The Precision Medicine market size is projected to surpass around USD 254 billion by 2032, and it is poised to reach a registered CAGR of 12.1% from 2023 to 2032, The Demand for Precision Medicines Will Rise Majorly due to Increasing Use of AI in Healthcare.
Pune, March 06, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global Precision Medicine market size was USD 83.4 Billion in 2022. and is projected to reach USD 254 billion by 2032, exhibiting a CAGR of 12.1% in the forecast period (2023-2032). Precision medicine, a new field in medicine, uses an individual’s environment, genetic makeup and lifestyle to determine the best treatment. Precision medicine is gaining popularity due to the positive results achieved in the treatment and prevention of cancer. This allows doctors and researchers to make better predictions about how to treat or prevent any disease. Precision medicine is also known as personalized medicine or individualized medicine. It focuses on the treatment of cancer-causing mutations within healthy cells. Precision medicine is less likely to cause side effects than traditional drugs and can be used for targeted cancer treatment.
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- By technology, in 2022, the Precision Medicine market was dominated by the drug discovery segment due to increased demand for precision medicine, and pharmacogenomics developments among other factors.
- By application, the oncology segment dominated the largest market share in application type analysis.
- By end-user, the Pharmaceutical and Biotechnology Companies segment dominated the largest market share in end-user type analysis
- In 2022, North America dominated the market with the highest revenue share of over 40%.
- Western Europe is anticipated to have a market share of above 23% in 2022.
- APAC is expected to grow at a greater pace among all the regions covered the report.
Factors affecting the growth of the Precision Medicine industry?
Several factors can have an impact on the growth of the Precision Medicine industry. Some of these factors include:
- Advance in Cancer Biologics: Precision medicine will grow due to advances in cancer biologics. Market expansion will be driven by the development of new therapeutic techniques such as gene therapy to treat cancer and an increase in patients who receive predictive diagnostics.
- New Discoveries: Precision medicine uses gene and protein analysis to determine the best treatment for a patient. The precision medicine market is expected to bolster with key discoveries like single nucleotide Polymorphism (SNP) and microarray/biochips.
- Increasing Prevalence of Chronic Diseases: This market is anticipated to boost owing to increasing demand for novel drug discovery to reduce the growing prevalence of cancers and other diseases.
- Human Genome Study: The future of precision medicine is research on the human genome. This has the potential to transform medical care for individual patients. It can be done by understanding the genetics, molecular profiles and clinical characteristics of the patient and developing the right treatment.
- Use of AI: The use of AI in healthcare industry is revolutionizing this sector. It allows professionals to record and monitor clinical data with greater accuracy and with fewer errors.
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Precision medicine’s ability to reduce drug reactions and expand treatment options is driving the growth of medical tourism in European countries. To improve the healthcare infrastructure, the UK government invested US$ 70 million in the Industry Strategy Challenge Fund. For advance precision and gene therapy, it has established three treatment centres for advanced therapy. Artificial intelligence, which is based on innovative advances, is revolutionizing healthcare. It makes easier for healthcare professionals to track and monitor clinical data. This results in fewer errors. AstraZeneca plc, Renalytix AI plc, introduced strategies for precision medicine to treat metabolic, renal, or cardiovascular diseases in August 2020. Researchers at Seoul National University Hospital & College of Medicine also developed artificial intelligence (A.I.). Deep Learning Based Automatic Detection is an algorithm that analyses chest radiographs to identify abnormal cancer growth. The market growth is being driven by AI in precision medicine.
North America was the dominant country in 2022 with a lead of over 40%. The majority of North America’s population is accounted for by an increase in cancer incidences, an improved healthcare infrastructure, increased demand and use for precision medicine, significant investments in R&D, digitalization growth, and initiatives taken in major markets. The American Cancer Society estimated that there were approximately 606,520 deaths from cancer in the US, and an additional 1.8 million cases of new diseases. The European Precision Medicine Market is growing at a faster pace than North America.
