Prospects of the Global Precision Medicine Market

With the rapid development of next-generation gene sequencing technology and information technology, the medical model is changing from the traditional “one-size-fits-all” model to the precision medical model, which is based on the specificity of individual genetics, environment and lifestyle to develop individualized treatment and prevention plans. In this study, through the analysis of publicly published precision medicine market reports, we summarized the driving factors and obstacles to the development of precision medicine, and estimated the global market value for the current and next decade. The factors that promote the development of precision medicine include technological progress, market demand, changes in medical models, and public attention and government action. The factors hindering the development of precision medicine include high price, technical limitations, scarcity of professionals, and lack of appropriate policies and regulations. The global precision medicine market size is estimated at USD 53.7–87.2 billion in 2019 and it is expected to reach USD 146.8–278.6 billion by 2030 and the compound annual growth rate (CAGR) from 2020 to 2030 is 11.13%. The precision medicine market can be segmented by ecosystem, end user, treatment and geography. By ecosystem and end user, diagnostic-related segments occupy the main part of the precision medicine market. By therapeutics, the oncology segment dominates the precision medicine market with an estimated more than 30% market dominance. North America is the largest and most potential regional precision medicine market, in 2019, its market was 31.4–54.6 billion and contributed approximately 35.0–46.8% of the global market values. Europe is the second-largest market with a market size of 15.1–34.3 billion in 2019. The Asia-Pacific region is the fastest growing precision medicine market with a CAGR of 14.4–16.6% in next few years. It is foreseeable that precision medicine is one of the fastest-growing industries in the world in the next ten years.