likely to maintain its dominance. This rise can be due to the widespread use of healthcare IT systems in clinical workflows, as well as next-generation sequencing technologies, which make it easier and faster to create customised and pharmacogenomics data.
Over the projection period, the market in Asia Pacific is predicted to rise rapidly. This is due to the low cost of performing clinical trials of newly discovered precision medicines and diagnostics in this region, which draws international investment. Furthermore, favourable government measures to embrace personalised healthcare solutions are boosting regional market growth.
Customization is possible: Precision Medicine Market
Market Data Bridge for Precision Medicine in the World Advanced formative research is a specialty of Market Research. We take pleasure in providing data and analyses that are relevant to and appropriate for our existing and prospective clients. Price trend analysis of target brands, market understanding for other countries, clinical trial outcomes data, literature research, reconditioned market, and product base analysis may all be included to the study. From technology-based research to market portfolio strategies, market analysis of target rivals may be studied.
Drugs are intended to target specific mutations using these methods, resulting in better therapy and patient outcomes.
Precision medications are patient-specific and differ from one person to the next. The growing population and rising cancer rates in emerging nations such as India and China are driving the precision medicine industry forward. However, the high cost of precision medicines may limit the market's expansion throughout the projection period.
In 2020, the global precision medicine market was worth USD 66.85 billion, and by 2025, it is predicted to be worth USD 125.67 billion, increasing at a CAGR of 10.65%.
Product and service segments, technology, application, end-user, and geography make up the Global Precision Medicine Market. Oncology, immunology, cardiology, neurology, respiratory, and other applications make up the application section. Due to the rising number of cancer occurrences throughout the world, oncology held the greatest market share in 2020.
Precision medicine is based on a novel notion that claims that two persons infected with the same disease do not have to respond to the sickness in the same way physically. However, it is dependent on the patient's symptoms and the surrounding environment, as well as the effect of genes. Furthermore, it is dependent on the patients' capacity to respond to that specific condition, which allows physicians and researchers to plan the necessary therapy.
The use of system biology and panomics to establish the cause of an individual patient's sickness at the molecular level is prevalent in precision medicine. Following that, concentrated drugs are used to treat each patient's condition. Precision medicine has a number of benefits, including effective therapy that is tailored to the patient's requirements and illness category. Furthermore, precision medicine has the potential to lower treatment costs and minimise pharmaceutical administration.
Major players in the Global Precision Medicine Market include IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., and others.
Latest Innovations in the Precision Medicine Market: a Snapshot
• In July 2019, Pfizer announced a cancer research agreement with Syapse. The goal of this partnership was to concentrate on molecular diagnostics and therapeutic options in precision oncology, therefore broadening the product line.
• In February 2019, Labcorp announced the extension of DoseASSURE, its therapeutic medication monitoring portfolio, to treat inflammatory disorders such as Crohn's disease and rheumatoid arthritis, bolstering its precision medicine leadership position.
Precision Medicine Market Scope
|Revenue forecast in 2030
|USD 175.64 billion
|CAGR of 11.5 % during 2020-2030
|Product Type, End-Use, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|include IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., and others.
Key Segments of the Precision Medicine Market
Market, By Product Type, (USD Million)
- Genetic Tests
- Biomarker Based Tests
Market, By Application, (USD Million)
Market, By End-use, (USD Million)
- Diagnostic Centers
- Research & Academic Institutes
Market by Region
- South Korea
Middle East & Africa
- Saudi Arabia
- South Africa