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Scope of the Report
|Market Value (2022)||USD 83.4 Billion|
|Market Size (2032)||USD 254 Billion|
|CAGR (from 2023 to 2032)||12.1%|
|North America Revenue Share||40%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
While genomics and genetics are well-established fields in developed countries, there has been significant progress made in the last ten years by developing countries in genetics and precision medicine. This includes product approvals, regulations and the implementation of new methods and procedures in healthcare industry. The reimbursement of genetic testing by health insurance companies is a critical issue for emerging countries. However, healthcare insurance companies in developing countries have been able to offer the new cover options to their patients and at-risk relatives, by agreeing to pay for the genetic testing.
The field of precision medicine is on the rise. The market’s growth may be limited by the rising costs of diagnostics. The generation of large amounts of personal data during diagnosis and treatment can pose a threat to the growth of precision medicine due to fear of cyber threats. The growth of personalized medicine is being hampered by stringent standards and restrictions.
Many companies that offer precision medicine solutions are limiting their operations to developed markets. This leaves the vast potential of emerging markets untapped. There are many countries such as China and India, Australia, the Middle East, and Africa that have a large population at high risk for certain diseases. This presents a huge opportunity to expand the market for precision medicine.
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Report Segmentation of the Precision Medicine Market
The overall market was led by the drug discovery segment during the forecast period. This segment is expanding due to increased demand for precision medicine and pharmacogenomics development, as well as increased research and development initiatives by private and public companies to develop new drugs. According to the National Library of Medicine article “The Influence of Academic and Industrial Collaboration on Drug Discovery and Development”, the success rates of drug development and discovery are roughly 75% in phase I, 50% in phase II, 59% in phase III, and 88% in the new drug application stage.
This market is dominated by the oncology segment. This is due to an increase in the number of cancer cases worldwide. Breastcancer.org found that 31.7% of 534 breast cancer patients experienced a delay in getting treatment in July 2020. Nearly 22% of the 534 patients who were diagnosed with breast cancer in July 2020 reported delays in their screenings, while 9.3% reported delays in receiving treatment. This segment is also being driven by an increase in funding for cancer research and the wide applications of precision medicine in oncology medicine research. Additionally, government agencies are investing in precision medicine software to drive its growth.
End User Insight
The segment of Pharmaceutical and Biotechnology Companies will hold the largest share in 2022. The segment’s growth is driven by the participation of market leaders and key technology developers in investment programs. According to the report on the pharmaceutical industry and global healthcare 2021, US$ 179 billion is spent by biopharmaceutical companies worldwide on R&D. This figure is lower than the rest of high-tech industries. The biopharmaceutical sector spends 7.3x more on research and development than the aerospace and Defense industry, 6.5x the chemical industry, and 1.5x the software and computer service industry.
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Based on Technology
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Other Technologies
Based on Application
- Respiratory Diseases
- Central Nervous System Disorders
- Genetic Diseases
- Other Applications
Based on the End-User
- Hospitals and Clinics
- Diagnostic Companies
- Healthcare and I.T. Firms
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
North America, dominates the precision medicine market. The market will grow due to significant investment in precision medicine in America. The funding will be used for oncology-targeted therapies, but research for other applications will also be funded. North America leads the way in precision medicine development and utilization. Pzifer Inc. and Thermo Fisher Scientific Inc. are some of the most prominent companies.
Some of the major players include:
- Synapse, Inc.
- Pzifer Inc.
- E. Healthcare
- AB-Biotics SA
- Abbott Laboratories
- HealthCore, Inc.
- Hoffmann-La Roche AG
- Johnson & Johnson
- Eli Lilly and Company
- Novartis AG
- Other Key players
Recent Development of the Precision Medicine Market
- In February 2022- A research collaboration agreement for developing new personalized cancer treatments for aggressive and untreatable tumours was announced by SEngine Precision Medicine Inc. (a precision oncology company) and Oncodesign (a French biopharmaceutical company) that specializes in precision medicine. It is done to see if the identified Nanocyclix inhibitor series can be turned into drug candidates likely to work in the clinic.
- In January 2022- AstraZeneca and Scorpion Therapeutics agreed to develop, market, and discover precision medicines against previously difficult-to-target cancer proteins. It could revolutionize oncology treatment by overcoming the difficulties of targeting transcription factors and reaching underserved patient populations. It focuses on proteins called transcription factors, which control critical cellular processes and gene expression.
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