Precision Medicine Market by Type (Inhibitors, Monoclonal Antibodies, Cell & Gene Therapy, Antivirals, Antiretroviral), Indication (Oncology, Rare diseases, Hematology, Infectious), End user (Hospitals & Clinics, Home care) & Region - Global Forecast to 2028
The global precision medicine market in terms of revenue was estimated to be worth $29.1 billion in 2023 and is poised to reach $50.2 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in the precision medicine industry is Currently the focus on genomic research is growing continuously. Is mainly due to the realisation of the potential that genetic targeted therapies hold. This is facilitating increasing adoption of precision medicine. Additionally, genetic testing add companion diagnostics are also witnessing growth. These factors along with the increasing approvals for personalised medicines from prominent regulatory bodies are supporting the growth of this market.
Attractive Opportunities in the Precision Medicine market
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Precision Medicine Market Dynamics
DRIVER: Growth in genetic testing and companion diagnostics
Precision medicine regimen is recommended only after a series of diagnostic tests to study the patient’s genes for individual variability, genetic mutations, variations. Additionally, therapeutics involves the administration of suitable therapy/drug regime to the patient based on genetic testing results. Genetic testing is observing growth due to factors such as availability of tests for cancer screening, pre-natal screening, and the availability of direct-to-consumer testing (DTC) as well. Moreover, genetic testing plays a crucial role in the development of companion diagnostics. Companion diagnostics (CDx) are medical tests that are designed to identify patients who are most likely to benefit from a specific therapeutic treatment. These tests allow selection individualized treatment supporting the growth of precision medicine adoption.
RESTRAINT: High costs of therapeutics
Precision medicine therapeutics are administered after a detailed analysis of the patient’s genetic makeup using diagnostic genetic tests. Therefore, the overall cost of the precision medicine regimen is substantially high. Thus, for individuals with financial problems or geographic regions where the healthcare infrastructure is not adequately built to support such treatments, precision medicine access is constrained. For instance, the price of TECARTUS CAR T-cell therapy from Novartis AG approved as a personalized medicine ranges between USD 300,000 to USD 400,000; the price of AMVUTTRA (vutrisiran) approved as personalized medicine ranges between USD 85,000 to USD 115,000 in the US (Source: US Department of Veteran Affairs). However, in the coming years, the charges of personalized medicines are expected to reduce owing to efforts by key players to offer therapies at lower price, increasing support by regulatory bodies as well as healthcare providers for increasing adoptiong among others, thereby leading to wider adoption.
OPPORTUNITY: Growing demand for cell and gene therapies
Recently, the innovations add demand for cell and gene therapies has been growing. This is due to the fact that's cell and gene therapies hold significant potential to address several areas In different indications for which yet an effective treatment is unavailable. These indications mainly include chronic diseases in specialties such as oncology, rare genetic disorders, genetic disorders, other rare diseases among others. This is as an area of opportunity by pharmaceutical and biotechnology companies to invest into development and commercialization of novel cell and gene therapies. Besides, cell and gene therapies give a targeted therapeutic effect. Due to this they have been largely approved as personalised medicine as well. In 2022, the FDA approved 5 cell and gene therapies as personalised medicines. Thus, growing demand for cell and gene tehrapies owing to the benefits that they offer significant opportunity area for precision medicine.
CHALLENGE: Challenges associated with adoption of precision medicine
The precision medicine therapeutics adoption is increasing. However, there are some factors Challenging the growth of this market. Reimbursement and financing policies is one of the challenges faced by this market especially in the developing regions such as the Asia Pacific Latin America, the Middle East and Africa. Reimbursement for these therapeutics is complex there are limited number of patients opting precision or personalised medicine. Besides, the cost of precision medicine regimen is high and the uncertainty of reimbursement can discourage patients from opting for precision medicine treatment.
Precision Medicine Market Ecosystem
Prominent companies in the market includes companies operating in the market for several years and posess diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in the market include F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Pfizer Inc. (US), Bristol Myers Squibb (US), AstraZeneca (UK), Gilead Sciences, Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US) among others.
The inhibitor drugs accounted for the largest share of the type segment in overall precision medicine industry in 2023.
Based on type, the precision medicine market is segmented into inhibitor drugs, monoclonal, cell & gene therapy, antiviral & antiretroviral drugs, and other therapeutic products. In 2022, the inhibitor drugs segment accounted for the largest share of the market owing to factors including observed better effectiveness of inhibitor drugs, large number of commercially approved drugs. Besides, inhibitor drugs cover significant indications such as oncology, rare diseases among others.
