Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Companion Diagnostics), Application (CNS, Immunology, Oncology), End-User, Deployment - Global Forecast 2024-2030

Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Companion Diagnostics), Application (CNS, Immunology, Oncology), End-User, Deployment - Global Forecast 2024-2030

The Precision Medicine Market size was estimated at USD 68.12 billion in 2023 and expected to reach USD 75.70 billion in 2024, at a CAGR 11.22% to reach USD 143.43 billion by 2030.

Precision medicine refers to the strategy of tailoring disease prevention and treatment solutions by considering the differences in patient’s genetics, environments, and lifestyles. This concept can be utilized as an effective prevention technique for cancers, heart diseases, cystic fibrosis, and diabetes. Precision medicine is used to predict disease susceptibility, improve disease detection, and offer customized disease-prevention strategies. Government efforts to improve research and development activities in the precision medicine sector and simultaneously improve the accessibility of healthcare treatment options for lower-income individuals are increasing rapidly. Joint efforts between pharmaceutical, software, and bioinformatics companies to characterize the genes have expanded drug discovery. However, the lack of reimbursement for precision medicine-based treatment and standardized reimbursement codes and definitions hampers patient adoption and R&D activities. Additionally, the complicated FDA pharmacotherapy approval process and subsequent commercialization challenges of the product pose significant hurdles. However, efforts by government and regulatory agencies to ensure the accuracy of gene sequencing and next-generation sequencing have improved compliance with regulations. Additionally, the adoption of AI, ML, and cloud-based solutions allows researchers to use complex data from electronic health records to detect early-onset diseases, including Alzheimer’s and dementia.

Regional Insights

Countries in the Americas are increasing the focus on the integration of AI and ML in precision medicine for the treatment and management of cancers and tumors. Government efforts in the Americas has propelled the deployment of precision medicine by clinicians and physicians for treatment purposes. Mexico and Colombia are exerting efforts to analyze the entire genetic constitution of the citizens to better equip medical and research personnel with medical decision-making. In the APAC region, emerging economies, including India and China, are increasing investment in gene therapy research and developing products such as microbots that aim to support precision medicine delivery. These countries are also experiencing a rising number of cancer care clinics and hospitals that utilize precision medicine to guide patient diagnosis and treatment. The Japanese government aims to promote the linkage of medical records, including medical genomic testing data and personal health records (PHRs), which can improve the development of precision medicines and drugs. In the European nations of UK, Germany, and Switzerland, the presence of robust research institutions and focus of academic institutions on novel research is responsible for driving the development of personalized treatment regimes and medicines. The provision of precision medicine solutions by major pharmaceutical and biotechnological companies located in European nations has allowed the region to solidify its position in the life sciences sector.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Precision Medicine Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising government funding and rising online collaborative forums
Increasing use of artificial intelligence in precision medicine
Advancement in cancer biology complemented by the active presence of startups

Market Restraints

Lack of reimbursement for precision medicine-based treatment

Market Opportunities

Growing adoption of cloud-based solutions in precision medicine
Strategic alliances among pharmaceutical and software companies to characterize the genes

Market Challenges

Complicated FDA pharmacotherapy approval rate

Market Segmentation Analysis

Technology: Big data analytics is advancing the field of precision medicine
Application: Personalized cancer and oncology care using precision medicine
End-user: Efforts by biotechnology and diagnostic companies to invest in R&D and advance the field of precision medicine
Deployment: Integration of AI and cloud solutions to improve efficacy and speed of development of precision medicine services

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Precision Medicine Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Precision Medicine Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Thirona Raises EUR 7.5 Million New Financing to Accelerate the Adoption of its Breakthrough Innovations for Precision Medicine

Thirona, a global company specializing in advanced analysis of thoracic CT images with artificial intelligence, has successfully secured EUR 7.5 Million of financing from HERAN Partners and Borski Fund, along with a EUR 2.5 Million grant from the European Innovation Council (EIC). The company's advanced capabilities in pre-operative and intra-operative imaging have the potential to enhance the precision, accuracy, and efficiency of (robotic) bronchoscopic and surgical lung interventions. With the newly acquired financing, Thirona aims to accelerate the adoption of its breakthrough innovations in precision medicine.

Novartis completes acquisition of precision medicine developer Chinook

Novartis completed its acquisition of Chinook Therapeutics, a biopharmaceutical company based in Seattle, which specializes in the development of precision medicines for kidney diseases. The acquisition is valued at up to USD 3.5 billion, and Chinook Therapeutics has a promising pipeline that includes two late-stage assets in clinical development.

New Dartmouth Center Applies AI to Improve Health Outcomes

Dartmouth has recently established the Center for Precision Health and Artificial Intelligence to enhance healthcare through precision medicine by utilizing biomedical data and advanced technologies. The Center for Precision Health and Artificial Intelligence aims to drive innovation and collaboration in the field of healthcare, ultimately leading to advancements in precision medicine and personalized treatment strategies.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Precision Medicine Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Precision Medicine Market, highlighting leading vendors and their innovative profiles. These include AccessDX Holdings, Adaptive Biotechnologies Corporation, Biocrates Life Sciences AG, bioMérieux SA, Caris Life Sciences, Exact Sciences Corporation, F. Hoffmann-La Roche AG, Foundation Medicine, Inc., Guardant Health, Inc., healthŌme, Illumina, Inc., Intomics by ZS Associates, Inc., Invitae Corporation., Laboratory Corporation of America Holdings, Medtronic PLC, Natera Inc., Novartis AG, Pfizer Inc., Precision Medicine Group, LLC, QIAGEN GmbH, Quest Diagnostics Incorporated, Strata Oncology, Inc., Syapse, Inc., Tempus Labs, Inc., Teva Pharmaceutical Industries Ltd., and Thermo Fisher Scientific Inc..

Market Segmentation & Coverage

This research report categorizes the Precision Medicine Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
Big Data Analytics
Bioinformatics
Companion Diagnostics
Drug Discovery
Gene Sequencing
Application
CNS
Immunology
Oncology
Respiratory
End-User
Biotechnology & Diagnostic Companies
Laboratories & Pharmaceuticals
Research Centers & Government Institutions
Deployment
On-Cloud
On-Premise
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year