Precision Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Precision Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)


Precision medicine is an emerging approach to preventive health and disease treatment that takes into account individual variations in genes, lifestyle, and environment. It enables doctors and physicians to tailor therapies to an individual's unique genetic profile, offering personalized treatment options. The Precision Medicine Initiative (PMI) was introduced to expand precision medicine's reach to all diseases, with the goal of enrolling over one million volunteers. The initiative focuses on research at the intersection of genetics, lifestyle, environment, and disease management, aiming to advance healthcare by prolonging health and improving disease treatment.

Goals of Precision Medicine Initiative

The short-term objectives of the Precision Medicine Initiative include targeted cancer therapy, the use of combination therapies, and understanding drug resistance. In the long term, the initiative aims to create a cohort of one million American volunteers who will contribute genetic data, lifestyle information, and biological samples linked to electronic health records. This extensive database will drive pharmacogenomics research and lay a solid scientific foundation for precision medicine in treating various diseases.

Global Precision Medicine Market Dynamics

Several factors contribute to the growth of the precision medicine market, including:
1. Increased Drug Approvals: The approval of drugs with companion diagnostic assays has been on the rise, enabling more personalized treatment approaches.
2. Cost-effective DNA Profiling: Advances in technology have made DNA profiling more cost-effective, making precision medicine more accessible.
3. Rising Incidence of Cancer: The increasing incidence of cancer has led to a greater emphasis on tailored therapies and precision medicine.
4. Data-driven Healthcare: The healthcare industry is increasingly adopting data-driven approaches, enhancing the adoption of precision medicine.
5. Multi-omics Research: Research involving ""multi-omics"" data is on the rise, with high-throughput sequencing platforms playing a significant role in advancing precision medicine.
6. Growing Pipeline of Targeted Molecules: The development of targeted molecules for specific applications, particularly in oncology, has been growing exponentially.

Global Precision Medicine Market Segmentation Forecast

The precision medicine market is segmented based on application, including oncology drugs, immunology, neurology, cardiology, infectious diseases, and others. The oncology segment holds a significant share of the market, while immunology is expected to witness impressive growth.

Global Precision Medicine Market Forecast by Region

North America leads the global precision medicine market, with substantial investments in precision medicine research and development in the United States. While initial funding is primarily focused on oncology, research is expected to expand into other applications. As economically developing regions like Asia-Pacific catch up, significant market growth is anticipated in these regions over the forecast period.

Competitive Landscape

Prominent companies in the global precision medicine market include F Hoffmann-La Roche AG, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Bristol-Myers Squibb, and Eli Lilly And Company. These companies are actively expanding their product pipelines through new molecule applications and collaborations. Strategies such as mergers, acquisitions, and industry-academia partnerships are being employed to commercialize molecules and sequencing techniques, influencing market trends.

