Precision Medicine Market to Experience 10-12% Growth by 2029: A Game-Changer for Targeted Treatments
The global precision medicine market is expected to witness a growth rate of 10-12% in the next 5 years. Advancements in genomic technologies, growing awareness about the benefits of precision medicine, improved data analytics, increasing regulatory approvals of therapies and diagnostic tests, and ongoing collaborative efforts to accelerate the development and implementation of precision medicine are some of the key factors driving the precision medicine market. To learn more about the research report, download a sample report.
Precision medicine is a state-of-the-art approach for tailoring individual disease treatment based on personal data, statistical analysis, and comparison of larger cohorts. It considers individual genetic and molecular makeup, environment, and lifestyle to more precisely predict which treatments are more likely to work for a patient. Instead of treating patients based on their symptoms, precision medicine is focused on providing treatments that target the underlying causes of illness. This helps in better outcomes at potentially lower costs as there is less drug wastage, fewer side effects, and reduced length of hospital stays. Some of the notable FDA-approved precision medicine drugs include Imatinib (Gleevec), Trastuzumab (Herceptin), Tisagenlecleucel (Kymriah), and Nivolumab (Opdivo).
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Growing awareness about the benefits of precision medicine to propel market growth
Precision medicine is gaining significant traction due to its potential to revolutionize healthcare. One of the most important advantages is personalized treatment which ensures patients receive the most effective therapies with fewer side effects. Moreover, healthcare providers get a better understanding of the disease occurrence and progress which helps in more precise diagnosis and targeted treatments. Apart from providing targeted therapies, precision medicine can be a game changer in preventive care enabling early interventions and preventive measures. Further, by eliminating trial-and-error treatment approach and focusing on what works best for each patient, precision medicine can help reduce overall healthcare costs. Several stakeholders including pharma & biotech companies, healthcare providers, regulatory agencies, healthcare payers, and patients are increasingly recognizing the benefits offered by precision medicine thereby propelling its demand.
Collaborative efforts to accelerate the development and implementation of precision medicine driving the market growth
Pharma and biotech companies are increasingly collaborating to accelerate R&D and adoption of precision medicine by leveraging each other’s strengths. For instance, in Sep 2024, Bristol Myers Squibb entered into a strategic research collaboration with Prime Medicine, Inc. for the development, manufacturing, and commercialization of the next-generation cell therapies. In Oct 2022, GSK plc and Tempus, a US-based precision medicine company, entered into a three-year collaboration agreement that provides GSK with access to Tempus’ AI-enabled platform, including its library of de-identified patient data to improve clinical trial design, speed up enrolment and identify drug targets. Such partnerships help accelerate the development of personalized therapies thereby boosting market growth.
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Competitive Landscape Analysis
The global precision medicine market is marked by the presence of established and emerging market players such as F. Hoffmann-La Roche AG, Gilead Sciences, Novartis AG, Bristol Myers Squibb (BMS), AstraZeneca, Sarepta Therapeutics, Abbvie, Abbott, Janssen Pharmaceuticals, Siemens Healthineers, and GSK; among others. Some of the key strategies adopted by market players include product innovation and development, strategic partnerships and collaborations, and geographic expansion.
Precision Medicine Market Scope
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Report Scope |
Details |
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Base Year Considered |
2023 |
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Historical Data |
2022 – 2023 |
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Forecast Period |
2024 – 2029 |
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Growth Rate |
CAGR of 10-12% |
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Segment Scope |
Product Type, Indication, End User |
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Regional Scope |
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Key Companies Mapped |
F. Hoffmann-La Roche AG, Gilead Sciences, Novartis AG, Bristol Myers Squibb (BMS), AstraZeneca, Sarepta Therapeutics, Abbvie, Abbott, Siemens Healthineers, Janssen Pharmaceuticals, and GSK; among others |
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Report Highlights |
Market Size & Forecast, Growth Drivers & Restraints, Trends, Competitive Analysis |
Key Strategic Questions Addressed
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What is the market size & forecast of the precision medicine market?
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What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the precision medicine market?
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What are the key trends defining the market?
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What are the major factors impacting the market?
