Precision Medicine Market Analysis

Technology Segment Analysis

The drug discovery technology has shown significant expansion in recent years and is expected to dominate the overall market revenue by 2035. The progress in pharmacogenomics is anticipated to provide substantial expansion in drug development for precision medicine. Pharmacogenomics aids in forecasting the effectiveness of a drug and comprehending the variations in how drugs are processed and how they interact with the body, by utilizing genetic data from individuals. Moreover, the growing focus of biopharmaceutical companies on creating precision medicine for the treatment of various diseases is anticipated to drive market expansion.

Application Segment Analysis

The oncology segment in the precision medicine market is expected to hold significant revenue share by 2035. Increasing cancer prevalence worldwide is anticipated to increase demand for precision medicine for better treatment. Precision medicine investigates the patient's genes and cancer's cause. It also helps create individualized medicine to cure patients faster than conventional ways.

For instance, a prospective clinical sequencing investigation of 10,000 patients sponsored by Memorial Sloan-Kettering Cancer Center (MSKCC) found possibly treatable genetic alterations in over 36% of advanced cancer patients. Scientists in the Department of Pathology's Molecular Diagnostics Service and the Marie-Josée and Henry R. Kravis Center for Molecular Oncology (CMO) developed MSK-IMPACT to repair any tumor, regardless of origin.  In Nature Communications on June 18, 2021, the MSK-ACCESS team described how the test was designed and verified. Precision oncology may improve thousands of patients' treatments with MSK-IMPACT.

End-use Segment Analysis

The hospital segment is anticipated to dominate the precision medicine market with a 55% revenue share by 2035. The growth in this segment is due to their crucial part in healthcare delivery, integrated ecosystem, improved diagnostics, and access to cutting-edge therapeutics. Hospitals customize treatment regimens based on each patient's medical history and genetics with interdisciplinary teams. These serve as hubs for innovation and customized medical care, leading to enhanced patient care and better treatment outcomes. Consequently, this drives the growth of the precision industry.

In June 2024, Janssen-Cilag International NV, a Johnson & Johnson company, announced European Commission (EC) approval for a Type II RYBREVANT (amivantamab) in combination with carboplatin and pemetrexed for initial treatment of adult patients with advanced non-small cell lung cancer and epidermal growth factor receptor 20 insertion mutations.

Our in-depth analysis of the precision medicine market includes the following segments: