Precision Medicine Market: Industry Report, Growth, Price, Trends and Forecast 2021-2030

In a recent published report, Kenneth Research has updated the Market report for Precision Medicine Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Precision Medicine Market Products.

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The global precision medicine market has benefitted greatly from advancements in the life science industry. Although in its nascent stage, targeted therapies hold high chances of becoming a massive success in the coming years because of the potential to treat and cure chronic illnesses. The market is thus expected to expand at a compound annual growth rate (CAGR) of 11.60% between 2018 and 2023, generating USD 88.25 Bn in revenue by 2023.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Ecosystem player segment insights
Diagnostic companies held the largest share of the market in 2018, contributing to approximately 39% of the global revenues. They are expected to continue dominating the market during the assessment period, owing to the dominant role that precision medicine plays in diagnosing potential diseases. Pharmaceutical companies are next in line to dominate the market, accounting for a market share of 29% in 2018 due to the increasing efforts put in research and development for developing drugs.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Therapeutic segment insights
Among the therapeutic areas of precision medicine, cancer held the largest share of the market by generating almost 33% of the global market revenue in 2018. Development of targeted novel therapies and precision medicines for treating cancer, owing to its increasing prevalence worldwide, will drive its growth in the foreseeable future. Central nervous system (CNS) disorders and infectious diseases held market shares of 20% and 16%, respectively. The precision medicine market for respiratory diseases is foreseen to grow at a very high rate, owing to the growth of diseases such as asthma, chronic obstructive pulmonary disease (COPD), idiopathic pulmonary fibrosis, etc.
Technology segment insights
Pharmacogenomics held the largest market share (24%) in 2018, followed by genomics. The technological and analytical developments in genomics have made it easier to identify and interpret the genetic variation underlying a disease, thereby contributing to the rapid growth of genomics. The market for genomics is also projected to expand at the highest CAGR of 13.67% during 2018–2023. Big data analytics is also expected to show fast growth during the forecast period.
Regional insights
North America leads the global precision medicine market with a share of 43%, followed by Europe with a 26% share. These regions are primarily driven by supportive policies and initiatives by the government, a strong presence of market players, and quick adoption of advanced healthcare technology and practices. Asia-Pacific is expected to emerge as the fastest growing region in this market with the highest CAGR of 13% during the forecast period.

Companies covered
• Abbott Laboratories
• GE Healthcare
• GlaxoSmithKline (GSK)
• Johnson & Johnson
• Pfizer
• Randox Laboratories
• Almac Group
• Novartis AG
• Teva Pharmaceutical industries
• Quest Diagnostics

Customizations available
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at sales@kennethresearch.com, or connect with us here.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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