Precision Medicine Market Analysis

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.

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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.

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.