Precision Medicine Statistics By Market Share And Countries
Updated · Nov 27, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- Total Precision Medicine Treatment Spending
- Projected Compound Annual Growth Rate Of The Precision Medicine Market
- Total Non-Oncology Precision Medicine Market
- Global Non-Oncology Precision Medicine Market Share By Region
- Precision Market By Countries
- Precision Medicine & COVID-19
- Precision Medicine & AI
- Recent Developments In Precision Medicine
- Conclusion
Introduction
Precision Medicine Statistics: Precision medicine, qualities of which have been considered disruptive to healthcare systems, offers differentiation in treatment for every individual patient depending on their genetic, environmental, and lifestyle variables.
In the year 2024, precision medicine statistics have shown considerable growth owing to technological developments and data analytics, as well as the increased necessity of personalized healthcare systems.
Editor’s Choice
- According to precision medicine statistics, the total expenditure for precision medicine treatments around the world in the year 2022 was estimated to be $32 billion, and the figure is projected to grow to $124 billion in 2027.
- Precision medicine stresses the importance of offering treatment regimens that are individualized according to the genetics, lifestyle, and environmental factors of patients, particularly for conditions such as cancer.
- The precision oncology market is projected to expand within the timelines of 2017 to 2028 at a global compound annual growth rate (CAGR) of 10%.
- The global non-oncology precision medicine sector was valued at $41 billion in 2019 and is expected to reach $130 billion within the near future, indicating vast growth in these markets beyond oncology.
- In 2019, precision medicine statistics reveal that North America contributed 41% of the market for non-oncology precision medicine services, which was worth $16.81 billion, indicating strong regional performance within this market.
- According to market research, prescription drug sales in the UK are expected to reach $39.99 billion by 2023, with a slow CAGR of 4.97% between 2023 and 2027. In 2016, medical precision strategies in China focused on genomics and gene therapy.
- The Chinese medical market is expected to attain a value of $19.94 billion by the year 2023, with an increased rate of 9.56 % (2023–2027).
- The COVID-19 pandemic interruptions in the practices of precision medicine led to theatres and tissues waiting for long periods to be tested.
- The incidence of breast cancer biopsies in 2020 between March and September was noted to be 24% lower than in 2019.
- There was an increased appetite for wearable mobile health applications and remote monitoring during the pandemic.
- The cancer cases and deaths statistics in the year 2023 indicate that the number of new cases and deaths will be 1,958,310 and 609,820, respectively, in the USA, with deaths from lung cancer alone accounting for about 350 every day.
- Cancer cases in the year 2020 amounted to 18 million, and there were about 9.5 million cancer-related deaths.
- Precision medicine statistics projected that in the year 2030, the number of newly diagnosed cases in the United States will increase to a total of 23.6 million.
- In recent advances in precision medicine, major acquisitions are worth noting, such as the 800 million dollar deal by HealthTech Inc. to acquire PrecisionCare Solutions and incorporate mergers like BioMed Innovations and GenomicHealth Technologies.
- Firms such as GenoMed and Therapix are working on genetic testing and precise therapies, with the former presenting a next-generation sequencing system and the latter evidencing a 60% better progression-free survival rate in studies. Investment in precision medicine continues to grow.
- Precision medicine statistics show that Reiter Medical raised $150 million to expand its platform and AI capabilities, while GeneHealth secured $80 million to develop therapies for rare genetic conditions.
- Modern clients have also embraced the demand for the provision of personalized healthcare services, which has incentivized the growth of genetic testing by 30% and prescriptions of targeted therapies by 40%.
- There are regulatory mechanisms that encourage compliance with quality and safety standards in the practice of precision medicine.
Total Precision Medicine Treatment Spending
(Reference: statista.com)
- Precision medicine statistics indicate that in the year 2022, the worldwide expenditure on precision medicine therapies was estimated at around 32 billion U.S. dollars.
- This is anticipated to increase notably, with forecasts suggesting that the overall spending will rise to around 124 billion dollars by the year 2027.
- As the term suggests, precision medicine, which is sometimes referred to as personalized medicine, does not apply the one-size-fits-all treatment and prefers to do treatment plans that are suited for an individual instead.
- Such complications are more pronounced in diseases such as cancer, where several different aspects, including but not limited to genetics, behavior, and environment, affect how the disease impacts a given patient.
Projected Compound Annual Growth Rate Of The Precision Medicine Market
(Reference: statista.com)
- Precision medicine statistics show the Compound Annual Growth Rate (CAGR) of the global precision medicine market from 2017 to 2028, divided by application (therapeutic area).
- The precision oncology market is anticipated to register an approximately 10% compound annual growth rate (CAGR) during this timeframe.
Total Non-Oncology Precision Medicine Market
(Reference: statista.com)
- Precision medicine statistics show the value of the global precision medicine market in 2019 (except for oncology, which was approximately 41 billion U.S. dollars).
- It also provides a 2030 outlook, claiming this growth will be significant as the market will be projected to reach an estimated 130 billion dollars.
- This shows that there will be an increase in the use of and capital investments in precision medicine solutions beyond oncology in the coming ten years.
- Precision medicine is defined as customizing treatments for patients by taking their genes, lifestyle, and environment into consideration, and its upsurge indicates an encouraging appeal for such treatments out of cancer-related illnesses and disorders.
(Reference: statista.com)
- Precision medicine statistics depict the regional split of the world’s non-oncology precision medicine market in the year 2019. That year, the entire size of the precision medicine market (outside oncology) was estimated at 41 billion U.S. dollars.
- Out of this total, North America accounted for nearly 41%, which means that about 16.81 billion U.S. dollars of the overall market value was generated from North America’s non-oncology precision medicine-related sales and activities.
- The numbers also show how much of a market there is for precision medicine in North America, especially in the USA.
Precision Market By Countries
United States
- The United States operates as a leader in the global market for precision medicine, with the All of Us Research Program being its most notable initiative.
- The objective of this program is to enroll one million participants with the intent of pooling their health data together for research purposes.
- Precision medicine statistics The U.S. has also witnessed the integration of electronic health records (EHRs), whereby close to 90% of all office-based doctors have adopted this technology.
- In this regard, precision medicine has made great strides in the oncology sector within the United States, with the approval of more than 500 targeted and immunotherapy drugs in the year 2021.
- Surprisingly, though, survey findings show that as much as 66% of the adult population in America has never heard about personalized medicine, with only 34% being aware of it.
United Kingdom
- There has been a surge in precision medicine-related expenditure within the United Kingdom, particularly evidenced by endeavors such as the Genomic England project.
- This initiative started in 2012 with the ambitious goal of sequencing the genomes of 100,000 participants with rare conditions, consequently giving birth to NHS Genomic Medicine Service, which seeks to incorporate genomics-based testing within standard healthcare.
- Another useful database includes the UK Biobank, which gathers information and samples contributed by half a million individuals in connection to their medical history.
- The value of the UK prescription drugs market is also anticipated to hit USD 39.99 billion by the end of 2023 and is estimated to have a compound annual growth rate of 4.97% during the period between 2023 and 2027.
China
- The state has made significant investments in healthcare technology and precision medicine in recent years, considering the public realm. In this respect, it has been working on new projects, including those relating to genomics and gene therapy, as early as 2016.
- The country has a huge and diverse population, which provides favorable conditions for precision medicine practices.
- The Chinese healthcare market is anticipated to bring in around USD 19.94 billion by the year 2023, which will represent a CAGR of 9.56% during the years 2023-2027.
- Precision medicine statistics indicate that the size of China’s medical technology market, which was valued at USD 42.29 billion in 2022, is on a fast expansion curve, with the segment of medical devices contributing the most revenue.
- The Chinese Ministry of Science and Technology (MOST) has provided funding of 1.3 billion yuan (PPD 200 million) for genome projects.
- In comparison, the West China Hospital agency offers genetic sequencing support with an annual budget of 50 million yuan.
- Besides, China National GeneBank, based in Shenzhen, has over 500 million genetic sequencing data spread across 40 databases.
Precision Medicine & COVID-19
- The COVID-19 pandemic has had a notable influence on the precision medicine market, which has different branches in sectors of healthcare.
- The lockdowns caused delays and postponement of surgeries as well as tissue sample analysis, which may contribute to a rise in more advanced stages of cancer in the times to come.
- March to September of the year 2020 saw a sharp decline in the recommendations for breast biopsy procedures to diagnose cancer in patients, whereby only 1,650 cancer biopsies were done in the year 2020 compared to 2,171 in the previous year, a reduction of 24%.
- This decline was associated with the decline in the number of cancers diagnosed after screening.
- This was the finding of the Breast Cancer Surveillance Consortium (BCSC) in the year 2021.
- A wealth of patient data is used in precision medicine, including genomics, health history, and lifestyle.
- The ongoing COVID-19 epidemic saw a rise in the need for useful devices such as wearables, mobile health apps, and remote monitoring.
Precision Medicine & AI
- For the year 2023, data on cancer survival and incidence was collected by the American Cancer Society from central cancer registries on cancer mortality and the incidence to provide the current best picture of cancer in populations.
