China Precision Medicine Market Size (2024 - 2029)

China Precision Medicine Market Analysis

The China Precision Medicine Market size is estimated at USD 6.20 billion in 2024, and is expected to reach USD 11.20 billion by 2029, growing at a CAGR of 12.70% during the forecast period (2024-2029).

Precision medicine is sometimes called personalized medicine or personalized care. Since China is home to one of the fastest-growing genomics markets, there is an excellent opportunity for precision medicine in health research and practice. Some key factors propelling the country's market growth include advances in cancer biology, an expanding portfolio of precision drugs, and an increasing adoption of gene therapy.

The demand for precision medicine is growing in the country. One of the examples of precision drugs is targeted therapies. Due to their specific mechanism of action on target for treating diseases, the usage of these drugs is increasing, which is likely to drive the precision medicine market growth in China. For instance, as per the data published by Yunnan Provincial Medical Security Bureau in February 2023, compared to traditional chemotherapy for malignant tumors, drug-targeted therapy can avoid the shortcomings of ordinary chemotherapy, which kills both good and bad cells indiscriminately. These advantages are likely to increase the demand for targeted therapies and drive the country's market growth.

Furthermore, adding these precision medicines to the reimbursement drug list likely reduces the economic burden on the patients and increases the usage of precision medicine in the country. For instance, in December 2023, Innovent Biologics stated that the National Reimbursement Drug List of China was updated to renew and include the seventh indication of TYVYT (sintilimab injection) in the negotiation list and include the eighth indication of BYVASDA (bevacizumab injection) in general list. Both products are considered to be targeted therapies that are commonly included in precision medicine. Hence, adding precision medicine products to the reimbursement drug list likely increases usage, boosting market growth between 2024 and 2029.

However, the perils of data sharing are expected to hinder the market growth in China from 2024 to 2029.

China Precision Medicine Industry Segmentation

As per the report's scope, precision medicine, a combination of molecular and system biology techniques, is an emerging disease treatment and prevention approach. The market growth for this approach is gaining momentum as it takes individual variability in genes, environment, and lifestyle into account when developing drugs and vaccines.

The Chinese precision medicine market is segmented by technology and application. By technology, the market is segmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and other technologies. The other technologies include liquid biopsies, pharmacogenomics, and population-based genetic screening. By application, the market is segmented into oncology, central nervous system (CNS), immunology, respiratory, and other applications. Other applications include infections, rare diseases, and hematology. The report offers the value in USD for the above segments.