GVR Report cover Precision Medicine Market Size, Share & Trends Report

Precision Medicine Market Size, Share & Trends Analysis Report By Application ((Diagnostics (Genetic Tests, Esoteric Tests), Therapeutics (Pharmaceuticals, Medical Devices)), By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-2-68038-612-7
  • Number of Pages: 145
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Precision Medicine Market Size & Trends

The global precision medicine market size was valued at USD 71.29 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.7% from 2023 to 2030. Diagnostic and therapeutic precision medicines are among the most complex and helpful achievements of current science. They offer highly effective and efficient treatment options to patients suffering from serious illnesses with fewer side effects. The number of gene therapies, medicines, and diagnostics introduced in this area has increased significantly in the past few years due to the growing prevalence of life-threatening medical conditions, especially cancer and rare diseases. The global prevalence of cancer has increased tremendously. At the same time, developments in its diagnosis, prevention, and treatment have also increased. With advancements in precision diagnostics and therapies, along with breakthrough innovations such as Next Generation Sequencing (NGS) and big genomic data, the market is expected to witness steady growth during the forecast horizon.

U.S. Precision Medicine Market size and growth rate, 2023 - 2030

There have also been several advancements in gene therapy and the development of precision therapies to treat diseases such as cancer, tuberculosis, and Alzheimer’s. These diseases, triggered by mutations, are expected to significantly contribute to revenue generation. One of the key advantages of precision diagnostics and medicines is that they can be tailor-made to suit different needs and conditions instead of fitting every individual in the frame of “one treatment for all.”

Currently, operational and innovation challenges while developing these medicines deter the market from future growth. The high cost of R&D and clinical trials is also a major obstacle. Nevertheless, opportunities in this market are plenty and immensely fruitful. This is attracting increasing pharmaceutical and biotech companies to venture into this space.

End Use Insights

Based on end use, the precision medicine market is segmented into home care, hospitals, and clinical laboratories. Currently, clinical laboratories and hospitals hold a major share of 44.6% in precision diagnostics and medicines. However, the home care segment is expected to witness the highest growth of 11.8% CAGR during the forecast period.

Global Precision Medicine Market share and size, 2022

Rising levels of acceptance and positive results obtained through precision therapies in the treatment of various diseases among patients have benefitted the market. The market is further anticipated to be driven by the growth of personal healthcare equipment and devices and the integration of smart technologies with various healthcare systems.

On the downside, the high cost associated with precision diagnostic tests and medicine is a major drawback. In addition, the potential risk of device or software failure and security concerns over the privacy of patient data serve as key constraints to market growth. Stringent government regulations and standards are being devised and implemented to keep a check on these issues.

Application Insights

The market for precision medicines can be segmented into two major categories: therapeutics and diagnostics. The therapeutics segment can be further broken down into pharmaceuticals and medical devices. Whereas the diagnostics segments include genetic tests, direct-to-consumer tests, esoteric tests, and others.

Under pharmaceuticals, oncology held the largest revenue share in 2022. One of the reasons behind this is the growing prevalence of cancer and the increasing number of drug candidates under clinical trials. Additionally, the NIH is expected to invest approximately USD 70 billion in precision oncology, which is expected to spur market growth. The respiratory and genetic diseases segments are also expected to witness significant growth in the future. In October 2022, GE Healthcare launched an all-digital PET-CT system, which is stated to have achieved 35 scans of patients in 9.5 hours and reduced the medicine dose by 40%, displaying its ability to help deliver precision medicines effectively.

Under the diagnostics segment, genetic tests are growing at the fastest pace over the forecast period. Precision diagnostics and therapeutics are expected to escalate the need for the development of novel tools and techniques, such as biomarkers, and companion diagnostics, which can be used to efficiently treat patients.

Factors such as rising incidence of rare diseases, neurological diseases, and cancers, increasing demand for precision drug therapies, growing pressure to reduce healthcare expenditure, and rising geriatric population are anticipated to boost market growth. The surge in strategic collaborations, resulting in a higher number of clinical trial activities, and increasing government support and initiatives for the development of better and more efficient treatment options are expected to drive the market in the coming years.

