Precision Medicine Market Global Forecast Report by Product (Consumables, Instruments, Services) Technology (Big Data Analytics, Bioinformatic, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others) Application (Oncology, Central Nervous System (CNS), Immunology, Respiratory Medicine, Infections, Others) End User (Hospitals and Clinics, Diagnostic Centers, Pharma and Biotech Companies, Healthcare IT Firms, Others) Countries and Company Analysis, 2024-2032

Growth Factors in the Precision Medicine Industry

Technological developments in bioinformatics and genomics

The swift progress in genomics and bioinformatics is a major factor propelling the growth of the precision medicine industry. Genome sequencing has become faster and more economical because to high-throughput sequencing technologies, which have also made it possible for genomic data to be widely used in clinical practice. As a result, customized therapies based on each person's unique genetic composition have been developed. In addition, bioinformatics—the integration of biological data with computational tools and statistical analysis—is essential for deciphering the enormous volumes of data produced by genome sequencing. Precision medicine has gained market share due to the detection of genetic abnormalities causing a variety of diseases and the development of focused treatments that enhance treatment outcomes. These technical developments have made this possible.

Growing incidence of long-term illnesses

One of the key precision medicine industry trends supporting market expansion is the rise in chronic diseases like cancer, diabetes, and cardiovascular diseases (CVDs) worldwide. These illnesses significantly strain healthcare systems as they are among the world's leading causes of mortality and disability. A promising strategy for treating chronic illnesses is precision medicine, which uses targeted treatments created to treat each patient's condition according to their individual genetic profile. In addition to increasing treatment efficacy, this tailored strategy lowers the possibility of negative medication reactions, improving patient outcomes and cutting healthcare expenses. The need for precision medicine techniques is anticipated to increase as the incidence of various illnesses rises, propelling the expansion of the precision medicine market.

North America Precision Medicine Market Overview

Better healthcare infrastructure and significant R&D spending are anticipated to fuel the precision medicine market's expansion in the US. Precision medicine has made major strides in the treatment of some cancers, such as breast and colorectal cancer.

The growth of the studied market is being driven by the rising number of cancer cases in North American countries such as Canada. For example, the Canadian Cancer Society stated in June 2022 that 233,900 Canadians were anticipated to receive a cancer diagnosis by the end of 2022. According to the same source, colorectal, lung, breast, and prostate cancers are anticipated to be the most frequently diagnosed cancers. As a result, rising cancer incidences are driving up demand for precision medicine in oncology and propelling the expansion of the market under study in the area.

Moreover, the market under study is expanding due to the growing number of precision medicine researchers in North American nations. For example, a research team in Mexico has created precision medicine for RET gene mutational diagnosis for medullary thyroid cancer and multiple endocrine neoplasia (MEN) 2. The article was published in the journal Gaceta Medica de Mexico in March 2022. The article also stated that the most prevalent mutations in the Mexican population are 634/NEM2 and 918/NEM3, which have been reported, and that researchers are working to improve the accuracy of these mutations' diagnosis and treatment. RET pathogenic variants in the Mexican population are also consistent with data that has been published.

As a result, it is anticipated that growing collaborations to advance precision medicine for various illnesses would result in profitable market expansion in the nation.

Precision Medicine Market Company Overview

Some of the industry leaders seen in the Global Precision Medicine Market Includes AstraZeneca plc, Bayer AG, bioMérieux SA, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Illumina Inc., Laboratory Corporation of America Holdings, Merck KGaA, Novartis AG, Pfizer Inc., Qiagen N.V., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc.

Precision Medicine Market News

In May 2024, OM1 introduces three new products: OM1 Orion, OM1 Lyra, and OM1 Polaris. These devices are equipped with PhenOMTM, a digital phenotyping platform driven by artificial intelligence designed for clinical research and personalized treatment. Leading the way in providing Real-World Evidence (RWE) insights from the lab to patient care, OM1 uses extensive clinical data and cutting-edge predictive and generative AI systems to empower players in the healthcare sector. 

In April 2024, the pioneer in data-driven medicine and cloud-native software business SOPHiA GENETICS has announced a strategic partnership with Bengaluru-based Strand Life Sciences, a leader in bioinformatics and diagnostics. The objective of this collaboration is to present innovative approaches that will propel the global uptake of precision medicine.

In January 2024, P SimBioSys, a cutting-edge TechBio company that is utilizing biophysical modeling and artificial intelligence (AI) to leverage the power of spatial biophysics and transform precision medicine for cancer, announced that it has received its first FDA 510(k) clearance. With this permission, TumorSight, the company's cloud-based digital precision medicine platform, may now offer its first software product.

In May 2024, for tabelecleucel (tab-cel), Atara submitted a Biologics License Application (BLA) to the FDA. It is suggested as a stand-alone treatment for adults and children two years of age and older with Epstein-Barr virus-positive post-transplant lymphoproliferative disease (EBV+ PTLD) who have had at least one previous therapy. Chemotherapy is often used as a prior therapy for recipients of solid organ transplants when appropriate. Interestingly, there aren't any FDA-approved therapies for this particular ailment at the moment.

In May 2024, A clinical collaboration has been established between Dragonfly Therapeutics, Inc., a biotechnology company devoted to developing novel immunotherapies, and Merck (known as MSD outside the U.S. and Canada). The goal of this partnership is to evaluate DF9001, Dragonfly's EGFR immune engager, in conjunction with KEYTRUDA (pembrolizumab), Merck's anti-PD-1 medication, in patients with advanced solid cancers that express EGFR.

Product – Market breakup in 3 viewpoints:

1. Consumables
2. Instruments
3. Services

Technology – Market breakup in 6 viewpoints:

1. Big Data Analytics
2. Bioinformatics
3. Gene Sequencing
4. Drug Discovery
5. Companion Diagnostics
6. Others

Application – Market breakup in 6 viewpoints:

1. Oncology
2. Central Nervous System (CNS)
3. Immunology
4. Respiratory Medicine
5. Infections
6. Others

End User– Market breakup in 5 viewpoints:

1. Hospitals and Clinics
2. Diagnostic Centers
3. Pharma and Biotech Companies
4. Healthcare IT Firms
5. Others

Country – Market breakup in 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• the Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All the Key players have been covered from 4 Viewpoints:

• Overview
• Recent Development & Strategies
• Product Portfolio
• Financial Insights

Company Analysis:

1. AstraZeneca plc
2. Bayer AG
3. bioMérieux SA
4. Bristol-Myers Squibb Company
5. Eli Lilly and Company
6. Hoffmann-La Roche AG
7. Illumina Inc.
8. Laboratory Corporation of America Holdings
9. Merck KGaA
10. Novartis AG
11. Pfizer Inc.
12. Qiagen N.V.
13. Quest Diagnostics Incorporated
14. Thermo Fisher Scientific Inc.

Report Details: