Precision Medicine Market Analysis Report 2024-2030: Emergence of Biobanks as a Cornerstone of Precision Medicine as the Market is Projected to Reach $469 Billion - ResearchAndMarkets.com

The "Precision Medicine Market - A Global and Regional Analysis: Focus on Ecosystem, Application, and Region - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.

The global precision medicine market is expected to witness substantial growth, projected to reach $469 billion by 2034.

The base year considered for the calculation of the market size is 2023. A historical year analysis has been done for the period FY2021-FY2022 The market size has been estimated for FY2023 and projected for the period FY2024-FY2034. The report outlines five strategic areas for organizations in the precision medicine market. Under Product/Innovation Strategy, it delivers insights into the latest technological advancements, supporting innovation and product development.

The Growth/Marketing Strategy focuses on comprehensive market analysis and key opportunities to help organizations expand their market presence. The Competitive Strategy offers a detailed competitive landscape analysis to guide strategic positioning against rivals. The Regulatory and Compliance Strategy updates on evolving regulations and approvals to support compliance and faster market entry.

The growing adoption of precision medicine has been fueled by the expansion of multi-omics research, which combines genomics, proteomics, metabolomics, and other molecular data to create a more comprehensive understanding of health and disease. This innovative approach holds significant potential in various therapeutic areas, including oncology, pharmacogenomics, and inherited diseases.

The precision medicine market has been experiencing rapid growth driven by advancements in sequencing technologies, decreasing sequencing costs, shifting trends toward personalized health, etc. Moreover, advancements in gene sequencing and editing, particularly with CRISPR and next-generation sequencing (NGS), are driving precision medicine forward by enabling more targeted and personalized treatments. These technologies allow for more effective cancer therapies, such as CAR-T cell therapy, which harnesses the patient's immune system to fight cancer. As these technologies evolve, they are expected to further enhance the accuracy of diagnoses, facilitate early interventions, and optimize therapeutic outcomes, contributing to the growing demand for precision medicine solutions in oncology and genetic disorders.

Key players in the precision medicine market include major pharmaceutical, biotechnology, and diagnostic companies that are actively driving innovation and expansion through collaborations, product launches, and strategic acquisitions. Notable companies such as Bristol-Myers Squibb, Illumina, Merck & Co., AstraZeneca, and Roche dominate the market with their contributions to research, product approvals, and partnerships. Bristol-Myers Squibb, for instance, leads with multiple collaborations aimed at advancing cancer therapies, while Illumina is a key player in the genomic sequencing space, supporting precision medicine applications with its advanced sequencing platforms.

Companies such as Thermo Fisher Scientific and QIAGEN have also proved to be pivotal, with significant product enhancements and launches aimed at expanding their portfolios in genomics and molecular diagnostics. Furthermore, the precision medicine sector has witnessed strong mergers and acquisitions, as evidenced by Illumina's acquisition of Myraqa to enhance clinical readiness, further positioning these industry leaders as central to shaping the future of personalized healthcare. These companies continue to push the boundaries of genomics, drug discovery, and targeted therapeutics, driving the market toward more efficient and individualized patient care.

In addition, spatiotemporal omics technologies and proteomics have emerged as critical tools for understanding complex diseases at a molecular level. By analyzing variations in genomic, proteomic, and metabolomic profiles, these technologies provide deeper insights into the heterogeneity of diseases such as cancer, paving the way for treatments tailored to an individual's unique disease characteristics. The integration of artificial intelligence (AI), big data analytics, and IoT technologies has also been transforming the precision medicine landscape by enabling real-time monitoring and analysis of patient data.

These advancements improve the ability to predict disease progression, personalize treatments, and enhance patient outcomes. However, they also introduce challenges, such as data privacy concerns and the need for advanced computational tools, which could impact the overall adoption and scalability of precision medicine solutions in the market. As these technologies mature, they will drive further innovation in the precision medicine space, leading to more efficient and effective healthcare models.

In the global precision medicine market, as of 2023, the precision therapeutics segment holds the largest share at 33.6%. Precision therapeutics has gained significant traction in oncology, rare diseases, and chronic conditions, where traditional treatments often fall short due to its ability to offer highly personalized treatment options that are tailored to an individual's genetic, molecular, and environmental profiles. Moreover, the growing use of biomarker-driven patient selection in clinical trials further enhances treatment efficacy, as it helps identify the right patients for the right therapies, reducing trial failure rates and accelerating the path to successful treatments.

On the other hand, the digital health and IT infrastructure segment is projected to grow at the highest (CAGR) of 14.4% from 2024 to 2034 Digital health is becoming an increasingly important part of precision medicine due to its ability to enhance patient care through the collection, transmission, and integration of vast amounts of personalized health data. Moreover, it allows for the real-time tracking of a patient's health, enabling quick modifications to treatment plans as needed. This continuous feedback loop ensures that therapies remain optimal throughout the course of treatment, helping to improve patient outcomes.

Application

Based on application, the global precision medicine market was led by the oncology segment, which held a 52.8% share in 2023. The global increase in cancer burden has been one of the major factors driving the demand for precision medicine. For instance, according to the World Health Organization, more than 35 million new cancer cases are expected by 2050, marking a 77% increase from the estimated 20 million cases in 2022.

