Summary
Major players in the precision medicine market are Qiagen, Novartis AG, Medtronic, AstraZeneca plc., Quest Diagnostics, Thermo Fisher Scientific Inc., Pfizer, Bristol-Myers Squibb, Merck & Co. Inc., Tepnel Pharma Services, Abbott Laboratories, Takeda Pharmaceutical Company Ltd., and Eli Lilly and Company.
The global precision medicine market grew from $83.43 billion in 2022 to $95 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The precision medicine market is expected to grow to $157.26 billion in 2027 at a CAGR of 13.4%.
The precision medicine market consists of sales of imatinib, personalized medicine, and individualized medicine.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Precision medicine refers to a type of medication that prevents, detects, or treats disease using knowledge about a person’s own genes or proteins. In order to choose a treatment that may be most effective for a person, precision medicine considers their genetics, environment, and lifestyle.
North America was the largest region in the precision medicine market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main technologies involved in precision medicine are bioinformatics, big data analytics, drug discovery, gene sequencing, companion diagnostics, and others.Bioinformatics technologies involve the application of computational tools to organize, analyze, understand, visualize and store information associated with biological macromolecules.
It is used in oncology, respiratory diseases, central nervous disorders, immunology, genetic diseases, others and is implemented in various sectors such as hospitals and clinics, pharmaceuticals, diagnostic companies, healthcare, and IT firms, among others.
The rising prevalence of cancer is projected to fuel the growth of the precision medicine market in the coming years.Cancer is one of the main causes of death worldwide, with one out of every five individuals developing cancer at some point in their lives.
Precision medicine in cancer entails analyzing DNA from tumors to find mutations or other genetic abnormalities that cause cancer.Physicians may therefore be able to choose a treatment for a specific patient’s cancer that best fits, or targets, the tumor DNA alterations.
For instance, according to recent predictions from the International Agency for Research on Cancer (IARC), the global cancer burden increased to 19.3 million cases and 10 million cancer deaths in 2020. Therefore, the rising prevalence of cancer drives the growth of the precision medicine market.
The development of novel precision medicine for pancreatic cancer is shaping the precision medicine market.Extensive research is being undertaken on different approaches to develop precision medicines for pancreatic cancer.
For instance, in October 2020, Scientists from the University Of Glasgow announced the development of a novel precision medicine approach for treating the damaged DNA in the cancer cells of pancreatic cancer patients.The team used grown cells from the lab, and replicas of patients’ tumors, to find molecular markers, which were used in the prediction and response to several drugs, targeting DNA damage.
The researchers tested certain markers using multiple drugs, also developed a strategy that is taken forward into a clinical trial. The trial will help doctors and researchers to predict which patient will respond to one of these drugs, either alone or in combination.
In April 2021, Servier Laboratories, a France-based pharmaceutical company acquired Agios Pharmaceuticals Inc.,’s commercial, clinical, and research-stage oncology portfolio for an undisclosed amount. The acquisition of Servier Laboratories is focused on strengthening its commercial presence in the malignant technology market and provides the potential for long-term growth into the solid tumor space. The transaction includes marketed oncology precision medicine in malignant technology, clinical oncology pipeline with multiple early-stage and phase-3 assets. Agios Pharmaceuticals is a US-based company focused on developing small-molecule anti-cancer therapeutics targeting cancer cell metabolism via the growth factor pathway.
The countries covered in the precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The precision medicine market research report is one of a series of new reports that provides precision medicine market statistics, including precision medicine industry global market size, regional shares, competitors with a precision medicine market share, detailed precision medicine market segments, market trends and opportunities, and any further data you may need to thrive in the precision medicine industry. This precision medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
