Precision Medicine Market Overview
The precision medicine market is likely to record a healthy CAGR of over 12.50% during the review timeframe, says Market Research Future (MRFR). The report projects that the market is anticipated to attain a size of over USD 126.14 billion by 2025.
Precision medicine, also called personalized medicines, has been gaining traction worldwide as they allow the intrusion of patients in taking personal healthcare and offer more targeted therapies for patients that will offer lucrative opportunities over the review timeframe. The global precision medicine market has witnessed massive growth due to advanced technological developments, more targeted therapies to the individuals, increasing prevalence of various genetic diseases, and the launch of numerous big data healthcare companies. However, the increased costs of diagnosis and strict regulations and standards can restrict the market’s growth over the coming years.
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Precision Medicine Market Dynamics
Since the last few years, the healthcare industry has seen an explosion in the use of precision medicine. When the term “tailored medicines” was coined in 2003, it quickly became synonymous with precision medicine. Departments of medicine working on the complete sequencing of the human genome are primarily concerned with providing patients with personalized medications. New medical, scientific, and business models have emerged as a result of modern and advanced technological breakthroughs.
Rapid advances in technology, such as ultra-high-throughput and next-generation sequencing, will determine the future of precision medicine. The business potential for personalized medicine is reaching new heights as a result of the increasing prevalence of various hereditary disorders. The combination of biotech and pharmaceutical sectors with big data healthcare firms will drive the expansion of the precision medicine market.
Precision medicine’s upward trajectory will be bolstered by further advances in the field. The fusion of biotech and pharmaceutical industries with bigdata health care enterprises is another factor that will raise the market value of the precision medicine industry in the near future.
Precision Medicine Market Segment Analysis
The global precision medicine market is divided into segments based on submarkets, therapeutics, region, and ecosystem players.
Based on submarkets, the market is split into molecular diagnostics, targeted therapeutics, pharmacogenomics or PGX, companion diagnostics, biomarker-based tests, and many more.
Based on therapeutics, the precision medicines market is split into infectious disease, central nervous system, cardiovascular disease or CVD, cancer or oncology, and others.
Based on the ecosystem players, the precision medicine market is divided into pharmaceuticals and biotechnology companies, healthcare IT specialists or big data companies, clinical laboratories, diagnostics companies, and many more.
Precision Medicine Market Regional Analysis
The global market for precision medicines is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the MRFR report, the North American region will likely dominate the precision medicines market globally over the review timeframe. The regional market’s growth is attributed to the advanced gene mapping technologies and growing demand for personalized medicine.
The European regional market for precision medicines is likely to secure the second position globally over the coming years owing to the well-developed healthcare infrastructure and consistent technological advancements.
The growth of the precision medicines market for the Asia-Pacific region is being driven by the better healthcare infrastructure and increased disposable income.
Precision Medicine Market Competitive Analysis
The global market for precision medicine has a strong and competitive landscape. The list of leading players in the precision medicine market includes companies such as Intomics A/S, GE Healthcare, ASURAGEN, Inc., ABBOTT LABORATORIES, Medtronic, Novartis, BIOBASE GmbH (Subsidiary), LABORATORY CORPORATION OF AMERICA HOLDINGS, CETICS Healthcare Technologies GmbH, bioMérieux SA, Teva Pharmaceutical Industries Ltd., Sanofi Pharma, Takeda Pharmaceutical Company Limited, Randox Laboratories Ltd, Johnson & Johnson, Cepheid Inc., InnVentis, Intel Corporation, AB-Biotics SA, Caris Life Sciences, Quest Diagnostics Inc., Glaxosmithkline Plc (GSK), IBM, Molecular Health GmbH, and Precision for Medicine, HealthCore, Inc., Roche Holding AG-Br, Pfizer Inc, Qiagen, Almac Group, Ltd., and many others.
Caris Life Sciences®, the prominent company in molecular science and technology proactive in the development and delivery of innovative solutions to transform healthcare, and HotSpot Therapeutics, Inc., a biotechnology firm pioneering the discovery and development of high-quality allosteric therapies focusing on regulatory sites on proteins referred to as “natural hotspots,” have announced a planned collaboration to develop precision medicine methods for HotSpot’s emerging product portfolio. The partnership will primarily target two therapeutic programs.
a company translating genetic insights into new precision medicines, Maze Therapeutics, has announced a USD 190 million investment led by Matrix Capital Management with contribution from General Catalyst, Foresite Capital, Casdin Capital, a16z Bio+Health, NS Investments, Moore Strategic Ventures, City Hill Ventures, Terra Magnum Capital Partners, Driehaus Capital Management, Woodline Partners, and several others. Maze was introduced in 2019 and has generated two joint ventures and nine programs since then.
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a precision medicine firm looking for unlocking the proteome to advance innovations against otherwise undruggable disease-causing targets, Frontier Medicines Corporation has announced the first target to develop a small molecule inhibitor is developing into the lead production stage under the firm’s global partnership with AbbVie. The worldwide partnership was founded in December 2020 to discover, develop, and commercialize a pipeline of the latest small molecule therapeutics against some high-interest, difficult-to-drug protein targets.
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