The precision medicine market stood at USD 63.1 billion in 2020, and is expected to grow at a CAGR of 11.2% during 2021-2027. The factors driving the growth of the market include; Rapid adoption of Information Technology in healthcare sector, High prevalence of cancer patients across the globe, and Increasing number of research & development activities.
Precision medicine, also known as personalized medicine is the field which use diagnostic tests to classify individual patients into subpopulations based on genetic information, for tailoring disease prevention and treatment accordingly. An individual’s genetic makeup determines their perceived severity and susceptibility towards specific diseases. It also determines the likelihood of having allergic reactions to certain drugs or treatments. Precision medicine uses this genetic information to deliver targeted and more effective treatment.
Precision medicine requires vast dataset of patient histories to target the right treatments to the right patients. The healthcare sector has witnessed rapid adoption of data analytics, artificial intelligence (AI) and cloud computing over the years. An increasing number of office-based physicians now rely on EMR solutions, and a large number of wearables are used to track patient’s lifestyle, which has led to a large-scale collection of data at different levels. This vast data gathering and analyses is broadening the uses for genetic and genomic information, which is further expected to propel the growth in the precision medicine market.
There is a high prevalence of cancer patients across the globe. According to the World Health Organization (WHO), Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Cancer is arguably the area in which the most progress in precision medicine has been made till date. Moreover, with rising expenditure in the healthcare sector, there has been a remarkable increase in the research and development activities for precision medicine across the globe. Apart from the developed economies of the west, Companies in the Asian regions of China, Singapore, and South Korea, among others are also investing heavily in the precision medicine research.
Data security concerns, and interoperability issues are expected to hamper the growth of the precision medicine market to some extent. The implementation of precision medicine requires large-scale patient data. The risk of personal information being exposed to unauthorized parties is considered to be high as the data is stored into 3rd-party, remote data centers. Associated high-cost, and reimbursement issues are other issues which may restrain the precision medicine market over the forecast period. There is high-cost for discovering specific genetic information, and then developing appropriate testing and treatment methods. This high cost also means that the testing and treatment will only be available to people who can afford it, leaving a large number of general populations out of it.
Segment overview
On the basis of application, the precision medicine market is segmented into Oncology, Central Nervous System, Endocrinology, Cardiology, Infectious diseases, and others. The Oncology segment held the major share of the global precision medicine market and is expected to retain its dominance over the forecast period. The growth in the segment is owing to high incidence of cancer across the globe. The Cardiology segment is projected to grow at a highest CAGR during 2021-2027.
On the basis of region, North America holds the major share in the precision medicine market. This is mainly due to higher adoption of healthcare IT, and increasing research and development activities in the region. The Asia-Pacific precision medicine market is projected to witness highest growth rate over the forecast period.
The report provides detailed market outlook, and forecast of the “Global Precision Medicine Market” based on Application, Delivery Mode, End-Use and by Region.
The report provides detailed market outlook, and forecast of the “Global pedestal support system” market based on type, application, material, load bearing capacity, end-use and region.
| Research Attribute | Coverage |
|---|---|
| Years Considered | 2017-2027 |
| Historical Years | 2017, 2018, 2019 |
| Base Year | 2020 |
| Forecast Period | 2021-2017 |
| Units Considered | USD Billion |
| Segmentation By Application |
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| Segmentation by Delivery Mode |
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| Segmentation by End-Use |
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| Regions Covered |
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| Key Company Profiles | Pfizer Inc.., Novartis AG., QIAGEN., AstraZeneca, Roche Holding AG, Precision Medicine Group, Inc, Thermo Fisher Scientific, Eli Lilly and Co., among others. |
CHAPTER 1. Market Scope and Methodology
1.1. Research methodology
1.2. Objectives of the report
1.3. Research scope & assumptions
1.4. List of data sources
CHAPTER 2. Executive Summary
2.1. Precision Medicine Market – Key industry insights
CHAPTER 3. Market Outlook
3.1. Market definition
3.2. Market segmentation
3.3. Value chain analysis
3.4. Technological overview
3.5. Precision Medicine Market: developed v/s developing countries
3.6. Market opportunities & trends
3.6.1. High demand for efficient Clinical Decision Support Systems (CDSS)
3.7. Market driver analysis
3.7.1. Rapid adoption of Information Technology in healthcare sector
3.7.2. High prevalence of cancer patients across the globe
3.7.3. Increasing number of research & development activities
3.7.4. Impact analysis
3.8. Market restraint analysis
3.8.1. Associated high-cost, and reimbursement issues
3.8.2. Data security concerns & Interoperability issues
3.8.3. Impact analysis
3.9. PESTEL analysis
3.10. SWOT analysis
CHAPTER 4. Competitive Outlook
4.1. Competitive framework
4.2. Company market share analysis
4.3. Strategic layout
CHAPTER 5. COVID-19 Implications
5.1. Industry impact of COVID-19 pandemic
5.1.1. Impact analysis by end-use
5.1.2. Analyst recommendations
CHAPTER 6. Precision Medicine Market Size and Forecast (2021 - 2027)
6.1. Precision Medicine Market, By Application
6.1.1. Oncology
6.1.2. Central Nervous System
6.1.3. Cardiology
6.1.4. Infectious diseases
6.1.5. Others
6.2. Precision Medicine Market, By Delivery mode
6.2.1. On-Premise
6.2.2. Cloud-Based
6.3. Precision Medicine Market, By End Use
6.3.1. Pharmaceuticals
6.3.2. Diagnostics
6.3.3. Others
CHAPTER 7. Global Precision Medicine Market Size and Forecast, By Region (2021 - 2027)
7.1. North America Precision Medicine Market (USD Billion)
7.1.1. North America Precision Medicine Market, By Country (USD Billion)
7.1.2. North America Precision Medicine Market, By Application (USD Billion)
7.1.3. North America Precision Medicine Market, By Delivery mode (USD Billion)
7.1.4. North America Precision Medicine Market, By End-Use (USD Billion)
7.1.5. The U.S. Precision Medicine Market (USD Billion)
7.1.5.1. The U.S. Precision Medicine Market, By Application (USD Billion)
7.1.5.2. The U.S. Precision Medicine Market, By Delivery mode (USD Billion)
7.1.5.3. The U.S. Precision Medicine Market, By End-Use (USD Billion)
7.1.6. Canada Precision Medicine Market (USD Billion)
7.1.6.1. Canada Precision Medicine Market, By Application (USD Billion)
7.1.6.2. Canada Precision Medicine Market, By Delivery mode (USD Billion)
7.1.6.3. Canada Precision Medicine Market, By End-Use (USD Billion)
7.1.7. Mexico Precision Medicine Market (USD Billion)
7.1.7.1. Mexico Precision Medicine Market, By Application (USD Billion)
7.1.7.2. Mexico Precision Medicine Market, By Delivery mode (USD Billion)
7.1.7.3. Mexico Precision Medicine Market, By End-Use (USD Billion)
7.2. Europe Precision Medicine Market (USD Billion)
7.2.1. Europe Precision Medicine Market, By Country (USD Billion)
7.2.2. Europe Precision Medicine Market, By Application (USD Billion)
7.2.3. Europe Precision Medicine Market, By Delivery mode (USD Billion)
7.2.4. Europe Precision Medicine Market, By End-Use (USD Billion)
7.2.5. Germany Precision Medicine Market (USD Billion)
7.2.5.1. Germany Precision Medicine Market, By Application (USD Billion)
7.2.5.2. Germany Precision Medicine Market, By Delivery mode (USD Billion)
7.2.5.3. Germany Precision Medicine Market, By End-Use (USD Billion)
7.2.6. The U.K Precision Medicine Market (USD Billion)
7.2.6.1. The U.K Precision Medicine Market, By Application (USD Billion)
7.2.6.2. The U.K Precision Medicine Market, By Delivery mode (USD Billion)
7.2.6.3. The U.K Precision Medicine Market, By End-Use (USD Billion)
7.2.7. France Precision Medicine Market (USD Billion)
7.2.7.1. France Precision Medicine Market, By Application (USD Billion)
7.2.7.2. France Precision Medicine Market, By Delivery mode (USD Billion)
7.2.7.3. France Precision Medicine Market, By End-Use (USD Billion)
7.3. Asia-Pacific Precision Medicine Market (USD Billion)
7.3.1. Asia-Pacific Precision Medicine Market, By Country (USD Billion)
7.3.2. Asia-Pacific Precision Medicine Market, By Application (USD Billion)
7.3.3. Asia-Pacific Precision Medicine Market, By Delivery mode (USD Billion)
7.3.4. Asia-Pacific Precision Medicine Market, By End-Use (USD Billion)
7.3.5. China Precision Medicine Market (USD Billion)
7.3.5.1. China Precision Medicine Market, By Application (USD Billion)
7.3.5.2. China Precision Medicine Market, By Delivery mode (USD Billion)
7.3.5.3. China Precision Medicine Market, By End-Use (USD Billion)
7.3.6. Japan Precision Medicine Market (USD Billion)
7.3.6.1. Japan Precision Medicine Market, By Application (USD Billion)
7.3.6.2. Japan Precision Medicine Market, By Delivery mode (USD Billion)
7.3.6.3. Japan Precision Medicine Market, By End-Use (USD Billion)
7.3.7. India Precision Medicine Market (USD Billion)
7.3.7.1. India Precision Medicine Market, By Application (USD Billion)
7.3.7.2. India Precision Medicine Market, By Delivery mode (USD Billion)
7.3.7.3. India Precision Medicine Market, By End-Use (USD Billion)
7.3.8. South Korea Precision Medicine Market (USD Billion)
7.3.8.1. South Korea Precision Medicine Market, By Application (USD Billion)
7.3.8.2. South Korea Precision Medicine Market, By Delivery mode (USD Billion)
7.3.8.3. South Korea Precision Medicine Market, By End-Use (USD Billion)
7.3.9. Australia Precision Medicine Market (USD Billion)
7.3.9.1. Australia Precision Medicine Market, By Application (USD Billion)
7.3.9.2. Australia Precision Medicine Market, By Delivery mode (USD Billion)
7.3.9.3. Australia Precision Medicine Market, By End-Use (USD Billion)
7.4. Central & South America (CSA) Precision Medicine Market (USD Billion)
7.4.1. Central & South America (CSA) Precision Medicine Market, By Country (USD Billion)
7.4.2. Central & South America (CSA) Precision Medicine Market, By Application (USD Billion)
7.4.3. Central & South America (CSA) Precision Medicine Market, By Delivery mode (USD Billion)
7.4.4. Central & South America (CSA) Precision Medicine Market, By End-Use (USD Billion)
7.4.5. Brazil Precision Medicine Market (USD Billion)
7.4.5.1. Brazil Precision Medicine Market, By Application (USD Billion)
7.4.5.2. Brazil Precision Medicine Market, By Delivery mode (USD Billion)
7.4.5.3. Brazil Precision Medicine Market, By End-Use (USD Billion)
7.5. Middle East & Africa (MEA) Precision Medicine Market (USD Billion)
7.5.1. Middle East & Africa (MEA) Precision Medicine Market, By Country (USD Billion)
7.5.2. Middle East & Africa (MEA) Precision Medicine Market, By Application (USD Billion)
7.5.3. Middle East & Africa (MEA) Precision Medicine Market, By Delivery mode (USD Billion)
7.5.4. Middle East & Africa (MEA) Precision Medicine Market, By End-Use (USD Billion)
7.5.5. UAE Precision Medicine Market (USD Billion)
7.5.5.1. UAE Precision Medicine Market, By Application (USD Billion)
7.5.5.2. UAE Precision Medicine Market, By Delivery mode (USD Billion)
7.5.5.3. UAE Precision Medicine Market, By End-Use (USD Billion)
7.5.6. Saudi Arabia Precision Medicine Market (USD Billion)
7.5.6.1. Saudi Arabia Precision Medicine Market, By Application (USD Billion)
7.5.6.2. Saudi Arabia Precision Medicine Market, By Delivery mode (USD Billion)
7.5.6.3. Saudi Arabia Precision Medicine Market, By End-Use (USD Billion)
CHAPTER 8. Key Players and Strategic Developments
8.1. Pfizer Inc.
8.1.1. Business Overview
8.1.2. Product and Service Offering
8.1.3. Financial Overview
8.1.4. Strategic Developments
8.2. Novartis AG
8.2.1. Business Overview
8.2.2. Product and Service Offering
8.2.3. Financial Overview
8.2.4. Strategic Developments
8.3. QIAGEN
8.3.1. Business Overview
8.3.2. Product and Service Offering
8.3.3. Financial Overview
8.3.4. Strategic Developments
8.4. AstraZeneca
8.4.1. Business Overview
8.4.2. Product and Service Offering
8.4.3. Financial Overview
8.4.4. Strategic Developments
8.5. Roche Holding AG
8.5.1. Business Overview
8.5.2. Product and Service Offering
8.5.3. Financial Overview
8.5.4. Strategic Developments
8.6. Precision Medicine Group
8.6.1. Business Overview
8.6.2. Product and Service Offering
8.6.3. Financial Overview
8.6.4. Strategic Developments
8.7. Thermo Fisher Scientific
8.7.1. Business Overview
8.7.2. Product and Service Offering
8.7.3. Financial Overview
8.7.4. Strategic Developments
8.8. Eli Lilly and Co.
8.8.1. Business Overview
8.8.2. Product and Service Offering
8.8.3. Financial Overview
8.8.4. Strategic Developments
