Precision Medicine Market Size, Share Report, Trends, Growth 2022-2030

According to Vision Research Reports, the global Precision Medicine market size is expected to expand around US$ 95.5 billion by 2030 and is anticipated to grow at a CAGR of 11.9% during forecast period 2022 to 2030.

Growth Factors

Trends such as introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and rising use of big data in precision medicine are some of the key factors boosting market growth.

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The Human Genome Project introduced some marvelous cutting-edge techniques such as whole genome sequencing and targeted sequencing. These technologies are being used by researchers for the study of genomes and creation of personalized therapies for treatment of various illnesses. Today, the prevalence of diseases in areas such as oncology, immunology, and neurology has rapidly increased across the globe.

Researchers, healthcare professionals, and big pharma and biotech companies are working together to recognize new focused treatments options for the wellbeing of patients. Currently, there are many therapies and drugs under clinical trials for treatment of different types of cancers. Moreover, researchers have also shown an inclination toward development of precision medicines and diagnostics in non-oncologic disease areas.

Apart from therapeutics, the diagnostics field has also witnessed rapid growth in the past few years. The use of next generation sequencing (NGS), biomarkers, companion diagnostics, and esoteric tests can possibly change and affect prescription patterns of pharmaceutical medicines. Personalized medicines have very high chances of becoming a massive success in the next 20 years and have the capacity to treat and cure a few obstinate illnesses, which was not possible before.

Accelerated Demand for Targeted Therapy


According to a 2016 survey published in an article by the National Centre for Biotechnology Information (NCBI), 75% of physicians believe that genomic testing could improve the treatment of cancer patients. The article further stated that the US annually spends $5 billion on genetic tests, which is anticipated to reach $15-25 billion by 2021 further accelerating the targeted therapy demand. Growing awareness about the benefits of personalized medicine is also one of the key factors in the upsurge of precision medicine, genomics & proteomics technologies. Precision medicine which involves the analysis or specific indications for specific drugs in a particular patient, are an essential part of individualized treatment regimens for many chronic diseases and conditions.

Implementation of patient-selection diagnostic set-up in the earlier phases of drug development has been the core objective of pharmacological, pharmaceutical and biopharmaceutical firms for which significant efforts are being put so that targeted therapies are delivered to the right candidate which further supplements the growth of the precision medicine market. For instance, Roche has developed EGFR inhibitor Osimertinib sold under the brand name “Tagrisso” for treating lungs cancer and monoclonal antibody trastuzumab sold under the brand name “Herceptin” for HER-2.

Genentech had launch BRAF inhibitor vemurafenib commercially known as “Zelboraf”, and Merck has come up with immunotherapy pembrolizumab sold as “Keytruda” which targets the exact biomarkers regardless of tumour location. Other FDA approved therapies in rare and advance cancer includes Novartis’s “Kymriah” and Gilead’s “Yescarta”. These therapies enable healthcare providers to make informed clinical decisions and reduce the likelihood of unnecessary adverse events.

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Growing precedence of precision medicine over traditional practice of “one-size-fits-all” therapies

At present most of the diagnostic test are being carried out in centralized, hospital-based or clinical laboratories which makes use of expensive equipment and highly trained professionals. The costly, time-consuming, and invasive nature of these tests makes it extremely challenging for healthcare professionals to diagnose diseases in the early stage a key issue faced by healthcare systems across the globe. This, however, has led to the development of fast, reliable, and disease specific diagnostic tools that can be used to eliminate the traditional practice of “one-size-fits-all” therapies and help in determining a specific therapy for patients, which reduces overall healthcare costs and improve public health. Precision medicine reduces healthcare costs by decreasing the consumption of reagents, shortening analysis times, and increase efficiency. Precision medicine not only helps in early detection and screening of chronic diseases but also improve patient outcomes by providing high diagnostic accuracy and most-effective targeted therapy options. Recent advances in precision medicine technologies integrated with non-invasive procedures are accelerating the development of rapid, low-cost, and reliable diagnostics and therapeutics. Many new technologies and tests are also being developed that integrate the various functions of sample collection, analytic deduction, and readout. These advantages of precision medicine and increasing test marketing of these therapies are expected to drive market growth in the coming years.

Market Drivers

Increase in scope of application of precision medicine


Precision medicine approach can be used to assess and treat have various application areas such as immunology, respiratory disorders, oncology, central nervous system (CNS), and other diseases. Currently oncology is the major application area of precision medicine. Various diagnostic tests and therapeutics have been developed for breast, lung, and colorectal cancer. Several studies are exploring the possibilities of developing diagnostic tests and therapeutics for other cancer indications, such as prostate cancer, ovarian cancer, and leukaemia.

\New entrants have identified this opportunity to venture into the market by developing tests for rare indications, such as ovarian cancer. The applications of precision medicine are also increasing in the domain of genetic diseases. This approach is being increasingly used for rare disease genetic tests, cardiovascular genomics, and in the field of neurogenetics. Precision medicine is also being increasingly used to screen genetic risk for hereditary disease, non-invasive prenatal testing, and pharmacogenomics.

Several drug manufacturers are also focusing on the development of precision medicine for neurological diseases, such as Alzheimer's and Parkinson's disease. For instance, Roche Diagnostics developing a biomarker for Alzheimer's disease. Takeda Pharmaceuticals and AstraZeneca are also investigating biomarkers for Alzheimer`s disease and asthma. At present, oncology offers significant market potential as this segment requires precision medicine for better treatment options. Technologies such as NGS and liquid biopsy are widely adopted for this purpose, with companies such as Illumina and Thermo Fisher scientific partnering with pharmaceutical companies to develop NGS based diagnostic tests for precision medicine. However, as the avenues for the use of precision medicine grow, they will present potential growth opportunities for other non-oncology stakeholders in the market.

Where are the Market Opportunities?

Growing Use of AI in Healthcare

Over the decade, biotechnology has progressed immensely. Computers are becoming faster in speed and micro in size, heterogeneity is increasing in datasets and their volume is growing robustly. These developments are fuelling the engine of artificial intelligence in medical science and thus finds a huge opportunity in precision medicine. Technological progressions through AI are transforming the medical industry by assisting healthcare professional’s record clinical data and monitor it on a regular basis, with greater ease and fewer errors. For example, in 2018, researchers at the Seoul National University Hospital and College of Medicine developed a Deep Learning-Based Automatic Detection (DLAD) which is an AI algorithm, to inspect chest radiographs and identify abnormal cell growth, such as potential cancers. Also, in August 2020, Renalytix AI plc and AstraZeneca plc partnered to launch strategies for precision medicine for cardiovascular, renal, and metabolic diseases. Thus, the increasing usage of AI in precision medicine will boost the market growth.

Artificial intelligence and deep networks are changing the approach to medical bioinformatics at an unparalleled speed. As a result, the decision-making processes in precision medicine will shift from an algorithm-centric to a data-centric insight. Further advancement in pattern recognition and image processing will allow synergies between AI technology and modern pathology which will lead to more accurate drug response prediction and prognosis of this underlying disease. Thus, the convergence of artificial intelligence (AI) and precision medicine is anticipated to revolutionize health care industry.

Product Insights

The personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share of 63.8% in 2021. The growth in the segment is owing to high usage rates and market penetration. In addition, the high over the counter nature of the sale of these products further enhance the availability of these products to the consumers and reduces regulatory implications from them as well. Making them relatively more easily accessible to the consumer.

Moreover, companies are launching new personalized nutrition products, thereby driving the segment growth. For instance, in April 2021, Nestlé launched nesQino, a personalized healthy superfood drink made from natural ingredients. The new product is a customizable drink made from ingredients such as vegetables, fruits, nuts, microalgae, and seeds.

The personalized medicine therapeutics segment is expected to witness a lucrative growth rate over the forecast period. The increasing development of genomic medicines and biopharmaceuticals based on specific sequencing data can be primarily attributed to the segment growth. In addition, the development of high-capacity advanced sequencing platforms will reduce the cost of genome sequencing, hence, facilitating the development of personalized medicines.

Regional Insights

North America dominated the personalized medicine market and accounted for the largest revenue share of 49.96% in 2021. The region is expected to continue its dominance during the forecast period. This growth can be attributed to the high adoption rate of healthcare IT systems in clinical workflows and next-generation sequencing technologies, which help generate personalized and pharmacogenomic data easily and efficiently.

In addition, the rising approval granted to personalized medicine companies for their novel therapeutics can be further attributed to the market growth in the region. Based on the 2020 Scope and Significance of Progress report, personalized medicines accounted for around 39 percent of the total FDA-approved new drugs in the year. For instance, in January 2020, the U.S. FDA approved avapritinib for treating patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST). It is the first therapy approved for patients with GIST having PDGFRA exon 18 mutation.

In Asia Pacific, the market is expected to grow fast over the forecast period. This is primarily owing to the low cost associated with conducting clinical trials of newly developed precision medicines and diagnostics in this region, which attracts foreign investments in this region.

In addition, favorable government initiatives to adopt personalized healthcare solutions are further contributing to market growth in the region. For instance, in Singapore, the National Precision Medicine program and the Three Beyonds program were launched for promoting the uptake of new technologies and digital infrastructure for supporting personalized healthcare.

Key Players

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

Market Segmentation

  • Application Outlook
    • 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 Use Outlook 
    • Home care
    • Hospitals
    • Clinical Laboratories
    • Others
  • Regional Outlook 
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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