Precision Medicine Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMBT39 | Last Updated On: Jun 10 2022 | Available Formats

> Global Precision Medicine Market Expected to reach a high CAGR of 9.50% during the forecast period 2022-2029: DataM Intelligence

Global Precision Medicine Market is segmented By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), By Application (Oncology, CNS, Immunology, Respiratory, Others), By Product (Consumables, Instruments, Services), By End-Users (Pharma & Biotech Companies, Diagnostic Tool Companies, Healthcare IT/Big Data Companies, Clinical Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Precision Medicine Market is expected to grow at a CAGR of 9.50% during the forecasting period (2022-2029).

  • Precision medicine is an advanced approach for patient care and treatment by selecting desired treatments based on a genetic understanding of their disease. Precision medicine can also be called personalized medicine.

  • Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person.

  • Precision medicine will allow doctors and researchers to predict more accurately which treatment and prevention strategies should be adopted for a particular disease or condition.

Market Drivers

  • The rise in online collaborative firms for precision medicines is driving the global precision medicine market.

  • For instance, in July 2018, Validic collaborated with SAP to integrate health data captured by clinical devices to help providers deliver personalized treatments.

  • In October 2018, LabCorp and Definiens developed a strategic collaboration to improve the global development of precision medicine. This collaboration, Covance drug development business that will enable a seamless integration of digital pathology with clinical-trial design and tissue-based testing solutions, resulting in a faster and more rigorous approach to biomarker validation and companion diagnostic co-development.

  • In June 2018, -2bPrecise LLC, an EHR-agnostic, cloud-based precision medicine platform, collaborated with PierianDx, Inc., the leading clinical genomics knowledgebase company to provide a comprehensive precision medicine solution that combines genomic and clinical data to help providers make precise decisions at the point of care.

  • The high cost of precision medicine and the peril of data sharing might hamper the global precision medicine market.

Market Segmentation

  • The global precision medicine market is segmented based on application, which includes the central nervous system (CNS), oncology, hematology, immunology, and others.

  • Oncology held a significant market share in 2018, and it is expected to remain dominant over the forecast period, due to increased cancer cases.

  • Cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.

  • Approximately 70% of deaths from cancer occur in low and middle-income countries.

Market Geographical Share

  • North America held the dominant market share for precision medicine in 2018, and it is expected to maintain the growth over the forecast period, due to the increasing government initiative for the development of precision medicine in the U.S.

  • In December 2015, the government of the United States raised a fund of about US 6.3 Bn for research and development.

  • Asia-Pacific has shown significant growth in 2018, due to the government investment for the development of Precision Medicine in this region.

  • In June 2016, the central government of China had introduced a 15-year project for Precision Medicine and have funded USD 9.2 billion aiming to build up the country’s credentials as a global leader in precision medicine.

Market Trends

  • The increase in strategic collaboration and production sites for the development of Precision Medicine is driving the global precision medicine market.

  • For instance, in June 2018, Thermo Fisher Scientific Inc. opened its U.S. Precision Medicine Science Center (PMSC) in Cambridge, Mass. The center offers access to advanced "omics" technologies and expertise to help collaborators develop analytical workflows that generate precise molecular profiles of patients.

  • In January 2018, GE Healthcare partnered with Roche to build a precision medicine oncology platform.

  • In December 2017, Roche acquired Ignyta for a total transaction value of USD 1.7 billion on a fully diluted basis. Ignyta is a precision medicine company focused on oncology.

  • In July 2017, IBM Watson Health, Quest Diagnostics, and Memorial Sloan Kettering Cancer Center (MSK) collaborated to introduce ‘IBM Watson Genomics from Quest Diagnostics, a service that helps advance precision medicine.

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