Delray Beach, FL, May 08, 2025 (GLOBE NEWSWIRE) — The global precision medicine market, valued at US$132.46 billion in 2023, is forecasted to grow at a robust CAGR of 11.1%, reaching US$145.53 billion in 2024 and an impressive US$246.66 billion by 2029. Factors such as the growing integration of AI and ML to enhance precision diagnostics and medicine development supported by rising collaborations between pharmaceutical and diagnostics companies to improve precision healthcare and the rise in direct-to-consumer testing are driving the growth in the market. Moreover, expanding precision healthcare applications into other disease areas and the growing adoption of wearable devices to enhance precision healthcare offer growth opportunities to players in this market. Major players in this market are also expanding their geographic presence by establishing manufacturing and research facilities in emerging economies.
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Based on product, 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 many 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.
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.
By geography, 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 …