Global Precision Medicine Market Competitive Landscape and Trends - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 31, 2023 /PRNewswire/ -- According to The Business Research Company's Precision Medicine Global Market Report 2023, the competitive landscape of global precision medicine market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to more than 10% of the total market. This was due to the rising approval authorities and the cost reimbursement system, are some of the aspects that are consideration when products and services are introduced in precision medicine on a large scale.
Quest Diagnostics was the largest competitor in the precision medicine market with 2.64% share, followed by Thermo Fisher Scientific Inc., Roche Holding AG, Medtronic plc, Novartis AG, Pfizer Inc., and others. Some of the business strategies adopted by major companies in the precision medicine market include new research and development for precision medicines, and bringing more advancements in precision medicine.
For instance, in September 2021, Novartis announced positive health-related quality of life (HRQoL) data from its Phase III VISION study evaluating Lu-PSMA-617, an investigational targeted radioligand therapy, plus standard of care for metastatic castration-resistant prostate cancer (mCRPC) versus standard of care alone. Lu- PSMA-617 is an investigational PSMA-targeted radioligand therapy for metastatic castration-resistant prostate cancer. It is a type of precision cancer treatment combining a targeting compound (ligand) with a therapeutic radioisotope (a radioactive particle).
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The precision medicine market is expected to grow from more than $73.3 billion in 2023 to almost $90 billion in 2025 at a rate of more than 10.8%. The precision medicine market is then expected to grow at a rate of more than 8.7% from 2025 and reach nearly $136.3 billion in 2030.
According to The Business Research Company, some of the top opportunities in the precision medicine market segmented by technology will arise in the big data analytics segment, which will gain nearly $11 billion of global annual sales by 2025. The top opportunities in segment by end-use will arise in the hospitals and pharmaceuticals segment.
To take advantage of these opportunities, The Business Research Company recommends the precision medicine manufacturers to consider adopting artificial intelligence technologies for improving competitiveness and increase their customer base. In April 2020, a leading artificial intelligence drug development company, Ariana Pharma entered into a collaboration deal with Sanofi to drive their AI driven precision medicine approach. The collaboration will also develop AI driven therapeutic decision support software to support precision medicine approaches.
Global Precision Medicine Market Segmentation
- The precision medicine market is segmented by technology into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others. The big data analyticsmarket was the largest segment of the precision medicine market segmented by technology, accounting for 29.6% of the total market.
- The precision medicine market is also segmented by application into oncology, respiratory diseases, central nervous system disorders, immunology, genetic diseases and other applications. The oncology market was the largest segment of the precision medicine market segmented by application.
- The precision medicine market is also segmented by end-use into hospitals and pharmaceuticals, diagnostic companies, healthcare and IT firms, and others
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