Global Precision Medicine Market to Surpass US$ 161,892.7 Million by 2030, Says Coherent Market Insights (CMI)

SEATTLE, April 18, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global precision medicine market is estimated to be valued at US$ 73,946.2 million in 2022 and is expected to exhibit a CAGR of 10.3% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Precision Medicine Market:

Major players operating in the market are focusing on adopting inorganic growth strategies such as partnerships and collaborations to develop precision medicines, which is expected to drive the global precision medicine market growth over the forecast period. For instance, in September 2020, the University of California, San Diego (UCSD) School of Medicine, a medical school that aims to improve health through innovative research, education, and patient care, and Cofactor Genomics, a biotech company, entered into a collaboration to boost patient outcomes in cancer care by utilizing precision medicine techniques. The goal of the collaboration is to increase a physician's ability to predict tumor response to immunotherapy, particularly in patients with recurrent or metastatic squamous cell carcinoma of the head and neck.

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Key Market Takeaways:

The global precision medicine market is expected to exhibit a CAGR of 10.3% during the forecast period due to the launch of new platforms and solutions in the field of precision medicine. For instance, in June 2020, Infosys Limited, a global leader in next-generation digital services and consulting, announced the launch of an all-new, personalized medicine solution for the pharmaceutical industry. The solution leverages SAP S/4HANA, the SAP C/4HANA suite, the SAP Analytics Cloud solution, and the SCI platform to derive intelligent insights, enabling pharmaceutical companies to address critical business and regulatory requirements, while delivering personalized experiences to patients.

Among technology, the bioinformatics segment is expected to dominate the segment growth over the forecast period, owing to new service launches by the key players operating in the market. For instance, in August 2019, GeneXplain, a platform designed to ease the life of the bioinformatics expert, launched Genome Enhancer, a modified and simplified version of its flagship multi-omics bioinformatics platform, to support clinicians in their research of precision medicine. The GeneXplain platform features a complete workflow management system as well as hundreds of pipelines for various bioinformatics tasks.

Among regions, North America is estimated to account for largest share in the global precision medicine market over the forecast period. This is mainly attributed to increasing awareness and initiatives related to precision medicine in North America. For instance, according to an article published by THE JACKSON LABORATORY, an independent, nonprofit biomedical research institution, in 2015, President Obama announced the launch of Precision Medicine Initiative that aimed to revolutionize the way of treatment to improve health, as precision medicine provides an innovative approach that studies the unique gene sequences of individual and offers tailored treatment.

Competitive Landscape:

Key players operating in the global precision medicine market include Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundation Medicine, Inc.  

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  • Global Precision Medicine Market, By Technology:
    • Bioinformatics
    • Gene Sequencing
    • Drug Discovery  
    • Precision Molecular Diagnostics 
    • Big Data Analytics
  • Global Precision Medicine Market, By Application:
    • Oncology 
      • Breast Cancer
      • Lung Cancer
      • Others
    • Central Nervous System
    • Hematology 
    • Respiratory
    • Immunology
    • Others
  • Global Precision Medicine Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Region/Country
        • South Africa
        • Central Africa
        • North Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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