Precision Medicine Market Share

North America Market Statistics

North America industry is anticipated to hold largest revenue share of 45% by 2037. The region possesses a rising infrastructure of hospitals, research institutes, and diagnostic laboratories, which enables the adoption and application of precision medicine approaches. The U.S. Food and Drug Administration and Health Canada, which are regulatory bodies in North America, offer well-defined processes for the authorization and marketing of precision medicine goods and services. This, in turn, propels the development of the market in the region.

The growth of precision medicine market in the U.S. is attributed to technological developments, legislative backing, advancements in AI, increasing patient awareness, and integration with healthcare systems. Furthermore, government regulations enable the utilization of accurate diagnostic tools and targeted therapeutic approaches, ensuring that patients have access to the most advanced treatments. Therefore, the increasing adoption of personalized medicine is meant to drive market expansion.

The rising traction of precision medicine in Canada is propelled by the presence of a robust healthcare system, progress in medical therapies, and a growing number of chronic diseases.  PRiME and the Canadian Cancer Society are focused on leveraging expertise in omics, biologics, molecular chemistry, nanomedicine, liquid biopsy, and related domains to fuel innovations in precision medicine.

APAC Market Analysis

By 2037, Asia Pacific precision medicine market is projected to capture over 30.5% revenue share, due to low-cost clinical trials of newly developed diagnostic products and precision medicine. Precision medicine demand is predicted to rise in developing nations like India, Japan, and China due to increased disposable income and economies. Due to research and investment in healthcare facilities and methods, the region provides various medical growth opportunities.

Precision medicine industry in India has grown due to technical advances, genetic testing accessibility, and tailored healthcare demand.  Precision medicine is predicted to develop in India due to rising disposable income, ongoing research, and the potential to improve disease treatment and prevention. Government initiatives and healthcare facilities in this country are expected to raise precision medicine demand. In January 2020, the Department of Biotechnology launched the ambitious “Genome India Project” that seeks 10,000 Indian genetic samples to create a reference genome. Given that the genome contains all genetic materials in an organism, including all DNAs, this is no small effort.

China precision medicine market is expected to rise rapidly owing to healthcare programs and investments in precision medicine. The Precision Medicine Initiative and Healthy China 2030 strategy emphasize innovation, healthcare quality, and tailored medicine to combat chronic diseases. Technological advancement, rising disease burden, rising healthcare spending, and international partnerships are thereby driving market growth in this country.

Japan's medical expenses increased to USD 276.25 billion in FY2020, accounting for 32.3% of social security payouts. This rise in medical expenses in the country increases the demand for precision medicine thus, propelling the market expansion. With the partnership announced in October 2023, NTT Life Sciences launched the Japan Precision Medicine Platform, which uses BCP systems and know-how to create a safe use environment for medical healthcare data to promote next-generation medicine research in Japan and abroad. The BCP and NTT Group seek to achieve significant healthcare structural transformation and innovation by promoting safe medical data use and improving medical care quality and efficiency. This drives precision medicine industry growth in this country.