Precision Medicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Precision Medicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The precision medicine market was valued at approximately USD 58,450 million in 2020, and it is expected to reach about USD 98,550 million at a CAGR of 9.2% over the forecast period.

COVID-19 has affected many different areas of the precision medicine market. Amid the current pandemic, precision medicine is advancing at a breakneck speed. The healthcare industry is focused on conducting precision medicine and genomics research to better understand COVID-19 susceptibility, measure its impact, and discover potential therapies. Precision medicine has spurred collaborative efforts between governments, medical institutions, and researchers to swiftly develop effective treatments. For instance, in 2020, the San Antonio Partnership for Precision Therapeutics announced funding for three projects that aimed at accelerating intervention for COVID-19. These projects will focus on how biological substances, such as proteins in the immune system and respiratory tract, affect the individual's responses to the virus, and how researchers can utilize these data to develop therapeutics.

Also, in 2020, Cleveland Clinic initiated the genomic medicine project to identify genetic factors that propel susceptibility to the virus and use these to develop therapeutic and prevention strategies against the virus. With advancements in precision therapies and diagnostics, coupled with breakthrough innovations, such as Next Generation Sequencing (NGS) and big genomic data, the industry is expected to witness rapid growth during the forecast horizon.

Furthermore, in the past few years, a number of gene therapies, diagnostics, and medicines have been introduced in this field, due to the rising incidence of life-threatening medical conditions, such as cancer and rare diseases. For instance, as per the data published by the Globocan 2020 report, 19.29 million people were living with cancer. Hence, characterizing or sequencing genes is the most important method to gain information about genes and their probable mutations.

Key Market TrendsOncology is Expected to Hold the Highest Market Share in the Application Segment

The contagious coronavirus is having a potential economic impact and implications on most of the sectors, including the oncology segment. The pandemic has certainly hindered surgeries, and thus, the testing on biopsy tissue. For instance, as per the survey conducted by Breastcancer.org in 2020, in 534 patients, 31.7% of people who had been diagnosed with breast cancer reported a delay in care; of these people, 22% reported that they had a delay in screening and 9.3% reported a delay in treatment due to COVID-19 in the United States. As a result, more cases of advanced cancers are expected in the upcoming future, due to delayed biopsies and other issues, such as postponed medical appointments and preventative screening, in coming years.

Precision medicine applications are primarily directed toward better treatment against oncological diseases and expected to hold the major share in the precision medicines market. The key factor behind the dominance of the segment is the rising prevalence of cancer and the rising number of drug candidates for the same under clinical trials. Also, in 2019, the National Institute of Health granted the funding of a USD 3.7 million to the Washington University School of Medicine to fund an open-source database, with an aim to boost precision medicine and genomic research for cancer. The high support from the government through funding and rapid growth of genomic analysis are expected to augment the growth of the precision medicine market at a fast rate, over the forecast period.

North America Dominates the Market

The outbreak of COVID-19 had an impact on the United State precision medicine market because healthcare services were significantly reduced due to social distancing measures taken by several governments across the world. Moreover, the COVID-19 pandemic not only affected the regional economy but also had a huge impact on the functioning of general hospital care for non-COVID-19 patients across the region.

The presence of better healthcare infrastructure and huge expenditure on R&D are expected to boost the growth of the precision medicine market in the United States. For certain types of cancer treatments, like colorectal cancer and breast cancer, there have been significant advances in precision medicine. According to the American Cancer Society journal, in 2020, there were an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. This is expected to help in the development of precision oncology treatments.

The precision medicine initiative in the United States includes the ongoing efforts through the Department of Veteran’s Affairs (VA), which enrolled over 450,000 veterans in the Million Veteran Program (MVP), a participant-driven research cohort to develop one of the world's largest databases for precision medicine. The VA is seeking blood samples from 1 million veterans throughout the country.

According to the National Clinical Trial Registry (NCT) of the United States, as of June 1, 2020, there were about 191 registered clinical trials that were related to precision medicines, and this is expected to boost the market growth in the near future.

The Food and Drug Administration (FDA), the Office of the National Coordinator for Health IT, and the Office for Civil Rights in the United States announced, in February 2016, that they will build research and data capacities, technical tools, and policies to accelerate precision medicine, thereby, boosting the overall growth of the market in the country.

Furthermore, the Canadian precision medicine market is expected to grow at significant rate, due to increasing awareness among the population about the significance of precision medicine for treatment of various diseases and rising income and expenditure on healthcare. For instance, in 2018, Genome Canada launched a national initiative to promote the clinical implementation of precision medicine to build a national rare disease cohort. Such factors support the market growth in upcoming years.

Competitive Landscape

The precision medicine market is highly competitive and consists of several major players, along with a number of smaller companies. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new technologies at affordable prices. Companies, like Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals, hold substantial shares in the market.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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