HEALTHCARE
Global Precision Medicine Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Precision Medicine Market, By Product (Consumables and Instruments, Services), Type (Inhibitor drugs, Monoclonal Antibodies, Cell & Gene Therapy, Antiviral & Anti-retroviral drugs, Other Therapeutic Products), Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), Sequencing Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Ligation, Pyrosequencing, Single Molecule Real Time Sequencing, Chain Termination Sequencing, Nanopore Sequencing), Application (Oncology, Central Nervous System (CNS), Immunology, Respiratory Medicine, Infections, Others), End User (Hospitals and Clinics, Diagnostic Centers, Pharma and Biotech Companies, Healthcare IT Firms, Others), Delivery Mode (On-Premises Delivery Mode, Cloud-Based Delivery Mode), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global precision medicine market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Precision medicine is a medical specialty that customizes care and treatment to each patient's unique attributes, including environment, lifestyle, and genetic composition. Precision medicine, in contrast to traditional medicine, which takes a one-size-fits-all approach, tries to maximize therapy effectiveness by taking into account heterogeneity in genes, behaviors, and circumstances. The Precision Medicine market entails the development and application of modern technologies such as genetic sequencing, bioinformatics, and data analytics to provide personalized healthcare solutions. This market includes medications, diagnostics, and associated services that are intended to improve patient outcomes through focused therapies. It also covers development and research, legal issues, and the application of precision medicine in clinical settings, which promotes innovation in the provision of healthcare.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Growing investment in research and development
- Shift Towards Personalized Healthcare
RESTRAINTS
- Shift from Treatment-based to Preventive Healthcare
- Declining Trends in FDA Pharmacotherapy Approval Rate
OPPORTUNITIES
- Integration of precision medicine with digital health platforms.
- Development of new biomarkers and targeted therapies.
CHALLENGES
- Data Safety and Privacy Concerns
- High cost of precision medicine
- Stringent regulatory norms
SEGMENTATION
- Product
- Consumables
- Instruments
- Services
- Type
- Inhibitor drugs
- Monoclonal Antibodies
- Cell & Gene Therapy
- Antiviral & Anti-retroviral drugs
- Other Therapeutic Products
- Technology
- Big Data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Others
- Sequencing Technology
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- Sequencing by Ligation
- Pyrosequencing
- Single Molecule Real Time Sequencing
- Chain Termination Sequencing
- Nanopore Sequencing
- Application
- Oncology
- Central Nervous System (CNS)
- Immunology
- Respiratory Medicine
- Infections
- Others
- End User
- Hospitals and Clinics
- Diagnostic Centers
- Pharma and Biotech Companies
- Healthcare IT Firms
- Others
- Delivery Mode
- On-Premises Delivery Mode
- Cloud-Based Delivery Mode
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- AstraZeneca plc
- Bayer AG
- bioMérieux SA
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- Illumina Inc.
- Laboratory Corporation of America Holdings
- Merck KGaA
- Novartis AG
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Precision Medicine Market, by Product
- 3.2 Global Precision Medicine Market, by Type
- 3.3 Global Precision Medicine Market, by Technology
- 3.4 Global Precision Medicine Market, by Sequencing Technology
- 3.5 Global Precision Medicine Market, by Application
- 3.6 Global Precision Medicine Market, by End User
- 3.7 Global Precision Medicine Market, by Delivery Mode
- 3.8 Global Precision Medicine Market, by Geography
- 3.9 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Technological advancements in genomics and bioinformatics
- 5.1.2 Increasing prevalence of chronic diseases
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Growing investment in research and development
- 5.2.2 Shift Towards Personalized Healthcare
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Shift from Treatment-based to Preventive Healthcare
- 5.3.2 Declining Trends in FDA Pharmacotherapy Approval Rate
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Integration of precision medicine with digital health platforms.
- 5.4.2 Development of new biomarkers and targeted therapies.