Moreover, technological advancements, especially in genomic sequencing and molecular diagnostics, have transformed cancer treatment. Next-generation sequencing (NGS) identifies genetic alterations and biomarkers, enabling personalized therapies tailored to a patient's tumor characteristics. In addition, the growing integration of genomic data into immunotherapy, where treatments are increasingly guided by specific genetic or molecular markers that predict how patients will respond to immune-based treatments, is driving the segment growth.

Region

The precision medicine market in the North America region is expected to witness a significant growth rate of 10.25% during the forecast period, marked by the increasing prevalence of genetic disorders and the growing demand for personalized medicine and robust government initiatives. Also, the strong infrastructure for medical research and clinical trials and increasing investment by biopharmaceutical companies in precision medicine are driving the market. However, the Asia-Pacific region is expected to witness the fastest growth rate of 14.67% during the forecast period 2024-2034 Various factors are expected to contribute to this growth, including increasing disposable income, rising prevalence of chronic disease, increasing demand for personalized health, and increasing focus on the development of cost-effective, advanced diagnostic tools.

Recent Developments in the Precision Medicine Market

• In January 2025, OMNY Health and Scipher Medicine entered into a partnership to advance precision medicine in autoimmune diseases. Under this partnership, Scipher Medicine will combine its clinico-transcriptomic data with OMNY Health's vast electronic medical record (EMR) network to enhance treatment options and outcomes for millions of patients worldwide.
• In November 2024, 23andMe Holding Co. and Mirador Therapeutics entered into a strategic research collaboration. Through this partnership, Mirador will utilize a curated set of de-identified genetic and phenotypic data from the 23andMe research database, combined with its proprietary Mirador360 development engine, to advance target validation and precision medicine initiatives.

Key Attributes:

Key Topics Covered:

Market Overview

• Precision Medicine: A Frontier in the Genesis of Patient-Centric Medicine
• Precision Medicine: Remodeling the One-Size-Fits-All Theory to Individually Tailored Therapy
• Initiatives and Programs

Precision Medicine: Enabling Technologies and Applications

Innovators

• 3D DNA Printing
• RNA-Seq
• 4D Molecular Imaging

Early Adopters

• CRISPR
• Blockchain
• Imaging Informatics

Early Majority

• Artificial Intelligence (AI)
• Circulating Free DNA (cfDNA)
• Big Data
• Next-Generation Sequencing (NGS)
• Health Informatics
• Bioinformatics

Late Majority

• Polymerase Chain Reactions (PCR)
• Microarray

Global Precision Medicine Market Ecosystem Analysis

Market Trends

• Integrating Advanced Imaging for Enhanced Diagnostics and Treatment
• Emergence of Biobanks as a Cornerstone of Precision Medicine

Market Drivers

• Advancement of Sequencing Technologies
• Rising Prevalence of Chronic Disease across the Globe
• Potential to Reduce Healthcare Costs across the Globe
• Potential to Reduce Adverse Drug Reaction through Pharmacogenomic Testing

Market Restraints

• Data Integration and Interoperability Issues
• High Costs and Limited Accessibility
• Limited Reimbursement and Insurance Coverage

Market Opportunities

• AI Integration in Precision Medicine
• Increasing Collaborations and Partnerships

Industry Insights

• Patent Analysis
• Pipeline Analysis
• Legal Requirements and Regulations
• Legal Requirements and Framework by FDA
• Legal Requirements and Framework by the EMA
• Legal Requirements and Framework by the MHLW

Market Segmentation

• Applied Science: Genomics, Pharmacogenomics, and Other Applied Science
• Precision Diagnostics: Molecular Diagnostics and Medical Imaging
• Digital Health and Information Technology: Clinical Decision, Support Systems (CDSS), Big Data Analytics, IT Infrastructure, Genomics Informatics, In-Silico Informatics, and Mobile Health
• Precision Therapeutics: Clinical Trials, Cell Therapy, Drug Discovery and Research, and Gene Therapy

Some prominent names established in this market are:

• Almac Group Ltd.
• ANGLE plc
• Astellas Pharma Inc.
• Astra Zeneca
• ASURAGEN INC
• Bio-Rad Laboratories, Inc.
• bioMerieux S.A
• Bristol-Myers Squibb Company
• Cardiff Oncology
• Danaher Corporation
• Eli Lilly and Company Limited
• Epic Sciences, Inc.
• F. Hoffmann-La Roche Ltd.
• General Electric Company
• Gilead Sciences, Inc.
• GlaxoSmithKline plc
• Illumina, Inc
• ZS (Intomics.)
• Johnson & Johnson Services, Inc.
• Konica Minolta, Inc.
• Laboratory Corporation of America Holdings
• MDx Health, Inc.
• Menarini Silicon Biosystems, Inc.
• Merck KGaA
• Myriad Genetics, Inc.
• Novartis AG
• Oracle Corporation
• Pacific Biosciences of California, Inc.
• Pfizer Inc.
• QIAGEN N.V
• Quest Diagnostics Incorporated
• Randox Laboratories Ltd.
• Sanofi S.A
• Sysmex Corporation
• Teva Pharmaceuticals Industries Ltd.
• Thermo Fisher Scientific Inc.

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