2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

What Drivers Are Shaping the Growth and Development of thePrecision Medicine Market?

The increasing incidence of cancer is anticipated to propel the precision medicine market’s expansion. Globally, cancer is a leading cause of death, with one in five individuals expected to develop cancer during their lifetime. Precision medicine in cancer involves analyzing the DNA of tumors to detect mutations or other genetic anomalies that lead to cancer, allowing doctors to prescribe treatments matching or targeting these genetic changes in the tumor. For example, as per the World Health Organization, a specialized agency based in Switzerland that is accountable for global public health, it is predicted that by 2050 over 35 million new cases of cancer will emerge. This constitutes a 77% rise from the projected 20 million cases in 2022. Hence, the escalating occurrence of cancer significantly contributes to the growth of the precision medicine market.

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#What Are the Key Projections for the CAGR of the Precision Medicine Market From 2025 to 2034?

In the last few years, the dimensions of the precision medicine market have expanded speedily. Its size is projected to increase from $80.15 billion in 2024 to $88.73 billion in 2025 with a compound annual growth rate (CAGR) of 10.7%. Factors such as the growing incidence of cancer, rising prevalence of mental health disorders, enhanced occurrence of respiratory diseases, increasing investment, an aging population, a rise in pharmaceutical R&D spending, and increased healthcare expenditure have contributed to this growth during the historic period.

There is a strong projection for the significant expansion of the precision medicine market in the upcoming years. This market is set to soar to $129.37 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 9.9%. Factors contributing to this growth over the forecast period include: a rise in the aging population, increased incidence of cancer, the untapped potential of developing economies, the emergence of new pathogenic diseases, growing research and development expenditure, and a surge in healthcare spending. Key trends for this period involve the application of artificial intelligence to enhance competitiveness, the provision of diagnosis and personalized treatment for immune-related diseases, investment in research and development activities, and the formation of alliances and partnerships with tech and health organizations to enhance their products.

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Which Cutting-Edge Market Trends Are Expected to Drive thePrecision Medicine Market’s Growth?

The escalation in collaborations and acquisitions among companies within the precision medicine industry is providing them with opportunities to broaden their operations in both cancer-related and non-cancer-related fields. Precision medicine continually welcomes research and development in innovative areas. When these companies collaborate and form partnerships, it bolsters their ability to improve their techniques and capacities. For example, in September 2022, GSK plc, a pharmaceutical firm based in the UK, developed its partnership with Tempus, a US-based precision medicine firm. Their three-year alliance is designed to refine clinical trial designs, accelerate patient recruitment, and pinpoint drug targets using Tempus’s AI-powered platform and ample de-identified patient data. This partnership, building from their past experiences, is anticipated to boost GSK’s R&D potential, especially in the field of oncology.

What Are the Leading Market Players Impacting thePrecision Medicine Market’s Growth Trend?

Major companies operating in the precision medicine market include Quest Diagnostics, Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., Qiagen, AstraZeneca plc., Abbott Laboratories, Nordic Bioscience A/S, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., Daiichi Sankyo, China National Pharmaceutical Group Co., Ltd., GE Healthcare, Randox Laboratories, Almac Group, Sun Pharma, Nichi-Iko Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co.,Ltd, GlaxoSmithKline, Teva UK Limited, Vectura Group, Merck & Co., Boehringer Ingelheim, Mylan, Zentiva, Sanofi, Apotex, Gilead Sciences, Bayer, AbbVie Inc., Amgen, Janssen Pharmaceutica, Accord Healthcare Inc., Acerus Precision Medicine Corporation, AA Pharma Inc, Sanfer, LABORATORIOS SENOSIAIN SA DE CV, Siegfried Rhein, Biocrates LifeSciences, Nanostring Technologies, Tepnel Pharma Services, Intomics, Silicon Biosystems, EMS Pharma, Eurofarma, Biolab Farmaceutica, Cristalia, União Quimica

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How Are the Key Segments of the Precision Medicine Market Driving Opportunities and Innovations?

The precision medicine market covered in this report is segmented –

1) By Technology: Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technology

2) By Application: Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Other Applications.

3) By End-Use: Pharmaceutical Companies, Diagnostic Companies, Healthcare And IT Firms, Others

Subsegments:

1) By Big Data Analytics: Predictive Analytics, Prescriptive Analytics, Data Mining

2) By Bioinformatics: Genomic Data Analysis, Proteomics Data Analysis, Metabolomics Data Analysis

3) By Gene Sequencing: Next-Generation Sequencing (NGS), Sanger Sequencing, Whole Genome Sequencing

4) By Drug Discovery: Target Identification And Validation, Lead Compound Discovery, Preclinical And Clinical Trials

5) By Companion Diagnostics: Biomarker Testing, Genomic Profiling, Companion Diagnostic Tests

6) By Other Technology: Personalized Treatment Plans, Telemedicine And Digital Health Solutions, Wearable Health Technology

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What Regions Are At the Forefront of #What Drivers Are Shaping the Growth and Development of thePrecision Medicine Market?# Market Expansion?

North America was the largest region in the precision medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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