Precision Medicine Market - Application (Diagnostics [Genetic, Biomarker Based Tests], Therapeutics [Inhibitor Drugs, Monoclonal Antibodies]), Indication (Oncology, CNS), Technology (Genomics, Bioinformatics), End-user - Global Forecast (2024 - 2032)
Precision Medicine Market size is expected to record 7.6% CAGR between 2024 and 2032, driven by rising partnerships between research institutions, pharmaceutical companies, and healthcare providers. These efforts are accelerating the development of personalized treatments tailored to individual genetic profiles and medical histories. Simultaneously, government initiatives and funding are supporting these collaborations for fostering research breakthroughs and expanding access to innovative therapies.
The surging importance of precision medicine for emphasizing the integration of big data analytics and AI to enhance diagnostic accuracy and treatment outcomes will favor the industry growth. For instance, in October 2023, the European Partnership for personalized medicine was launched in Valencia at a high-level conference. This initiative aimed at advancing precision medicine for fostering innovations and integrating personalized healthcare solutions across European health systems.
The industry is segmented based on application, indication, technology, end-user, and region.
Precision medicine market share from the diagnostics application segment is expected to witness substantial growth through 2032, backed by the rising adoption of genetic testing and molecular profiling to tailor treatments based on individual patient characteristics. These applications are enabling healthcare providers to diagnose diseases earlier and with greater accuracy for improving patient outcomes. In addition, diagnostic tools are incorporated with advanced technologies, such as AI and machine learning to enhance predictive capabilities of diagnostics for enabling clinicians to anticipate disease progression and recommend personalized interventions.
In terms of technology, the precision medicine industry from the big data analytics segment is slated to generate notable revenue during 2024-2032 as healthcare providers are analyzing vast amounts of patient data to personalize treatment plans. This technology is enabling the integration of genomic information, medical records, and lifestyle data to uncover patterns and correlations that inform precise medical interventions. Researchers and clinicians are also harnessing big data analytics to identify genetic predispositions, predict treatment responses, and improve disease management strategies.
Europe precision medicine industry size is likely to record a notable growth rate through 2032 driven by the rising prevalence of chronic diseases and the increasing demand for personalized cancer therapeutics. Precision medicine initiatives are integrating genomic data and molecular profiling to customize therapies for individual patients to improve treatment outcomes and patient quality of life. The growing exploration of new biomarkers and therapeutic targets for leveraging ongoing research to develop more precise diagnostic tools and targeted therapies will drive the regional market growth.
- Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
- 1.3 Base estimates & calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
- 1.4 Forecast model
- 1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources
- Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Industry impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Advancements in cancer biology in developed region
- 3.2.1.2 Expanding portfolio of precision medicine drugs
- 3.2.1.3 Increasing adoption of gene therapy
- 3.2.2 Industry pitfalls & challenges
- 3.2.2.1 High cost of precision medicine
- 3.2.2.2 Stringent regulatory norms
- 3.3 Growth potential analysis
- 3.4 Pipeline analysis
- 3.5 Future market trends
- 3.6 Regulatory landscape
- 3.7 Porter's analysis
- 3.8 PESTEL analysis
- Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Company matrix analysis
- 4.4 Competitive analysis of major market players
- 4.5 Competitive positioning matrix
- 4.6 Strategy dashboard
- Chapter 5 Market Estimates and Forecast, By Application, 2021 - 2032 ($ Mn)
- 5.1 Key trends
- 5.2 Diagnostics
- 5.2.1 Genetic tests
- 5.2.2 Biomarker based tests
- 5.2.3 Esoteric tests
- 5.2.4 Other tests
- 5.3 Therapeutics
- 5.3.1 Inhibitor drugs
- 5.3.2 Monoclonal antibodies
- 5.3.3 Cell & gene therapy
- 5.3.4 Antiviral & anti-retroviral drugs
- 5.3.5 Other therapeutics
- Chapter 6 Market Estimates and Forecast, By Indication, 2021 - 2032 ($ Mn)
- 6.1 Key trends
- 6.2 Oncology
- 6.3 CNS disorders
- 6.4 Immunology
- 6.5 Respiratory diseases
- 6.6 Genetic disorders
- 6.7 Skin diseases
- 6.8 Other indications
- Chapter 7 Market Estimates and Forecast, By Technology, 2021 - 2032 ($ Mn)
- 7.1 Key trends
- 7.2 Genomics
- 7.3 Bioinformatics
- 7.4 Big data analytics
- 7.5 Biomarker detection
- 7.6 High throughput screening
- 7.7 Other technologies
- Chapter 8 Market Estimates and Forecast, By End-user, 2021 - 2032 ($ Mn)
- 8.1 Key trends
- 8.2 Hospitals
- 8.3 Diagnostic laboratories
- 8.4 Other end-users
- Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($ Mn)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Netherlands
- 9.3.7 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 Japan
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
- 9.6 Middle East and Africa
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of Middle East and Africa
- Chapter 10 Company Profiles
- 10.1 Abbott Laboratories, Inc.
- 10.2 Abbvie, Inc.
- 10.3 AstraZeneca plc
- 10.4 bioMerieux SA
- 10.5 Bristol-Myers Squibb Company
- 10.6 Cepheid (Danaher Corporation)
- 10.7 Eli Lilly & Company
- 10.8 F. Hoffmann-La Roche
- 10.9 GlaxoSmithKline plc
- 10.10 Laboratory Corporation of America Holdings (Covance Inc.)
- 10.11 Myriad Genetics, Inc.
- 10.12 Novartis AG
- 10.13 Pfizer, Inc.
- 10.14 QIAGEN N.V.
- 10.15 Quest Diagnostics
- 10.16 Takeda Pharmaceutical Company Limited
- 10.17 Thermo Fisher Scientific Inc.
- 10.18 Vyant Bio, Inc. (Cancer Genetics, Inc.)
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