Global Precision Medicine Market, By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others), By End User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition Forecast & Opportunities, 2026
Global precision medicine market was valued USD66.85 billion in 2020 and is expected to reach USD125.67 billion, growing at CAGR of 10.65% during the forecast period. Precision medicines are patient specific and vary from individual to individual. Increasing population and rising cancer cases in developing countries like India and China are the major factors propelling the growth of the precision medicine market. However, high price of precision medicines might hamper the growth of the market in the forecast period.
The global precision medicine market is segmented based on products and services, technology, application, end user, and region. The application segment is further divided into oncology, immunology, cardiology, neurology, respiratory and others. Out of these, oncology held the largest market share in 2020 due to the increasing cases of cancer all over the world.
In terms of regional analysis, market is segregated into Asia-Pacific, North America, South America, Middle East & Africa and Europe. Among these, North America dominated the global precision medicine market until 2020 due to growing adoption of next generation sequencing methods in addition to favorable government policies. Additionally, Asia-Pacific is anticipated to grow at the fastest CAGR due to the rising cases of cancer and other fatal diseases in the developing economies like India and China.
Major players in the global precision medicine market include IBM Watson Group, Roche Holding AG, Thermo Fischer Scientific Inc., Philips Healthcare Ltd., Illumina Inc., Quest Diagnostics Inc., Qiagen NV, AstraZeneca Plc, Agilent Technologies Inc., Novartis AG, NanoString Technologies Inc., NantHealth Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc., and others. The companies are adopting various organic and inorganic strategies like, product launches, acquisitions and mergers to strengthen their position in the market. On 15th April 2021, Agilent Technologies, Inc. completed the acquisition of Resolution Bioscience, which is a leader in the development and commercialization of next-generation sequencing (NGS) based precision oncology solutions. Resolution Bioscience complements and expands Agilent’s capabilities in NGS-based cancer diagnostics and provides the company with innovative technology to further serve the needs of the fast-growing precision medicine market. Moreover, the addition of Resolution Bioscience’s liquid biopsy-based diagnostic technologies strengthens Agilent’s offerings to biopharma and clinical diagnostics customers and boosts growth opportunities in the company’s diagnostics and genomics business.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026
Objective of the Study:
- To analyze historical growth in market size of global precision medicine market from FY2016 to FY2020.
- To estimate and forecast the market size of global precision medicine market from FY2021 to FY2026 and growth rate until FY2026.
- To classify and forecast global precision medicine market based on products and services, technology, application, end user, and region.
- To identify drivers and challenges for global precision medicine market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global precision medicine market.
- To conduct pricing analysis for global precision medicine market.
- To identify and analyze the profile of leading players operating in global precision medicine market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global precision medicine market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and Application for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Precision medicine manufacturers, suppliers, distributers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to precision medicine
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global precision medicine market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Precision Medicine Market, By Products and Services:
- Precision Medicine Platforms
- Precision Medicine Tools
- Precision Medicine Services
- Global Precision Medicine Market, By Technology:
- Big Data Analytics
- Artificial Intelligence
- Whole Genome Sequencing
- Companion Diagnostics
- Next Generation Sequencing (NGS)
- Global Precision Medicine Market, By Application:
- Global Precision Medicine Market, By End User:
- Pharmaceutical and Biotechnology Companies
- Healthcare IT
- Diagnostic Companies
- Clinical Research Organization
- Research Institutes
- Global Precision Medicine Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global precision medicine market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five)
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