Precision Medicine Market: Current Analysis and Forecast (2020-2026)

Report Description

The global precision medicine market was valued at US$ 58.66 billion in 2019 and is projected to expand significantly with a CAGR of 9.95% from 2021 to 2026. The global precision medicine market is expected to witness a boost, owing to the wide range of applications in various disease areas and advancements in technologies. Precision medicine (PM) is an approach to patient care that allows doctors to select treatments that are most likely to help patients based on a genetic understanding of their disease. Medicine involving a drug selection and dosage profiling in combination with clinical and molecular biomarkers can ensure the maximal efficacy and safety of the treatment. The major hindrance toward the development of such therapies is the handling of the “Big Data,” to keep the databases updated. Robust automated data mining tools are being developed to extract information regarding genes, variations, and their association with diseases.

Phenotyping, an integral part of PM, is aimed at translating the data generated at cellular and molecular levels into clinically relevant information. Precision Medicine Moves Care from Population-Based Protocols to Truly Individualized Medicine as President of the US announced the Precision Medicine Initiative in his 2015 State of the Union address. Under the initiative, medical care would transition from a one-size-fits-all approach to an individualized approach, in which data on each patient’s genomic makeup, environment, and lifestyle (the exposome) helps medical professionals tailor treatment and prevention strategies. To achieve the Precision Medicine Initiative mission statement, “to enable a new era of medicine through research, technology, and policies that empower patients, researchers, and providers to work together toward development of individualized care,” researchers and clinicians need vast and varied amounts of data and the technology to ensure that data is widely accessible and usable.

Hoffmann-La Roche, Eli Lilly and Company, NeoGenomics Laboratories, Novartis, Teva Pharmaceutical, Thermo Fisher Scientific, Quest Diagnostics, Abbott Laboratories, NanoString Technologies, and AstraZeneca are some of the prominent players operating in the global precision medicine market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

 “Amongst Technology, Drug Discovery segment holds the major share”

Based on technology type, the market is fragmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. Drug discovery dominated the market with a share of 23.3% in 2019. Recent technological and analytical advances in genomics, have now it possible to rapidly identify and interpret the genetic variation underlying a single patient’s disease, thereby providing a window into patient-specific mechanisms that cause or contribute to disease, which could ultimately enable the ‘precise’ targeting of these mechanisms. Precision medicine can target several diseases.

 “Amongst Disease Area, Oncology is expected to dominate the market during the analyzed period”

Based on the market segment by application type, the market is segmented into oncology, respiratory diseases, central nervous system disorders, immunology, genetic diseases, and others. With the advent of precision medicine, cancer treatment is moving from a paradigm in which treatment decision is primarily based on tumor location and histology followed by molecular information to a new paradigm whereby treatment decisions will be primarily based on molecular information followed by histology and tumor location. Oncology attained a maximum share of 54% in 2019.

 “Amongst End-user, Pharmaceuticals is expected to dominate the market during the analyzed period”

Based on the market segment by end-user, the market is fragmented into hospitals & clinics, pharmaceuticals, diagnostic companies, Healthcare-IT firms, and others. The precision medicine suppliers that understand the technology and the goals of value-based healthcare can create value in the precision medicine value-chain by offering value-based solutions and platforms to interpret and connect data points. Pharmaceutical has dominated the market with a market share of 47% in 2019.

“United States represents one of the largest markets of Precision Medicine market”

For a better understanding on the market dynamics of the Precision Medicine market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. United States generated revenue of US$ 17.9 billion in 2019. The United States has the largest market for Precision Medicine due to high awareness.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• The report comprises of review on the precision medicine as a future in healthcare, its business model, and precision medicine in the COVID-19 management
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Precision Medicine Market were the three major steps undertaken to create and analyze the adoption of Precision Medicine across various industry verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Precision Medicine sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Precision Medicine through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Precision Medicine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as technology, disease area, and end-users. Further country level analyses were conducted to evaluate the overall adoption of the Precision Medicine in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Precision Medicine. Further, we conducted factor analysis using dependent and independent variables such as a rise in demand for preventive care and advancements in sequencing technologies among others. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, product launches, and analyzing the list of start-ups in the Precision Medicine industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Precision Medicine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach were applied to arrive at the market forecast about 2026 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Precision Medicine across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Precision Medicine market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Precision Medicine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, disease area and end-users of the Precision Medicine market.

The main objective of the Precision Medicine Market Study

The current & future market trends of Precision Medicine were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Precision Medicine in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology, disease area, and end-users
• Define and analysis of the regulatory framework for the Precision Medicine industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Precision Medicine market for the major region
• Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and rest of the world
• Company profiles of the Precision Medicine market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry