Precision Medicine Market To Generate Revenue Worth $738.8 Billion in 2030

  • Published: March 2021

The increasing government support, rising number of regulatory approvals, surging use of artificial intelligence (AI) in related clinical trials, growing medical tourism industry, and rising cases of genetic and chronic diseases are responsible for the growth of the global precision medicine market. Due to the aforementioned factors, the market is projected to grow at a CAGR of 12.1% during the forecast period (2020–2030), to reach $738.8 billion by 2030.

Due to the ongoing COVID-19 pandemic, the government in several nations has taken strong measures to save lives and, at the same time, fight chronic diseases. The efforts include urging research organizations and pharmaceutical companies to develop novel targeted and precise treatments such as precision medicine. For instance, in July 2020, Menarini Silicon Biosystems S.p.a. announced plans to explore its CELLSEARCH technology to investigate the progression of the COVID-19 disease.

In addition, several companies have come up with ways to offer services through virtual platforms and assist patients regarding genetic testing and personalized treatments. Thus, with the increasing need to address the pandemic and keep the number of deaths to the minimum, the demand for precision medicine is increasing.

Personalized Medical Care Category To Witness Fastest Growth

Based on type, the precision medicine market is categorized into therapeutics, diagnostics, and personalized medical care. Amongst these, the personalized medical care category is expected to witness the fastest growth in the market during the forecast period due to the strong government support for telemedicine, in the form of funds and grants; growing need for remote patient monitoring services, and unmet need for quality healthcare in remote locations across the globe.

Geographically, the North American region held the largest share in the precision medicine market in 2019, and it is predicted to witness the same trend during the forecast period. This is attributed to the rising incidence of genetic diseases, growing aging population, increasing personal disposable income, and presence of key players in the region.

However, the Asia-Pacific (APAC) region is expected to witness the fastest growth in the precision medicine industry during forecast period. This is mainly ascribed to the increasing healthcare expenditure, growing disposable income, increasing product approvals, and rising awareness related about precision medicine, coupled with the presence of companies developing AI solutions for precision medicine.

Industry Players Involving in Partnerships and Collaborations to Enhance Their Position

The global precision medicine market players are actively involved in partnerships and collaborations to gain a competitive edge. For instance, in January 2021, Pacific Biosciences of California Inc. announced a collaboration with Invitae Corporation to develop a high-throughput sequencing platform, by using Pacific Biosciences’ existing HiFi sequencing technology, which will enhance Invitae’s whole genome testing capacities. Similarly, in October 2020, EPIC SCIENCES INC. announced a partnership with Predicine Inc. to provide biopharmaceutical companies with access to Epic’s circulating tumor cells (CTC)-based testing and Predicine’s circulating tumor DNA (ctDNA)-based testing platforms.

Some of the key players operating in the market are Myriad Genetics Inc., Pacific Biosciences of California Inc., Partek Inc., Randox Laboratories Ltd., Menarini Silicon Biosystems S.p.a., and Oracle Corporation.