The global precision medicine market is expected to reach USD 50.2 billion by 2028 from USD 29.1 billion in 2023, at a CAGR of 11.5% during the forecast period. Growth in the precision medicine market is mainly driven by factors such as increasing activities in genomic research, rising focus on genetic testing and companion diagnostics, and an increasing number of regulatory approvals for personalized therapeutics. However, high costs associated with therapeutics is expected to restrain the market growth to certain extent.
The market for metagenomic sequencing is consolidated, with key players strategizing to capture majority of the market. Prominent players in the market are F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), Bristol Myers Squibb (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Pfizer Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), , GlaxoSmithKline plc (UK), Sanofi (France), Johnson & Johnson (US), Merck KGaA (Germany), Amgen, Inc. (US), Takeda Pharmaceutical Company Limited (Japan), among others.
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F. Hoffmann-La Roche Ltd. (Switzerland) is the leading player in the precision medicine market. Roche provides an extensive range of personalized medicine therapeutics for end users such as hospitals, clinics, and home care settings among others. The company has a significant number of therapeutic products approved by major regulatory authorities such as FDA and EC to be used as personalized medicines. Additionally, the company has a strong geographic presence worldwide with distribution channels globally.
Bristol Myers Squibb (US) is also a significant player in the precision medicine market in 2022. The company has a significant number of therapeutic products mainly focusing on Oncology indications. The company has a strong geographic presence with distribution channels worldwide. The company also has a significant geographic presence. It adopts organic and inorganic strategies such as product approvals and acquisitions to strengthen its market position. For instance, in August 2022, BMS acquired Turning Point Therapeutics with the aim to expand its precision oncology portfolio.
Novartis AG (Switzerland) is an established player in this market. The company has more than 20 products approved by key regulatory authorities to be used as personalized therapeutics for several indications including oncology, malignant and non-malignant hematological disorders, neurology, psychiatry among others. The company also has a strong geographic presence with distribution channels across North America, Europe, Asia Pacific, Latin America, and Africa regions which supports its strong position in the market.
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) - Global Forecast to 2028
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