Precision Medicine Market To Reach $160.78 Billion By 2030

Precision Medicine Market Growth & Trends

The global precision medicine market size is expected to reach USD 160.78 billion by 2030 growing at a CAGR of 10.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Trends such as introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and rising use of big data in precision medicine are some of the key factors boosting market growth.

The Human Genome Project introduced some marvelous cutting-edge techniques such as whole genome sequencing and targeted sequencing. These technologies are being used by researchers for the study of genomes and creation of personalized therapies for treatment of various illnesses. Today, the prevalence of diseases in areas such as oncology, immunology, and neurology has rapidly increased across the globe.

Researchers, healthcare professionals, and big pharma and biotech companies are working together to recognize new focused treatments options for the wellbeing of patients. Currently, there are many therapies and drugs under clinical trials for treatment of different types of cancers. Moreover, researchers have also shown an inclination toward development of precision medicines and diagnostics in non-oncologic disease areas.

Apart from therapeutics, the diagnostics field has also witnessed rapid growth in the past few years. The use of next generation sequencing (NGS), biomarkers, companion diagnostics, and esoteric tests can possibly change and affect prescription patterns of pharmaceutical medicines. Personalized medicines have very high chances of becoming a massive success in the next 20 years and have the capacity to treat and cure a few obstinate illnesses, which was not possible before.

Involvement of government and regulatory bodies has played a very important role in the growth of this field. In 2015, the then U.S. government announced the launch of the Precision Medicine Initiative. The following year, China launched the China Precision Medicine Initiative, which is a 15-year project that aims to build the country as a leader in development of precision therapies.

At present, more than 40% of the medications in biotech and pharmaceutical companies’ improvement pipeline incorporate biomarkers. The overview likewise recommended that some biopharmaceutical organizations have collaborated and joint their ventures in the past five years and are expected to continue doing so in the coming years. The diagnostic and therapeutic precision medicine market thus holds immense potential and is quickly turning into a fundamental segment of patient care.

 Request a free sample copy or view report summary: Precision Medicine Market Report

Precision Medicine Market Report Highlights

• Technologies such as gene sequencing, biomarkers, big data analytics, and companion diagnostics are anticipated to drive this market in the coming years

• By end use, clinical labs held the dominant share in the market in 2022. The home care testing segment, on the other hand, has been witnessing rapid growth due to its speed, efficiency, and convenience

• On the basis of indication area, therapeutic precision medicines for oncology held the largest market share in 2022. However, there has been a change in focus of researchers toward the development of precision medicines for non-oncologic diseases. This has resulted in greater focus on immunological, genetic, and rare diseases

• The North America market currently holds the largest share and is expected to grow further during the forecast period. The market is primarily driven by supportive policies and initiatives by the government and strong presence of market players. Asia Pacific is expected to emerge as the fastest growing region in this market

Precision Medicine Market Segmentation

Grand View Research has segmented the global precision medicine market based on application, end use, and region

Precision Medicine (Diagnostics/Therapeutics) Application Outlook (Revenue, USD Billion, 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

Precision Medicine (Diagnostics/Therapeutics) End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Home care

• Hospitals

• Clinical Laboratories

• Others

Precision Medicine (Diagnostics/Therapeutics) Regional Outlook (Revenue, USD Billion, 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

List of Key Players of Precision Medicine Market

• 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