Precision Medicine Market Size By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Immunology, CNS, Respiratory), By End-use (Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Feb 2020  |  Report ID: GMI671  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 173   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Precision Medicine Market size exceeded USD 57 billion in 2019 and is estimated to grow at a CAGR of over 11% between 2020 and 2026. Precision medicine or personalized medicine is a developing approach for disease treatment and prevention that uses information about an individual’s genes or proteins.

Precision Medicine Market

Get more details on this report - Request Free Sample PDF

The field of precision medicine has made substantial progress with key discoveries such as microarray/ biochips and single nucleotide polymorphism. These advancements in healthcare are beneficial for patients, pharmaceutical industry and society.

The advent of precision medicine has allowed researchers to understand the mechanism of patients molecular and clinical profiles. Human genome research is the future of precision medicine and has the potential to modify medical treatments to individual patients through the understanding of molecular profiles, genetics and clinical characteristics in determining the treatment.  

Rising prevalence of cancer coupled with technological advancements will boost the adoption of precision medicines across the globe

Rising prevalence of cancer is projected to boost the demand for personalized cancer diagnostics and therapeutics that in turn will render positive impact on the market growth. According to a recently published article, in 2018, in the U.S. around 1.7 million cases were diagnosed with cancer alone.

Growing advancement in precision medicine owing to accessibility of large-scale human genome databases including next-generation sequencing (NGS) is propelling the market growth positively. Advancement of computational tools and development of innovative genetic technologies examines the functional effects of genetic changes that cause cancer development. These are some of the major factors that will contribute to increased precision medicine market growth through 2026.

Growing significant advancements in the field of gene therapy coupled with various clinical benefits is expected to drive the personalized medicine market demand in the upcoming years. Rising demand for gene therapy in order to cure major chronic diseases and cancer will further propel the market growth.

Upsurge in the use of novel treatment based on understanding of individual gene, environment and lifestyle are some other factors that are contributing in the industry growth. Furthermore, rising R&D for selection of most effective treatment based on preclinical studies and molecular analysis of tumours will increase adoption of gene therapy influencing the precision medicine industry growth positively.

Recent technological advancements in the drug discovery will spur the market growth    

Precision Medicine Market

Get more details on this report - Request Free Sample PDF

Drug discovery technology witnessed a substantial growth over the historical period and was valued at around USD 10.0 billion in 2015 and USD 13.6 billion in 2019.

Advancements in pharmacogenomics will pave the way for drug discovery in precision medicine. Pharmacogenomics assist in predicting the efficacy of a drug and helps in understanding the differences in pharmacodynamics and pharmacokinetics with the help of genetic information of individuals.

Furthermore, the growing emphasis of biopharmaceutical players for development of precision medicine to treat diseases including cancer will further propel the market growth positively. For instance, in 2018, out of 59 new molecular entities, 25 were newly approved by the FDA for several chronic diseases.

In addition, two new biosimilars for existing personalized medicines were approved in 2018. Hence, owing to these above-mentioned factors, the segment is expected to witness significant traction.

Rising prevalence of cancer is projected to boost the demand for precision medicines

Based on application, the precision medicine market is segmented into oncology, immunology, CNS, respiratory and others. Oncology held the largest market share in 2019 and is expected to witness a significant growth rate during 2020 to 2026. Growing incidence and prevalence rate of cancer across the globe will boost the demand for precision medicine as an effective therapeutic approach.

Development of targeted therapies for cancer patients based on their genetic composition over the conventional chemotherapy will further spur the market growth in the upcoming years.

Favourable government initiatives such as Precision Medicine Initiative (PMI) launched by National Institute of Health (NIH) in 2016, propelled the market expansion. To advance the precision medicine, National Cancer Institute is anticipated to further increase the funding to support clinical trials that offers distinct approaches in order to treat cancer.

Growing development of precision medicines by pharmaceutical companies

Based on end-use, the market is categorized into pharmaceutical companies, diagnostic companies, healthcare IT companies and others. Pharmaceutical companies emerged as the largest segment in terms of end-use and was valued at around USD 22.2 billion in 2019.