Market Segmentation
• By Technology
• Next Generation Sequencing
• Bioinformatics
• Drug Discovery Technologies
• By Application
• Oncology
• Immunology
• Neurology
• Cardiology
• Infectious Disease
• Others
• By Region
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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1. Executive Summary
1.1. Global Precision Medicine Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Precision Medicine Market Outlook, 2018 – 2031
3.1. Global Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
3.1.1. Key Highlights
3.1.1.1. Next Generation Sequencing
3.1.1.2. Bioinformatics
3.1.1.3. Drug Discovery Technologies
3.2. Global Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
3.2.1. Key Highlights
3.2.1.1. Oncology
3.2.1.2. Immunology
3.2.1.3. Neurology
3.2.1.4. Cardiology
3.2.1.5. Infectious disease
3.2.1.6. Others
3.3. Global Precision Medicine Market Outlook, by Region, Value (US$ Bn), 2018 – 2031
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa
4. North America Precision Medicine Market Outlook, 2018 – 2031
4.1. North America Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
4.1.1. Key Highlights
4.1.1.1. Next Generation Sequencing
4.1.1.2. Bioinformatics
4.1.1.3. Drug Discovery Technologies
4.2. North America Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
4.2.1. Key Highlights
4.2.1.1. Oncology
4.2.1.2. Immunology
4.2.1.3. Neurology
4.2.1.4. Cardiology
4.2.1.5. Infectious disease
4.2.1.6. Others
4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Precision Medicine Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
4.3.1. Key Highlights
4.3.1.1. U.S. Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
4.3.1.2. U.S. Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
4.3.1.3. Canada Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
4.3.1.4. Canada Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
4.3.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Precision Medicine Market Outlook, 2018 – 2031
5.1. Europe Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
5.1.1. Key Highlights
5.1.1.1. Next Generation Sequencing
5.1.1.2. Bioinformatics
5.1.1.3. Drug Discovery Technologies
5.2. Europe Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
5.2.1. Key Highlights
5.2.1.1. Oncology
5.2.1.2. Immunology
5.2.1.3. Neurology
5.2.1.4. Cardiology
5.2.1.5. Infectious disease
5.2.1.6. Others
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Precision Medicine Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
5.3.1. Key Highlights
5.3.1.1. Germany Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.2. Germany Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.3. U.K. Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.4. U.K. Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.5. France Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.6. France Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.7. Italy Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.8. Italy Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.9. Turkey Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.10. Turkey Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.11. Russia Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.12. Russia Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.13. Rest of Europe Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
5.3.1.14. Rest of Europe Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
5.3.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Precision Medicine Market Outlook, 2018 – 2031
6.1. Asia Pacific Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
6.1.1. Key Highlights
6.1.1.1. Next Generation Sequencing
6.1.1.2. Bioinformatics
6.1.1.3. Drug Discovery Technologies
6.2. Asia Pacific Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
6.2.1. Key Highlights
6.2.1.1. Oncology
6.2.1.2. Immunology
6.2.1.3. Neurology
6.2.1.4. Cardiology
6.2.1.5. Infectious disease
6.2.1.6. Others
6.2.2. Others BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Precision Medicine Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
6.3.1. Key Highlights
6.3.1.1. China Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.2. China Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.3. Japan Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.4. Japan Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.5. South Korea Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.6. South Korea Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.7. India Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.8. India Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.9. Southeast Asia Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.10. Southeast Asia Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.11. Rest of Asia Pacific Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
6.3.1.12. Rest of Asia Pacific Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
6.3.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Precision Medicine Market Outlook, 2018 – 2031
7.1. Latin America Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
7.1.1. Key Highlights
7.1.1.1. Next Generation Sequencing
7.1.1.2. Bioinformatics
7.1.1.3. Drug Discovery Technologies
7.2. Latin America Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
7.2.1.1. Oncology
7.2.1.2. Immunology
7.2.1.3. Neurology
7.2.1.4. Cardiology
7.2.1.5. Infectious disease
7.2.1.6. Others
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Precision Medicine Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
7.3.1. Key Highlights
7.3.1.1. Brazil Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
7.3.1.2. Brazil Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.3. Mexico Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
7.3.1.4. Mexico Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.5. Argentina Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
7.3.1.6. Argentina Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.7. Rest of Latin America Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
7.3.1.8. Rest of Latin America Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
7.3.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Precision Medicine Market Outlook, 2018 – 2031
8.1. Middle East & Africa Precision Medicine Market Outlook, by Technology, Value (US$ Bn), 2018 – 2031
8.1.1. Key Highlights
8.1.1.1. Next Generation Sequencing
8.1.1.2. Bioinformatics
8.1.1.3. Drug Discovery Technologies
8.2. Middle East & Africa Precision Medicine Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
8.2.1. Key Highlights
8.2.1.1. Oncology
8.2.1.2. Immunology
8.2.1.3. Neurology
8.2.1.4. Cardiology
8.2.1.5. Infectious disease
8.2.1.6. Others
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Precision Medicine Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
8.3.1. Key Highlights
8.3.1.1. GCC Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
8.3.1.2. GCC Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.3. South Africa Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
8.3.1.4. South Africa Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.5. Egypt Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
8.3.1.6. Egypt Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.7. Nigeria Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
8.3.1.8. Nigeria Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.9. Rest of Middle East & Africa Precision Medicine Market by Technology, Value (US$ Bn), 2018 – 2031
8.3.1.10. Rest of Middle East & Africa Precision Medicine Market by Application, Value (US$ Bn), 2018 – 2031
8.3.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Manufacturer vs by Application Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
9.4.1. F. Hoffmann-La Roche AG
9.4.1.1. Company Overview
9.4.1.2. Product Portfolio
9.4.1.3. Financial Overview
9.4.1.4. Business Strategies and Development
9.4.2. Illumina, Inc.
9.4.2.1. Company Overview
9.4.2.2. Product Portfolio
9.4.2.3. Financial Overview
9.4.2.4. Business Strategies and Development
9.4.3. Thermo Fisher Scientific Inc.
9.4.3.1. Company Overview
9.4.3.2. Product Portfolio
9.4.3.3. Financial Overview
9.4.3.4. Business Strategies and Development
9.4.4. QIAGEN
9.4.4.1. Company Overview
9.4.4.2. Product Portfolio
9.4.4.3. Financial Overview
9.4.4.4. Business Strategies and Development
9.4.5. Quest Diagnostics
9.4.5.1. Company Overview
9.4.5.2. Product Portfolio
9.4.5.3. Financial Overview
9.4.5.4. Business Strategies and Development
9.4.6. Lboratory Corporation of America Holdings
9.4.6.1. Company Overview
9.4.6.2. Product Portfolio
9.4.6.3. Financial Overview
9.4.6.4. Business Strategies and Development
9.4.7. Novartis AG
9.4.7.1. Company Overview
9.4.7.2. Product Portfolio
9.4.7.3. Financial Overview
9.4.7.4. Business Strategies and Development
9.4.8. AstraZeneca
9.4.8.1. Company Overview
9.4.8.2. Product Portfolio
9.4.8.3. Financial Overview
9.4.8.4. Business Strategies and Development
9.4.9. Bristol-Myers Squibb
9.4.9.1. Company Overview
9.4.9.2. Product Portfolio
9.4.9.3. Financial Overview
9.4.9.4. Business Strategies and Development
9.4.10. Eli Lilly And Company
9.4.10.1. Company Overview
9.4.10.2. Product Portfolio
9.4.10.3. Financial Overview
9.4.10.4. Business Strategies and Development
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations

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