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Precision Medicine Market Size
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. Development of novel drugs and rising demand for drugs in precision medicine treatment plans will accelerate the global market growth. Global AI in precision medicine market is projected to register a CAGR of over 30% in the forecast period.
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.
Report Attributes | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 52.4 Billion |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 11.5% |
2027 Value Projection: | USD 112.8 Billion |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 173 |
Tables, Charts & Figures: | 244 |
Segments covered: | Product Type, Application, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Precision Medicine Market Analysis
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.
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.
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.
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.
Precision Medicine Market Share
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.
- 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:
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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
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