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Data Safety and Privacy Concerns
- 5.5.2 High cost of precision medicine
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL PRECISION MEDICINE MARKET, BY PRODUCT
- 6.1 Product Summary
- 6.2 Market Attractive Index
- 6.3 Global Precision Medicine Market, by Product (2019-2032)
- SECTION 7 - GLOBAL PRECISION MEDICINE MARKET, BY TYPE
- 7.1 Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Precision Medicine Market, by Type (2019-2032)
- SECTION 8 - GLOBAL PRECISION MEDICINE MARKET, BY TECHNOLOGY
- 8.1 Technology Summary
- 8.2 Market Attractive Index
- 8.3 Global Precision Medicine Market, by Technology (2019-2032)
- SECTION 9 - GLOBAL PRECISION MEDICINE MARKET, BY SEQUENCING TECHNOLOGY
- 9.1 Sequencing Technology Summary
- 9.2 Market Attractive Index
- 9.3 Global Precision Medicine Market, by Sequencing Technology (2019-2032)
- SECTION 10 - GLOBAL PRECISION MEDICINE MARKET, BY APPLICATION
- 10.1 Application Summary
- 10.2 Market Attractive Index
- 10.3 Global Precision Medicine Market, by Application (2019-2032)
- SECTION 11 - GLOBAL PRECISION MEDICINE MARKET, BY END USER
- 11.1 End User Summary
- 11.2 Market Attractive Index
- 11.3 Global Precision Medicine Market, by End User (2019-2032)
- SECTION 12 - GLOBAL PRECISION MEDICINE MARKET, BY DELIVERY MODE
- 12.1 Delivery Mode Summary
- 12.2 Market Attractive Index
- 12.3 Global Precision Medicine Market, by Delivery Mode (2019-2032)
- SECTION 13 - GLOBAL PRECISION MEDICINE MARKET, BY GEOGRAPHY
- 13.1 Regional Summary
- 13.2 Market Attractive Index
- 13.3 Global Precision Medicine Market, by Geography (2019-2032)
- SECTION 14 - NORTH AMERICA PRECISION MEDICINE MARKET
- 14.1 North America Summary
- 14.2 Market Attractive Index
- 14.3 North America Precision Medicine Market, by Product (2019-2032)
- 14.4 North America Precision Medicine Market, by Type (2019-2032)
- 14.5 North America Precision Medicine Market, by Technology (2019-2032)
- 14.6 North America Precision Medicine Market, by Sequencing Technology (2019-2032)
- 14.7 North America Precision Medicine Market, by Application (2019-2032)
- 14.8 North America Precision Medicine Market, by End User (2019-2032)
- 14.9 North America Precision Medicine Market, by Delivery Mode (2019-2032)
- 14.10 North America Precision Medicine Market, by Country (2019-2032)
- 14.10.1 U.S.
- 14.10.2 Canada
- 14.10.3 Mexico
- 14.10.4 Rest of North America
- SECTION 15 - EUROPE PRECISION MEDICINE MARKET
- 15.1 Europe Summary
- 15.2 Market Attractive Index
- 15.3 Europe Precision Medicine Market, by Product (2019-2032)
- 15.4 Europe Precision Medicine Market, by Type (2019-2032)
- 15.5 Europe Precision Medicine Market, by Technology (2019-2032)
- 15.6 Europe Precision Medicine Market, by Sequencing Technology (2019-2032)
- 15.7 Europe Precision Medicine Market, by Application (2019-2032)
- 15.8 Europe Precision Medicine Market, by End User (2019-2032)
- 15.9 Europe Precision Medicine Market, by Delivery Mode (2019-2032)
- 15.10 Europe Precision Medicine Market, by Country (2019-2032)
- 15.10.1 Germany
- 15.10.2 U.K.
- 15.10.3 France
- 15.10.4 Italy
- 15.10.5 Spain
- 15.10.6 Russia
- 15.10.7 The Netherlands
- 15.10.8 Belgium
- 15.10.9 Turkey
- 15.10.10 Rest of Europe
- SECTION 16 - ASIA-PACIFIC PRECISION MEDICINE MARKET
- 16.1 Asia-Pacific Summary
- 16.2 Market Attractive Index
- 16.3 Asia-Pacific Precision Medicine Market, by Product (2019-2032)
- 16.4 Asia-Pacific Precision Medicine Market, by Type (2019-2032)
- 16.5 Asia-Pacific Precision Medicine Market, by Technology (2019-2032)
- 16.6 Asia-Pacific Precision Medicine Market, by Sequencing Technology (2019-2032)
- 16.7 Asia-Pacific Precision Medicine Market, by Application (2019-2032)
- 16.8 Asia-Pacific Precision Medicine Market, by End User (2019-2032)
- 16.9 Asia-Pacific Precision Medicine Market, by Delivery Mode (2019-2032)
