The precision diagnostics and medicine market is expected to reach USD 246.66 billion in 2029 from USD 145.53 billion in 2024 at a CAGR of 11.1% during the forecast period. Factors such as the increasing integration of advanced technologies such as Artificial intelligence and machine learning, supported by the rising collaborations between pharmaceutical and diagnostic companies to develop advanced precision medicine solutions, are propelling the market's growth. Additionally, the rising demand for direct-to-consumer testing owing to the growing awareness amongst patients for early and accurate diagnosis and therapy is also supporting the growth in this market. The expanding application of precision medicines to other therapeutic areas and the rising integration of wearable devices to improve precision healthcare offer growth opportunities to players in this market. However, the high cost of precision medicine solutions and the challenges associated with the integration and management of big data in precision healthcare are expected to restrain the growth of this market to a certain extent.
The monoclonal antibodies segment accounted for the largest share of the Precision Medicine Market, by product, during the forecast period.
Based on products, the precision medicine market is divided into inhibitor drugs, monoclonal antibodies, cell and gene therapy, antiviral and anti-retroviral drugs, and other therapeutic products. The large share of the monoclonal antibodies products segment can be attributed to the fact that a large number of the approved precision therapies are monoclonal antibodies. This large share of this segment is also supported by the ongoing approvals for monoclonal antibody drugs for various cancers and other diseases highlighting a focus of pharmaceutical companies on the development of monoclonal antibodies as precision medicines.
The oncology subsegment accounted for the largest share of the precision diagnostics market’s indication segment in 2023
Based on indication, the precision diagnostics market is segmented into oncology, neurology, immunology, and other indications. The oncology segment accounted for the largest share of the precision diagnostics market by indication in 2023. The large share of this segment is attributed to the increase in cancer cases globally, supported by rising demand for diagnostic tests offering early and accurate cancer diagnosis. For this reason, life science companies are increasingly investing and collaborating to develop advanced oncology diagnostic tests. This dominance is expected to continue throughout the forecast period as major players are developing new technologies for better oncology diagnosis.
Asia Pacific is registered as the fastest-growing region of the Precision diagnostics market in 2023.
The Precision medicine market is divided into five regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, North America held the largest share of the precision diagnostics market, followed by Europe. Aisa Pacific registered the highest CAGR growth within the precision diagnostics market during the forecast period. The expansion of key diagnostic players in the region followed by favorable policies supporting the larger adoption of precision medicine is a supporting factor. Additionally, there is a greater awareness about personalized approach to treatments in these developed regions compared to the developing/ emerging economies.
Key players in the Precision diagnostic market include F. Hoffman La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US), and Guardant Health (US) among others and key players in precision medicine market include Merck Co, Inc. (US), Gilead Sciences (US), AstraZeneca (UK), Novartis AG (Switzerland), among others.
