Global Precision Medicine Market Size Demonstrates Consistent Growth with a CAGR of 11.12%, with North America Taking a Leading Role
New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Precision medicine is a new approach to treating and preventing disease that considers each individual's genetic, environmental, and lifestyle differences. Giving the proper treatment to the right patient at the right time is the goal of precision medicine.
According to Straits Research, "North America is dominating the market with the highest revenue and is expected to reach USD 97.32 billion in 2030, growing at a CAGR of 9.7% during the forecast period,"
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Key Drivers
DNA sequencing technology has undergone significant technological advancements, which have paved the way for a deeper understanding of some diseases like cancer. Depending on the genetic profiles of those individuals, the advancements have made it possible to develop treatments that are better suited to them. Patients with breast, lung, or colorectal cancer who have undergone genetic testing as part of routine patient care can measure this molecular transformation of medicine. As a result, the process's accuracy and the time required to finish it have increased. With the collection of more medical data, there has been an increase in understanding of how the treatment a patient receives affects the patient's overall health. It is possible to use precision medicine for preventive care when interventions target disease risk factors to lower the disease risk. One example of this would be the treatment of high blood pressure to prevent patients from experiencing heart attacks or strokes.
Growth Opportunities
Most precision medicine providers focus on developed markets, leaving emerging markets untapped. Large populations at risk for diseases requiring gene sequencing in China, India, Australia, the Middle East, and Africa present an opportunity to expand the precision medicine market. Genetics and precision medicine have made significant progress in developing countries over the past decade regarding regulations, product approvals, and implementation of novel methods and procedures in healthcare.
Searching for mendelian germline genetic mutations, such as those in cancer genetics, is likely the first step for emerging nations' public healthcare systems. Private healthcare investment funds help small innovative players develop new genetic tests in emerging regions. Developing nations' proper and uncomplicated approval of GINA helped ban genetic discrimination in health insurance and employment. This creates a modern and humanized genomic medicine environment in the country.
Regional Analysis
The North American segment dominates the market with the highest revenue, and The United States dominates North America's precision medicine market. Advanced research and development in molecular diagnostics and targeted therapeutics have significantly aided our understanding of the biology of various infectious diseases and forms of cancer, such as lung cancer, breast cancer, and colorectal cancer.
Several well-established diagnostics manufacturers in North America are focusing on expanding their portfolios of NGS-based molecular diagnostics and collaborating with service providers and pharmaceutical behemoths to co-market molecular diagnostics solutions alongside their complementary precision medicine solutions. In addition, the U.S. government finances new molecular diagnostics and precision medicine start-ups.
Key Highlights
- The global precision medicine market size is projected to reach USD 280.67 billion by 2030, growing at a CAGR of 11.12% during the forecast period (2022–2030).
- Based on the ecosystem, the global precision medicine market is segmented into sciences, precision diagnostics, precision therapeutics, and digital health and information technology. The precision therapeutics segment is dominating the market and is expected to grow at a CAGR of 11.62% during the forecast period.
- Based on application, the global precision medicine market is segmented into oncology, neurology/psychiatry, infectious diseases, gastroenterology, cardiovascular, endocrinology, rheumatology, etc. The oncology segment is the most dominant and is expected to grow at a CAGR of 11.21% during the forecast period.
Competitive Analysis
The global precision medicine market's major key players are Bristol-Myers Squibb Company, Illumina, Inc., Pacific Biosciences of California, Inc., AstraZeneca PLC, Eli Lilly and Company, Merck & Co., Inc., Premaitha Health plc, QIAGEN N.V., Johnson and Johnson, and Asuragen, Inc.
Market News
- May 2022- Illumina Introduced New Pan-Cancer Companion Diagnostic to Match Patients with Rare Genetic Mutations to Targeted Therapy. The first companion diagnostic claim for Illumina's TruSightTM Oncology Comprehensive (EU) test enables targeted therapy for patients with NTRK fusion cancer using Bayer's VITRAKVI® (larotrectinib).
- May 2022- Illumina and Allegheny Health Network Assessed In-House Comprehensive Cancer Genomic Profiling to Enhance Patient Care. Illumina, Inc. (NASDAQ:ILMN), a global leader in DNA sequencing and array-based technologies, and Allegheny Health Network (AHN), an integrated health system serving Western Pennsylvania, have partnered to evaluate the impact of in-house comprehensive genomic profiling (CGP) on patient care.
- June 2022- Bristol Myers Squibb Acquired Turning Point Therapeutics, a Leading Precision Oncology Company. Bristol Myers Squibb (NYSE:BMY) and Turning Point Therapeutics, Inc. (NASDAQ:TPTX) have announced a definitive merger agreement.
Global Precision Medicine Market: Segmentation
By Ecosystem
- Applied Sciences
- Precision Diagnostics
- Precision Therapeutics
- Digital Health and Information Technology
By Application
- Oncology
- Neurology/psychiatry
- Infectious diseases
- Gastroenterology
- Cardiovascular
- Endocrinology
- Rheumatology
By Regions
- North America
- Europe
- Asia-Pacific
- Rest-of-the-World (ROW)
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