The oncology segment dominated the indication segment in overall precision medicine industry in 2023.
Based on indication, the precision medicine market is segmented into oncology, rare diseases, infectious diseases, hematological disorders and other indications. Oncology accounted for the largest share of the market owing to factors such as increasing number of approvals for oncology therapeutics to be administered as personalized or precision medicines, increasing burden of various types of cancers globlly and thus, arising need for targeted or precision therapies among others.
North America was the largest market for overall precision medicine industry in 2022 and also during the forecast period.
Geographically, the precision medicine market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The market was dominated by North America in 2022 and this dominance is anticipated to continue throughout the forecast period between 2023 and 2028. The market for precision medicine is expanding in the region as a result of factors like availability of advanced technologies including diagnostics required for precision medicine, presence of highly advanced infrastructure in hospitals among others.
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The prominent players in the precision medicine market are Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Pfizer Inc. (US), Bristol Myers Squibb (US), AstraZeneca (UK), Gilead Sciences, Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US) among others.
Scope of the Precision Medicine Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$29.1 billion |
|
Estimated Value by 2028 |
$50.2 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 11.5% |
|
Market Driver |
Growth in genetic testing and companion diagnostics |
|
Market Opportunity |
Growing demand for cell and gene therapies |
This report categorizes the Precision Medicine Market to forecast revenue and analyze trends in each of the following submarkets:
By Type
- Inhibitor drugs
- Monoclonal Antibodies
- Cell & Gene Therapy
- Antiviral & Anti-retroviral drugs
- Other Therapeutic Products
By Indication
- Oncology
- Rare Diseases
- Infectious diseases
- Hematological disorders
- Other indications
By End User
- Hospitals and Clinics
- Home care settings
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe (RoE)
-
Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia Pacific (RoAPAC)
- Latin America
- Middle East
- Africa
Recent Developments of Precision Medicine Industry
- In February 2023, Roche received EC approval for expansion of the Hemlibra (emicizumab) European Union (EU) marketing authorization.
- In January 2022, AstraZeneca (UK) collaborated with Scorpion Therapeutics to develop and commercialize precision medicines against hard-to-target cancer proteins, with an aim to transform oncology treatment. The size of this deal accounted for USD 75 billion.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global precision medicine market?
The global precision medicine market boasts a total revenue value of $50.2 billion by 2028.
What is the estimated growth rate (CAGR) of the global precision medicine market?
The global precision medicine market has an estimated compound annual growth rate (CAGR) of 11.5% and a revenue size in the region of $29.1 billion in 2023.
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This study involved four major activities in estimating the current size of the precision medicine market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments.
Secondary Research
Personalized Medicine Coalition (PMC), Purple Book, Journal of Personalized Medicine, World Health Organization (WHO), National Institutes of Health (NIH), United States Food and Drug Administration (US FDA), National Center for Biotechnology Information (NCBI), BioPharm International, EvaluatePharma, ScienceDirect, and clinicaltrial.gov, among others. Secondary sources also include corporate and regulatory filings (such as annual reports, SEC filings, investor presentations, and financial statements); business magazines and research journals; press releases; and trade, business, and professional associations. Secondary data was collected and analyzed to arrive at the overall size of the global precision medicine market, which was validated through primary research.
Primary Research
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Market Size Estimation
Bottom-up approaches was used to estimate and validate the total size of the precision medicine market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research
- The revenues generated from the precision medicine business of leading players have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Global precision medicine Market Size: Top Down Approach
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Data Triangulation
After arriving at the overall market size from the market size estimation process, the total market was split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
Precision medicine, also known as ‘personalized medicine’, is an innovative approach to customizing treatment plans that considers the differences in an individuals’ genes, environment, and lifestyle. This market is inclusive of only therapeutics.
Key Stakeholders
- Pharmaceutical Companies
- Biotechnology Companies
- Research Institutions and Academic Centers
- Regulatory Agencies
- Health Insurers and Payers
- Private & government-funding organizations
Report Objectives
- To define, describe, and forecast the global precision medicine market by type, indication, end user and region.
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall precision medicine market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
- To provide detailed information regarding the major factors influencing the market growth, such as drivers, restraint, opportunity, and challenge
- To forecast the size of the market segments with respect to six main regions, namely, North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa
- To strategically analyze the market structure and profile the key players of the global precision medicine market and comprehensively analyze their core competencies2
- To track and analyze competitive developments such as expansions, acquisitions, partnerships, collaborations, agreements, and product approvals in the precision medicine market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Company Information
- Twenty five company profiles
Growth opportunities and latent adjacency in Precision Medicine Market