- 16.10 Asia-Pacific Precision Medicine Market, by Country (2019-2032)
- 16.10.1 China
- 16.10.2 India
- 16.10.3 Japan
- 16.10.4 South Korea
- 16.10.5 Singapore
- 16.10.6 Malaysia
- 16.10.7 Australia
- 16.10.8 Thailand
- 16.10.9 Philippines
- 16.10.10 Rest of Asia-Pacific
- SECTION 17 - SOUTH AMERICA PRECISION MEDICINE MARKET
- 17.1 South America Summary
- 17.2 Market Attractive Index
- 17.3 South America Precision Medicine Market, by Product (2019-2032)
- 17.4 South America Precision Medicine Market, by Type (2019-2032)
- 17.5 South America Precision Medicine Market, by Technology (2019-2032)
- 17.6 South America Precision Medicine Market, by Sequencing Technology (2019-2032)
- 17.7 South America Precision Medicine Market, by Application (2019-2032)
- 17.8 South America Precision Medicine Market, by End User (2019-2032)
- 17.9 South America Precision Medicine Market, by Delivery Mode (2019-2032)
- 17.10 South America Precision Medicine Market, by Country (2019-2032)
- 17.10.1 Brazil
- 17.10.2 Argentina
- 17.10.3 Chile
- 17.10.4 Colombia
- 17.10.5 Rest of South America
- SECTION 18 - MIDDLE EAST AND AFRICA PRECISION MEDICINE MARKET
- 18.1 Middle East and Africa Summary
- 18.2 Market Attractive Index
- 18.3 Middle East and Africa Precision Medicine Market, by Product (2019-2032)
- 18.4 Middle East and Africa Precision Medicine Market, by Type (2019-2032)
- 18.5 Middle East and Africa Precision Medicine Market, by Technology (2019-2032)
- 18.6 Middle East and Africa Precision Medicine Market, by Sequencing Technology (2019-2032)
- 18.7 Middle East and Africa Precision Medicine Market, by Application (2019-2032)
- 18.8 Middle East and Africa Precision Medicine Market, by End User (2019-2032)
- 18.9 Middle East and Africa Precision Medicine Market, by Delivery Mode (2019-2032)
- 18.10 Middle East and Africa Precision Medicine Market, by Country (2019-2032)
- 18.10.1 Kingdom of Saudi Arabia
- 18.10.2 South Africa
- 18.10.3 U.A.E.
- 18.10.4 Egypt
- 18.10.5 Rest of Middle East and Africa
- SECTION 19 - COMPANY SHARE ANALYSIS
- 19.1 Global Precision Medicine Market, Company Share Analysis
- 19.2 North America Precision Medicine Market, Company Share Analysis
- 19.3 Europe Precision Medicine Market, Company Share Analysis
- 19.4 Asia-Pacific Precision Medicine Market, Company Share Analysis
- SECTION 20 - COMPANY PROFILES
- 20.1 AstraZeneca plc
- 20.1.1 Company Snapshot
- 20.1.2 Financial Overview
- 20.1.3 Product Portfolio
- 20.1.4 Recent Developments
- 20.2 Bayer AG
- 20.2.1 Company Snapshot
- 20.2.2 Financial Overview
- 20.2.3 Product Portfolio
- 20.2.4 Recent Developments
- 20.3 BioMérieux SA
- 20.3.1 Company Snapshot
- 20.3.2 Financial Overview
- 20.3.3 Product Portfolio
- 20.3.4 Recent Developments
- 20.4 Bristol-Myers Squibb Company
- 20.4.1 Company Snapshot
- 20.4.2 Financial Overview
- 20.4.3 Product Portfolio
- 20.4.4 Recent Developments
- 20.5 Eli Lilly and Company
- 20.5.1 Company Snapshot
- 20.5.2 Financial Overview
- 20.5.3 Product Portfolio
- 20.5.4 Recent Developments
- 20.6 F. Hoffmann-La Roche AG
- 20.6.1 Company Snapshot
- 20.6.2 Financial Overview
- 20.6.3 Product Portfolio
- 20.6.4 Recent Developments
- 20.7 Illumina Inc.
- 20.7.1 Company Snapshot
- 20.7.2 Financial Overview
- 20.7.3 Product Portfolio
- 20.7.4 Recent Developments
- 20.8 Laboratory Corporation of America Holdings
- 20.8.1 Company Snapshot
- 20.8.2 Financial Overview
- 20.8.3 Product Portfolio
- 20.8.4 Recent Developments
- 20.9 Merck KGaA
- 20.9.1 Company Snapshot
- 20.9.2 Financial Overview
- 20.9.3 Product Portfolio
- 20.9.4 Recent Developments
- 20.10 Novartis AG
- 20.10.1 Company Snapshot
- 20.10.2 Financial Overview
- 20.10.3 Product Portfolio
- 20.10.4 Recent Developments
- SECTION 21 - RELATED REPORTS
- SECTION 22 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.