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What are the opportunities prevailing in the market?
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Which region has the highest share in the global market?
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Which region is expected to witness the highest growth rate in the next 5 years?
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Who are the major players operating in the market?
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What are the key strategies adopted by players?
- Introduction
- Introduction
- Market Scope
- Market Definition
- Segments Covered
- Regional Segmentation
- Research Timeframe
- Currency Considered
- Study Limitations
- Stakeholders
- List of Abbreviations
- Key Conferences and Events (2024-2025)
- Research Methodology
- Secondary Research
- Primary Research
- Market Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Forecasting
- Executive Summary
- Precision Medicine Market Snapshot (2024-2029)
- Segment Overview
- Regional Snapshot
- Competitive Insights
- Market Overview
- Market Dynamics
- Drivers
- Advancements in genomic technologies
- Rising awareness about the benefits of precision medicine
- Increasing regulatory approvals of therapies and diagnostic tests
- Collaborative efforts to accelerate the development and implementation of precision medicine
- Restraints
- High price of precision medicine therapies
- Lack of access to relevant data
- Evolving regulatory and legal framework across regions
- Opportunities
- Emerging markets
- Key Market Trends
- Drivers
- Unmet Market Needs
- Industry Speaks
- Market Dynamics
- Global Precision Medicine Market Size & Forecast (2022-2029), By Product Type, USD Million
- Introduction
- Therapeutic
- Targeted Therapies
- Immunotherapies
- Others
- Diagnostic Testing
- Genomic Testing
- Biomarker Testing
- Molecular Profiling
- Others
- Global Precision Medicine Market Size & Forecast (2022-2029), By Indication, USD Million
- Introduction
- Oncology
- Rare Diseases
- Cardiology
- CNS Disorders
- Infectious Diseases
- Others
- Global Precision Medicine Market Size & Forecast (2022-2029), By End User, USD Million
- Introduction
- Hospitals
- Outpatient Facilities
- Others
- Global Precision Medicine Market Size & Forecast (2022-2029), By Region, USD Million
- Introduction
- North America Precision Medicine Market Size & Forecast (2022-2029), By Country, USD Million
- US
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Canada
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Europe Precision Medicine Market Size & Forecast (2022-2029), By Country, USD Million
- UK
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Germany
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- France
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Italy
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Spain
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Rest of Europe
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Asia Pacific (APAC) Precision Medicine Market Size & Forecast (2022-2029), By Country, USD Million
- China
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Japan
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- India
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Rest of Asia Pacific
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Latin America (LATAM) Precision Medicine Market Size & Forecast (2022-2029), USD Million
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- Middle East & Africa (MEA) Precision Medicine Market Size & Forecast (2022-2029), USD Million
- Market Size & Forecast, By Product Type (USD Million)
- Market Size & Forecast, By Indication (USD Million)
- Market Size & Forecast, By End User (USD Million)
- China
- UK
- US
- Competitive Landscape
- Key Players and their Competitive Positioning
- Key Player Comparison
- Segment-wise Player Mapping
- Market Share Analysis (2023)
- Company Categorization Matrix
- Dominants/Leaders
- New Entrants
- Emerging Players
- Innovative Players
- Key Strategies Assessment, By Player (2022-2024)
- New Product Launches
- Partnerships, Agreements, & Collaborations
- Mergers & Acquisitions
- Geographic Expansion
- Key Players and their Competitive Positioning
- Company Profiles*
(Business Overview, Financial Performance**, Products Offered, Recent Developments)
- Hoffmann-La Roche AG
- Gilead Sciences
- Novartis AG
- Bristol Myers Squibb
- AstraZeneca
- Sarepta Therapeutics
- Abbvie
- Abbott
- Siemens Healthineers
- Janssen Pharmaceuticals
- GSK plc
- Other Prominent Players
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
Primary Research
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Hospitals, Outpatient facilities
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down & Bottom-Up Approaches’ were used to derive market size estimates and forecasts
Data Triangulation
Research findings derived through secondary sources & internal analysis was validated with Primary Interviews, Internal Knowledge Repository and Company’s Sales Data
