Precision Medicine Market by Applications (Diagnostics [Genetic Tests, Direct to Consumer Tests, Esoteric Tests, and Others], Therapeutics [Pharmaceuticals {Oncology, Respiratory Diseases, Skin Diseases, CNS Disorders, Immunology, Genetic Diseases, and Others}], Medical Devices, and Others), End-users (Homecare, Hospitals, Clinical Laboratories, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global precision medicine market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the effective and efficient treatment alternatives to patients suffering from serious disorders, with fewer side effects.
 

Healthcare practitioners have been attempting to make their activities more effective for their patients since the beginning of recorded history by trying with new therapies, monitoring, and sharing their findings, and building on the efforts of preceding generations. Every clinician's objective, no matter how basic the resources at their disposal, has always been to become more accurate, precise, proactive, and effective for each client who comes under their care. Precision medicine is a new approach to disease treatment and prevention that considers each person's unique genetic, environmental, and lifestyle factors. It is becoming increasingly obvious that medicine is not a one-size-fits-all proposition. For example, a therapy that shrinks a tumor or relieves arthritic symptoms for one person may not work for another.

Colorectal cancer, breast cancer, lung cancer, some forms of leukemia, certain types of lymphoma, melanoma, esophageal cancer, stomach cancer, ovarian cancer, and thyroid cancer are some of the most prevalent cancers, which are given treatment using precision medicine. Targeted therapy has been shown to be effective and less harmful for cancer treatment as part of precision cancer medicine. Colorectal cancer (CRC) is one of the most prevalent diseases in the US and the world, and it is one of the major causes of cancer-related fatalities. CRC is by far one of the most effective instances of precision cancer medicine, which uses molecular testing to guide targeted therapy.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing prevalence of cancers and genetic disorders worldwide are projected to boost the market growth during the forecast period.
• Growing need for preventative care, along with advancements in next-generation sequencing (NGS) technology, has resulted in an unprecedented proliferation and deluge of genetic sequence data are expected to fuel the market growth.
• Increasing technological advancements in precision therapies and diagnostics are key factors driving the market growth during the forecast period.
• Increasing approval of drugs with companion diagnostic tests, cost-effective DNA profiling, and the emergence of data-driven healthcare are major factors fueling the market growth during the forecast period.
• High cost of diagnosis along with the stringent regulations and policies from government regulatory bodies to approve diagnostic devices are projected to hamper the market growth during the forecast period.
• Lack of awareness regarding genetic disorders and benefits of personalized medicines presents present key challenges that can hinder the market growth during the forecast period.
• Increased R&D investments and technological advancements are expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the global precision medicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Therapeutics segment is expected to account for a key share
Based on applications, the precision medicine market is segmented into diagnostics, therapeutics, medical devices, and others. The diagnostics segment is further sub segmented into genetic tests, direct to consumer tests, esoteric tests, and others. The therapeutics segment consists of pharmaceuticals. The pharmaceuticals segment is further sub-divided into oncology, respiratory diseases, skin diseases, CNS disorders, immunology, genetic diseases, and others. The therapeutics segment is expected to account for a key share of the market during the forecast period owing to increasing demand for oncology diagnsotics due to rising prevalence of cancer and the growing number of cancer treatment patients in clinical trials.

On the other hand, the diagnostics segment is anticipated to expand at a rapid pace during the forecast period. Precision diagnostics and therapies are projected to increase the demand for genetic tests along with new development of advanced diagnostics tools and procedures, such as biomarkers and companion diagnostics, which may be utilized to treat patients more effectively.

Clinical laboratories and hospitals segment is expected to constitute a key share
Based on end use, the market is segmented into homecare, hospitals, clinical laboratories, and others. The clinical laboratories and hospitals segment in combined is expected to constitute a key share of the market during the forecast period owing to increasing level of acceptability and great results gained through precision treatments in the treatment of various diseases among patients.

On the other hand, the homecare segment is projected to exhibit a substantial CAGR during the forecast period due to increase of personal healthcare equipment and devices, as well as the integration of smart technologies with various healthcare systems.
 

North America and Europe is anticipated to dominate
On the basis of regions, the global precision medicine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America and Europe in combined is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the existence of a significant number of prominent pharmaceutical and biotech firms as well as well-established healthcare infrastructure. Furthermore, government assistance, combined with increased R&D expenditure, is propelling these regional markets.

On the other hand, Asia Pacific and Latin America is expected to exhibit a rapid growth rate in the coming years due to increasing public awareness regarding the importance of precision medicine in the treatment of various diseases as well as rising income and expenditure on healthcare. Government initiatives to improve infrastructure and patient care are also expected to boost market growth.
 

Segments

Segments Covered in the Report
The global precision medicine market has been segmented on the basis of

Applications

• Diagnostics
  • Genetic Tests
  • Direct to Consumer Tests
  • Esoteric Tests
  • Others
• Therapeutics
  • Pharmaceuticals
  • Oncology
  • Respiratory Diseases
  • Skin Diseases
  • CNS Disorders
  • Immunology
  • Genetic Diseases
  • Others
• Medical Devices
• Others

End-users

• Homecare
• Hospitals
• Clinical Laboratories
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Abbott Laboratories
• Biogen Inc.
• Foundation Medicine Inc.
• Illumina, Inc.
• Precision Biologics
• IBM Watson
• Siemens Healthineers
• Janssen Pharmaceuticals
• GE Healthcare

Competitive Landscape

Key players competing in the global precision medicine market include/are Abbott Laboratories; Biogen Inc.; Foundation Medicine Inc.; Illumina, Inc.; Precision Biologics; IBM Watson; Siemens Healthineers; Janssen Pharmaceuticals; and GE Healthcare.

Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For example, in October 2020, Diaceutics PLC established DXRX – a diagnostic network with the goal of decreasing the time to peak biomarker test acceptance for cancer testing from years to months, therefore accelerating the end-to-end research and commercialization of precision medicine diagnostics.

Another example, in June 2020, Infosys announced a brand-new personalized medicine solution for the pharmaceutical sector. To derive intelligent insights, the solution uses SAP S/4HANA, SAP C/4HANA, SAP Analytics Cloud, and the SCI platform. This allows pharmaceutical firms to fulfill essential business and regulatory obligations while providing tailored experiences to patients.