North America Precision Medicine Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 25.73 Billion |
| Market Size (2029) | USD 41.54 Billion |
| CAGR (2024 - 2029) | 10.05 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Precision Medicine Market Analysis
The North America Precision Medicine Market size is estimated at USD 25.73 billion in 2024, and is expected to reach USD 41.54 billion by 2029, at a CAGR of 10.05% during the forecast period (2024-2029).
The major factors driving the market growth include the increasing prevalence of chronic diseases, advancements in genomic technologies, and government initiatives and funding.
A high burden of cancer cases in Canada is one of the leading reasons for the adoption of precision medicine. For instance, according to the Canadian Cancer Society (CCS) 2023 report, cancer is responsible for one of the highest healthcare burdens in Canada, and the incidence of cancer is increasing in the country. Moreover, in 2023, 124,200 males and 114,900 females were diagnosed with cancer. In addition, lung and bronchus cancer, breast cancer, prostate cancer, and colorectal cancer are the top four cancers that accounted for 46% of cancer diagnoses in the country in 2023. Thus, due to the high burden of cancer, the demand for advanced precision medicine treatment procedures with higher accuracy is increasing in the country, which is expected to boost market growth over the forecast period.
Furthermore, according to the same source mentioned above, the number of cancer cases diagnosed each year has been increasing largely due to the growing and aging population. The rate of new cancer cases increases substantially with age. It is expected that 93% of new cancer cases in males and 87% in females will be diagnosed in Canadians 50 years of age and older.
In addition, surging government support and funding initiatives propel the integration of precision medicine into healthcare systems. Strategic investments facilitate research and implementation of precision medicine approaches, addressing conditions like cardiovascular diseases and rare genetic disorders, thereby driving regional market growth.
For instance, in May 2024, Amplitude Ventures, a capital firm specializing in precision medicine at the convergence of biology and AI, has successfully closed its CAD 263 million (USD 192 million) Fund II. This new fund surpasses the size of the firm's initial fund, positioning Amplitude to continue supporting entrepreneurs and innovators in developing cutting-edge precision medicine companies aimed at advancing significant health outcomes.
Moreover, the rising number of product launches by the prominent players is also projected to enhance market growth during the forecast period. For instance, in May 2023, Google Cloud launched two novel AI-powered solutions to assist biotech and pharmaceutical companies in accelerating drug discovery and advancing precision medicine in the United States.
Therefore, factors such as the increasing prevalence of chronic diseases, advancements in genomic technologies, and government initiatives and funding are estimated to drive the North American precision medicine market during the study period. However, factors like high implementation costs, data security, and privacy concerns may impede the market growth during the study period.
North America Precision Medicine Market Trends
The Gene Sequencing Segment is Expected to Register a Significant Share of the Market Over the Forecast Period
The growth of the gene sequencing segment in the North America precision medicine market is fueled by technological advancements, the prevalence of genetic disorders and cancer, integration with precision medicine approaches, financial investments, clinical applications, and the expanding role of gene sequencing in research and development within the biotechnology and pharmaceutical sectors.
The rising number of partnerships among prominent players is set to drive segment growth during the forecast period. For instance, in January 2023, QIAGEN entered into an exclusive strategic partnership with California-based population genomics leader Helix to advance companion diagnostics for hereditary diseases. Under the agreement, QIAGEN will be Helix's companion diagnostic services' exclusive marketing and contracting partner in the United States.
The partnership will leverage the Helix Laboratory Platform, granted the first-ever Food & Drug Administration de novo class II authorization for a whole exome sequencing platform. This brings a new innovative solution to biopharmaceutical customers in support of hereditary disease therapies, complementing solutions both companies already provide, such as Helix’s population genomics programs and QIAGEN’s diagnostic expertise, QIAseq Human Exome Kits and global reach supporting research initiatives outside the United States.
Moreover, the rising focus of key companies on providing various genomic profiling services is expected to fuel market growth. For instance, in September 2024, Integrated DNA Technologies expanded its Archer portfolio of gene sequencing solutions to include a homologous recombination deficiency (HRD) assessment module. This new addition enhances the precision medicine capabilities of the Archer next-generation sequencing (NGS) panels, offering a customizable solution for comprehensive genomic profiling. By integrating HRD assessment with existing MSI and TMB evaluation, the expanded portfolio allows labs to optimize sequencing for solid tumor research and precision medicine applications.
Similarly, in February 2024, researchers identified over 275 million previously unreported genetic variants through data from nearly 250,000 participants, expanding the understanding of gene sequencing's role in precision medicine. These variants offer new insights into the genetic basis of health and disease. This discovery drives the growth of the gene sequencing segment within the precision medicine market as it enhances the potential for more targeted and inclusive healthcare solutions.
Thus, factors such as the expanding role of gene sequencing in research and development within the biotechnology and pharmaceutical sectors in the region are projected to drive market growth during the forecast period.
The United States is Expected to Register a Significant Share of the Market Over the Forecast Period
The factors driving the growth of the Precision Medicine Market in the United States include the rising prevalence of chronic diseases, the presence of various prominent players in the country, and the increasing number of acquisitions and product launches.
The rising prevalence of cancer is projected to accelerate the market growth in the country during the forecast period. For instance, according to the 2023 statistics published by the American Cancer Society (ACS), cancer cases reached over 1.96 million in 2023, an increase of more than 60 thousand cases in just two years, demonstrating a rapid increase in the incidence of cancer cases in the country. The chance of an increase in cancer incidence is likely to be high in the country, thus raising the demand for advanced oncology treatment, ultimately boosting the market growth.