The growth is attributed to the availability of advanced techniques including next generation sequencing for the identification of drug related genetic alterations. Additionally, major players in the precision medicine industry are involved in numerous investment programs that is further gaining the significant traction of the market.

Presence of major players and rapidly growing prevalence of cancer in the U.S. will boost the market growth

Europe Precision Medicine Market

Get more details on this report - Request Free Sample PDF

North America held more than 40% market share in 2019 and the U.S. precision medicine industry is projected to exceed USD 41 billion by 2026. Presence of key players and increasing prevalence of cancer in the region will boost the market growth. The demand for precision medicine is attributed to the favorable government initiatives and growing investments for the development of novel solutions for effective disease management.

In addition, the American Association for Cancer Research (AACR) launched Project GENIE (Genomics Evidence Neoplasia Information Exchange) that offers the data-sharing initiative that further facilitates precision oncology by integrating genomic and clinical data of cancer patients. Thus, such initiatives will favor precision medicine business growth in the country over the forecast period.

UK individual medicine market held significant share in 2019 and was valued at more than USD 3 billion. Favorable government initiatives coupled with emergence of big data in healthcare and rising prevalence of cancer will fuel the market growth. According to the Health Europa, in 2018, UK government invested around USD 272.1 million in precision medicine for the development of novel diagnostic tools, medical products and treatments.

Owing to this investment, the country will sequence the genomes of 500,000 biobank volunteers and the data will further assist the researchers in understanding the disease process.

Growing healthcare expenditure to ensure better outcomes through individualized treatment is set to drive the market demand through 2026. Furthermore, various conferences conducted in the country will pave the way for new initiatives and will also increase the awareness regarding personalized medicine that will boost the market growth significantly.

Execution of strategies such as partnerships and collaborations by major industry players

Some of the prominent industry players operating in the personalized medicine market include Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, and Teva Pharmaceutical. The growing investments by these companies for the development of personalized products for better treatment are a few competitive strategies adopted by market players.

Recent industry developments:

  • In May 2018, Foundation Medicine announced approval for Advanced Diagnostic Laboratory Test (ADLT) for FoundationOne CDx used for solid tumors that integrates multiple companion diagnostics. The new product approval will help in expanding its existing product portfolio.
  • In October 2018, Qiagen announced its launch of novel RNA-seq library preparation solutions for next-generation sequencing thereby expanding its portfolio and user base significantly

The precision medicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:

By Technology

  • Big Data Analytics
  • Bioinformatics
  • Gene Sequencing
  • Drug Discovery
  • Companion Diagnostics
  • Others

By Application

  • Oncology
  • Immunology
  • CNS
  • Respiratory
  • Others

By End-use

  • Pharmaceutical Companies
  • Diagnostic Companies
  • Healthcare IT companies
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Scandinavia
  • Asia Pacific 
    • China
    • Japan
    • India
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • Qatar
    • South Africa
    • UAE


Frequently Asked Questions (FAQ) :

The market size of precision medicine valued over USD 57 billion in 2019.
The industry share of precision medicine is predicted to witness 11% CAGR during 2020-2026.
The precision medicine market is estimated to cross USD 119 billion by 2026, says a GMI report.
In 2019, the drug discovery technology was valued at around USD 13.6 billion.
According to this report, the North America personalized medicine market held more than 40% market share in 2019.
Pharmaceutical companies emerged as the largest end use segment and was valued at around USD 22.2 billion in 2019.
Oncology application is expected to largest market share over 2020-2026 owing to growing incidence and prevalence rate of cancer across the globe.

Premium Report Details

  • Published Date: Feb 2020
  • Pages: 173
  • Tables: 192
  • Charts / Figures: 8
  • Companies covered: 17
  • Countries covered: 18

Get a report that explains COVID-19 impact on this market, request a free sample now

Buy Now

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Benefits of Association

Data Coverage & Quality

GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.

Client Trust & Security

GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.

Customer Service

Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.

GMIPulse, our report store

We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X