Regional Insights

In 2022, North America accounted for the largest share of 47.9% of the global market due to the presence of a large number of leading pharmaceutical and biotech companies, along with a well-established healthcare infrastructure. Furthermore, support from government entities, coupled with higher R&D investment, is driving these regional markets. For instance, in 2015, the then-U.S. government announced the launch of the Precision Medicine Initiative to improve research and development in this field.

Precision Medicine Market Trends, by Region, 2023 - 2030

The precision medicine therapeutics market in Asia Pacific is expected to present strong growth of 11.8% CAGR due to increasing awareness among the population about the significance of precision medicine for the treatment of various diseases and rising income and expenditure on healthcare. Initiatives by governments to improve infrastructure and patient care are also poised to support market growth. For instance, inspired by the U.S. initiative, in 2016, the government of China launched the Precision Medicine Initiative, a 15-year project directed at developing new treatment concepts. In September 2022, Siemens Healthineers launched ARTIS icono, angiography system, in India, which will enable higher quality of treatment of patients leading to an increased scope of precision medicine in the advanced therapy field.

Key Companies & Market Share Insights

Diagnostics and therapeutic precision medicines have garnered the attention of several large pharmaceutical and biopharmaceutical companies thanks to massive profit margins and growth prospects. The market has also been witnessing rapid growth owing to significant tie-ups between IT and healthcare companies.

Companies are undergoing mergers, partnerships, and acquisitions to gain an advantage in the market. For instance, in February 2023, Roche announced a partnership with Janssen Biotech Inc. in the precision medicine segment to develop numerous companion diagnostics technologies such as digital pathology, immunohistochemistry, polymerase chain reaction, next generation sequencing, and immunoassays.

Key Precision Medicine Companies:

  • F. Hoffmann-La Roche Ltd.-Foundation Medicine
  • Siemens Healthineers
  • Janssen Pharmaceuticals
  • Illumina
  • Quest Diagnostics Incorporated.
  • 23andMe, Inc.
  • NeoDiagnostix, Inc.
  • IBM Watson
  • Myriad Genetics Inc.
  • Medtronic
  • GE Healthcare
  • Abbott Laboratories
  • Dako A/S
  • Biogen
  • Precision Biologics Incorporated
  • Qiagen Incorporated

Precision Medicine Market Report Scope

Report Attribute


Market size value in 2023

USD 78.71 billion

Revenue forecast in 2030

USD 160.78 billion

Growth Rate

CAGR of 10.7% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

October 2023

Quantitative units

Revenue in USD million and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; South Africa; UAE; Kuwait

Key companies profiled

F. Hoffmann-La Roche Ltd.-Foundation Medicine; Siemens Healthineers; Janssen Pharmaceuticals; Illumina; Quest Diagnostics Incorporated.; 23andMe, Inc.; NeoDiagnostix, Inc.; IBM Watson; Myriad Genetics Inc.; Medtronic; GE Healthcare; Abbott Laboratories; Dako A/S; Biogen; Precision Biologics Incorporated; Qiagen Incorporated

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Precision Medicine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global precision medicine market based on application, end use, and region:

Global Precision Medicine Market Report Segmentation

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Diagnostics

      • Genetic Tests

      • Direct to Consumer Tests

      • Esoteric Tests

      • Others

    • Therapeutics

      • Pharmaceuticals

        • Oncology

        • Respiratory Diseases

        • Skin Diseases

        • CNS Disorders

        • Immunology

        • Genetic Diseases

        • Others

      • Medical Devices

      • Others

  • End Use Outlook (Revenue, USD Million, 2018 - 2030)

    • Home care

    • Hospitals

    • Clinical Laboratories

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Sweden

      • Norway

      • Denmark

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa

      • Saudi Arabia

      • South Africa

      • UAE

      • Kuwait

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