Precision Medicine Market to Reach $112 Billion by 2027

Strategic Insights -

The precision medicine market is projected to cross $112 billion by 2027, driven by technological advancements, increasing use of online collaborative forums, and growing awareness of personalized medication. The diagnostics segment is expected to witness a 13% growth rate through 2027, with biomarker testing being a crucial part of personalized medication. The immunology segment is estimated to attain a CAGR of 11.5% by 2027, driven by the surging incidence of immunological disorders worldwide.

Key Takeaways:

  • The precision medicine market will reach $112 billion by 2027, driven by technological advancements and increasing use of online collaborative forums.
  • The diagnostics segment will witness a 13% growth rate through 2027, with biomarker testing being a crucial part of personalized medication.
  • The immunology segment is estimated to attain a CAGR of 11.5% by 2027, driven by the surging incidence of immunological disorders worldwide.
  • Research labs & institutes accounted for over $11 billion in 2020, with the number of research labs and institutes rapidly expanding due to growing healthcare infrastructure and expenditure.
  • The Asia Pacific precision medicine market captured over 20% of revenue share in 2020, driven by technological advancements and presence of numerous companies.
  • Major players in the market include Eli Lilly & Company, bioMérieux, Laboratory Corporation Of America Holdings, Pfizer, Qiagen, Medtronic, Novartis, Quest Diagnostics, Abbott, Roche, Cancer Genetics, Glaxosmithkline Plc (GSK), AstraZeneca, Bristol-Myers Squibb, Thermo Fisher Scientific, Myriad Genetics, Foundation Medicine, and Cepheid.

Statistics:

  • The precision medicine market is projected to reach $112 billion by 2027, at a CAGR of <11.2% during the forecast period.
  • The diagnostics segment in the precision medicine market will witness a 13% growth rate through 2027.
  • Biomarker testing is a vital part of personalized medication, with the immunology segment expected to attain a CAGR of 11.5% by 2027.
  • Research labs & institutes accounted for over $11 billion in 2020.
  • The Asia Pacific precision medicine market captured over 20% of revenue share in 2020.
  • Global precision medicine market is expected to grow due to technological advancements, increasing use of online collaborative forums, and growing awareness of personalized medication.

Sources:

  • Global Market Insights Inc. (2021). "Precision Medicine Market by Type (Diagnostics, Therapeutics), Application (Oncology, CNS, Immunology, Respiratory), End-use (Hospitals, Diagnostic Centers, Research & Academic Institutes), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027"
  • Global Market Insights Inc. (2021). "Precision Medicine Market Size, Share & Trends Analysis Report by Type, Application, End-use, Regional Outlook, Price Trends, Competitive Market Share & Forecast 2021-2027"
  • Global Market Insights Inc. (2021). "Asia Pacific Precision Medicine Market Size, Share & Trends Analysis Report by Type, Application, End-use, Regional Outlook, Price Trends, Competitive Market Share & Forecast 2021-2027"