Further, according to the ACS 2023 report, in the United States, the most prevalent form of cancer will be associated with the genital system, digestive system, breast, and respiratory system, respectively. These four cancer types will account for more than 67% of total cancer cases diagnosed in 2023 in the United States, and hence, the demand for precision medicine is likely to increase, leading to market growth in the United States.
Furthermore, the growing company focuses on adopting key strategies such as collaborations, acquisitions, business expansions, and new product launches, increasing the availability of technologically advanced systems and kits in the market. This is anticipated to fuel market growth. For instance, in July 2024, Danaher Corporation launched two new CLIA and CAP-certified labs aimed at expediting the development of Companion and Complementary Diagnostics. This initiative seeks to advance precision medicine by facilitating the delivery of targeted treatments. Establishing these labs is likely to drive the growth of the precision medicine market by supporting faster and more efficient diagnostic development.
Therefore, factors such as the rising prevalence of chronic diseases and the active participation of prominent players in the launch of advanced precision medicine products in the country are set to drive market growth during the forecast period.
North America Precision Medicine Industry Overview
The North American Precision Medicine market is moderately consolidated due to a few large companies dominating most of the market share, including Astarte Medical, AstraZeneca PLC, Biogen, Bristol-Myers Squibb, and F Hoffmann-La Roche Ltd, among others.
North America Precision Medicine Market Leaders
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Astarte Medical
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AstraZeneca PLC
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Biogen
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Bristol-Myers Squibb
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F Hoffmann-La Roche Ltd.
*Disclaimer: Major Players sorted in no particular order
North America Precision Medicine Market News
- May 2024: OM1 launched three new products: OM1 Orion, OM1 Lyra, and OM1 Polaris, all utilizing the PhenOMTM platform. This advanced artificial intelligence-powered digital phenotyping platform is designed to enhance personalized medicine and clinical research.
- March 2024: Mirador Therapeutics launched following a successful funding round exceeding USD 400 million from prominent life sciences investors. The firm aims to advance precision therapies targeting immune-mediated inflammatory and fibrotic conditions.
North America Precision Medicine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Electronic Health Records (EHR)
4.2.2 Rising Diagnostic Testing
4.2.3 Technological Advancements in LIMS Offerings
4.3 Market Restraints
4.3.1 Cost Associated with Implementation of Laboratory Information Management System
4.3.2 Rising Data Security and Privacy Concerns
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value- in USD)
5.1 Technology
5.1.1 Big Data Analytics
5.1.2 Bioinformatics
5.1.3 Gene Sequencing
5.1.4 Drug Discovery
5.1.5 Companion Diagnostics
5.1.6 Other Technologies
5.2 Application
5.2.1 Oncology
5.2.2 CNS
5.2.3 Immunology
5.2.4 Respiratory
5.2.5 Other Applications
5.3 By Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Astarte Medical
6.1.2 AstraZeneca PLC
6.1.3 Biogen
6.1.4 Bristol-Myers Squibb
6.1.5 F Hoffmann-La Roche Ltd.
6.1.6 Laboratory Corporation of America Holdings
6.1.7 Medtronic PLC
6.1.8 Myriad Genetics Inc.
6.1.9 Pfizer Inc.
6.1.10 Qiagen NV
6.1.11 Quest Diagnostics
6.1.12 Thermo Fisher Scientific Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Precision Medicine Industry Segmentation
As per the scope of the report, precision medicine, a combination of molecular biology techniques and system biology, is an emerging approach to disease treatment and prevention.
The North America precision medicine market is segmented by technology, application, and geography. The technology segment is further divided into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and other technologies. The other technology segment includes nanotechnology and lab-on-a-chip technology, among others. The application segment is further segmented into oncology, CNS, immunology, respiratory, and other applications. The other applications include cardiovascular diseases and rare diseases, among others. The geography segment is further divided into the United States, Canada, and Mexico. The report offers the value (in USD) for the above segments.
| Technology | |
| Big Data Analytics | |
| Bioinformatics | |
| Gene Sequencing | |
| Drug Discovery | |
| Companion Diagnostics | |
| Other Technologies |
| Application | |
| Oncology | |
| CNS | |
| Immunology | |
| Respiratory | |
| Other Applications |
| By Geography | |
| United States | |
| Canada | |
| Mexico |
North America Precision Medicine Market Research FAQs
How big is the North America Precision Medicine Market?
The North America Precision Medicine Market size is expected to reach USD 25.73 billion in 2024 and grow at a CAGR of 10.05% to reach USD 41.54 billion by 2029.
What is the current North America Precision Medicine Market size?
In 2024, the North America Precision Medicine Market size is expected to reach USD 25.73 billion.
Who are the key players in North America Precision Medicine Market?
Astarte Medical, AstraZeneca PLC, Biogen, Bristol-Myers Squibb and F Hoffmann-La Roche Ltd. are the major companies operating in the North America Precision Medicine Market.
What years does this North America Precision Medicine Market cover, and what was the market size in 2023?
In 2023, the North America Precision Medicine Market size was estimated at USD 23.14 billion. The report covers the North America Precision Medicine Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the North America Precision Medicine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Precision Medicine Industry Report
Statistics for the 2024 North America Precision Medicine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Precision Medicine analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
