Precision Medicine Market Size By Product Type (Diagnostics {Genetic Tests, Biomarker Based Tests}, Therapeutics), By Application (Oncology, CNS, Immunology, Respiratory), By End-use (Hospitals, Diagnostic Centers, Research & Academic Institutes), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jun 2021  |  Report ID: GMI671  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 173   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Precision Medicine Market size exceeded USD 52 billion in 2020 and is expected to grow at a CAGR of over 11.5% from 2021 to 2027.
 

Precision Medicine Market Overview

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Advancements in cancer biologics will drive the growth of precision medicine. Development of newer therapeutics approaches including gene therapy for cancer treatment and increasing number of patients undergoing predictive diagnosis will push the market growth. On the other hand, high cost and potential threat to personal health data are some of the factors that may thwart the market expansion. The impact of COVID-19 on industry is observed to be minimal and short term. This impact was mainly due to disruption of supply chain and lockdowns imposed in many countries. However, as the lockdowns were lifted, and supply was restored, the market has recovered quickly. As precision medicine deals majorly with fatal disorders like cancer involving life-saving drugs, the COVID-19 pandemic is poised to have no major impact on the market during the assessment period.
 

Precision medicine is an emerging way of disease prevention and management. It involves tailored approaches including predictive diagnostic, prevention and treatment strategies for an individual based on their genetic makeup and genetic modifications. Using these approaches, drugs are designed to target specific mutations for better treatment and improved patient outcomes.
 

Expanding portfolio of precision medicine drugs will create growth opportunities

There has been significant development in the market in the last decade. The number of companies, government and private research institutes involved in the industry has been steadily growing. Continuous and untiring efforts of scientists in assessing human genome and identifying genomic biomarkers have been fruitful. Besides, government initiatives have also played important role in development of the market. For instance, in 2015, U.S. President Barack Obama launched the ‘Precision Medicine Initiative’, in an effort to build a national research cohort of more than one million Americans who volunteer their genetic information to help find various novel ways to improve disease identification and treatment. With all these efforts going on, the number of drugs approved for precision medicine has been on the rise.
 

In 2005, the number of commercially available precision medicines was just 5. In 2012, the number increased to 81. The number of drugs further increased to 132 by 2016. As of 2020, there are about 286 precision medicine drugs commercially available in the market and many more in pipeline. Currently, the market is dominated by cancer drugs. However, increased R&D activities for other diseases are projected to increase the number of drugs for cardiovascular, infectious, and neurological diseases among others. The number of precision medicine drugs is predicted to grow exponentially, and the continuous expansion of precision medicine portfolio will propel the industry growth.

Rising number of precision medicine therapies will boost the market progression

Therapeutic segment in the precision medicine market is slated to witness a 10% growth rate through 2027. There has been continuous growth in precision therapeutics for the targeted treatment of conditions like cancer, and genetic diseases. Moreover, companies are also involved in development of targeted therapies for various indications including cardiovascular diseases, infectious diseases, and gastroenterology among others. The development of novel drugs and increasing usage of drugs in precision medicine treatment plans will fuel the growth of therapeutics segment.
 

Rising prevalence of CNS disorders worldwide will push the market demand

The CNS segment captured more than 14% of the market share in 2020. CNS disorders such Alzheimer's disease, multiple sclerosis, epilepsy and others affect millions of people across the world. According to report of WHO, nearly 50 million people worldwide have epilepsy. More than 50 million people suffer from dementia. Alzheimer’s contributes about 60-70% of these cases as it is the most common form of dementia. Many companies such as Pfizer and Novartis AG are involved in the development of targeted therapies for the treatment of various nervous system disorders. The growing focus on targeted therapies and development of personalized medical treatment plans for people affected with CNS disorders will foster the industry expansion.
 

Increasing awareness regarding importance of predictive diagnostic testing will drive the market revenue    

Precision Medicine Market Size

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The diagnostic centers segment is poised to expand at 12% CAGR through 2027 led by the rising number of diagnostic centers across the world. Advancement in diagnostic techniques, state of the art infrastructure providing best possible services to patient population are some of the factors affecting the industry progression. Additionally, there has been growth in the awareness among population regarding the importance of diagnostics. growing demand for predictive diagnostic testing for cancer, genetic disorders, and pulmonary disorders among others will create growth opportunities in the market.
 

Growing adoption of precision medicine approaches in North America region will enhance the market value

North America Precision Medicine Market

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North America precision medicine market accounted for 44% of revenue share in 2020 owing to the increasing prevalence of cancer and genetic disorders, growing usage of precision medicine approaches, and presence of prominent companies such as Pfizer, Qiagen, Quest Diagnostics, and Roche. According to American Cancer Society, cancer is the leading cause of death in Canada and second leading cause of death in U.S. In 2020, nearly 1.8 million new cancer cases were diagnosed in U.S. High awareness in the region regarding precision medicine and increasing demand for personalized treatment for cancer will push the industry revenue in the region.
 

Rising number of participants involved in development of precision medicine approaches will create tremendous growth opportunities

Some of the prominent players operating in the market include Pfizer Inc., Qiagen Inc., Quest Diagnostics Inc., Medtronic, Novartis, Laboratory Corporation of America Holdings, bioMérieux SA, Abbott Laboratories, F. Hoffmann-La Roche AG, Eli Lilly & Company, Glaxosmithkline Plc., Cepheid Inc., AstraZeneca PLC, Cancer Genetics Inc., Thermo Fisher Scientific Inc., Bristol-Myers Squibb, Myriad Genetics Inc., and Foundation Medicine. These industry leaders implementing various growth strategies to sustain industry competition and secure a substantial market position in the market.
 

Some of the recent industry developments:

  • In July 2019, Pfizer announced the collaboration with Syapse to advance cancer research. This collaboration was aimed to focus on molecular testing and therapy choices on precision oncology thereby expanding the product portfolio.
     
  • In February 2019, Labcorp announced the expansion of therapeutic drug monitoring portfolio DoseASSURE, to treat certain inflammatory diseases including Crohn’s disease and rheumatoid arthritis, thereby strengthening its leadership position in precision medicine.
     

The precision medicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:
 

Market, By Product Type, 2016-2027 (USD Million)

  • Diagnostics
    • Genetic Tests
    • Biomarker Based Tests
    • Others
  • Therapeutics

Market, By Application, 2016-2027 (USD Million)

  • Oncology
  • CNS
  • Immunology
  • Respiratory
  • Others

Market, By End-use, 2016-2027 (USD Million)

  • Hospitals
  • Diagnostic Centers
  • Research & Academic Institutes
  • Others

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

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

Frequently Asked Questions (FAQ) :

The market for precision medicine was valued at around USD 52 billion in 2020 and will expand at a healthy CAGR of around 11.6% between 2021-2027.
The therapeutic segment will grow at a robust CAGR of around 10% through 2027 owing to the development of novel drugs and rising demand for drugs in precision medicine treatment plans.
Owing to increasing number of diagnostic centers and developments in diagnostic techniques, the segment is expected to expand at an impressive CAGR of 12% through 2027.
North America precision medicine market revenue was valued at 44% share in 2020 and will grow with the rising prevalence of genetic disorders and cancer.

Premium Report Details

  • Published Date: Jun 2021
  • Pages: 173
  • Tables: 230
  • Charts / Figures: 14
  • Companies covered: 18
  • Countries covered: 18

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