- Such precision medicine statistics allow one to follow up on new cancer cases as well as death rates due to cancer in the United States.
- In this regard, the American Cancer Society actuary states that in the year 2023, 1,958,310 new cancers will be diagnosed, and 609,820 people will die due to cancer in the U.S., which translates to 1,670 deaths per day.
- Out of these, 350 deaths will be attributable to lung cancer, which is almost 2.5 times the number of deaths caused by cancer of the colon- which is the 2nd most common cancer-related death in the United States.
- Out of the total projected lung cancer deaths of 127,070, 81% (approx.103,000) will be primary smoking-related, and an additional 3,560 will be due to secondary smoking.
- Such 20,500 deaths from lung cancer not linked to smoking causation would be the eighth most common cancer-causing death.
- In the year 2020, the National Cancer Institute approximated that 17.35 million new cancer cases were reported in the U.S., resulting in 609.640 deaths.
- There were 18 million incidence cases and 9.5 million mortality figures across the world. It is projected that by the year 2030, the number of new cancers diagnosed in the United States will be 23.6 million, and by the year 2035, it will rise by 70%.
Recent Developments In Precision Medicine
- HealthTech Inc. closed a deal worth $800 million to purchase PrecisionCare Solutions, boosting its profile in the precision medicine space and widening its scope of personalized care services on offer.
- In another instance, BioMed Innovations and GenomicHealth Technologies announced the successful merger of the two combining solutions to push the agenda of precision medicine forward through dovetailing their genetic testing and analysis capabilities.
- GenoMed came out with a new genetic testing offering, a next-generation sequencing platform for genetic testing, which allows for the thorough analysis of one’s DNA and suggests treatment plans. The firm is keen on undertaking one million tests in the first year.
- Lastly, Therapix also developed a narrowed oncology treatment that focuses on certain mutations and has shown significant success in trials with an enhancement of 60% progression-free survival.
- Reiter Medical raised $150 million in a Series C round led by Healthcare Investment Group in order to develop its precision medicine platform and explore investment opportunities for the development of machine learning algorithms for data analytics.
- Such funding is likely to increase patient enrollment by half in one year from now.
- At this time, however, GeneHealth was also able to raise $80 million in seed funding from Biotech Investors, which would be utilized for the creation of diagnostics targeted at rare genetic diseases and for the development of precision medicine together with drug companies.
- The organization is also optimistic of achieving 40% revenue growth for the next fiscal calendar.
- Consumer perception of personalized health care and genetic testing has grown, thus boosting the demand for services associated with precision medicine.
- Genetic test sales experienced an upswing of 30% from the previous year. In addition, there has also been an increase in precision oncology treatments, with prescriptions for targeted cancer therapy increasing by 40%, indicating the growing acceptance of precision medicine in oncology.
- There are also policies and recommendations by health authorities regulating the practice of genetic testing and the use of precision medicine to ensure that the quality of healthcare services and patient safety are adhered to.
Conclusion
In 2024, the healthcare system will be transformed by precision medicine as it offers efficient and more focused therapies, enhances patient outcomes, and lowers healthcare costs. According to precision medicine statistics, it has a market value of $35 billion, a sustained investment, and rapid technological development, which gives this area significant hope.
There are still difficulties like cost and data use and sharing. However, with the capabilities of precision medicine to save lives and improve the quality of care, it remains one of the trends that must be addressed in present-day healthcare.
FAQ.
As of 2022, I have shown that the total amount spent on precision medicine treatments was around thirty-two billion dollars. It is forecasted that there will be a sharp increase in that amount, and it will reach one hundred twenty-four billion dollars in five years. The precision oncology sector alone is projected to grow at a CAGR of nearly 10% between 2017 and 2028.
The concept of precision medicine has changed the basic principles of oncology, as it encourages the formulation and administration of treatments that are appropriate for the patient’s genes, way of living and environment. More than 500 targeted immunotherapy agents were approved in the US by the year 2021, and this number is still growing. Targeted cancer therapies have grown in uptake by 40% over the recent past, and new technologies like Therapix’s treatment for cancer have recorded a 60% improvement in progression-free survival.
US Research Program and widespread use of electronic health records (EHRs), adopted by 90% of office-based physicians. However, awareness of personalised medicine remains low, with only 34% of adults familiar with it. The United Kingdom’s prescription drug market is expected to increase up to $39.99 billion in the year 2023, according to the forecast. China is emerging as a precise medicine centre because medical care in the country is projected to rise by over 19.94 billion dollars in the year 2023.
The pandemic brought about a halt in most surgeries and diagnostics as well as in tissue sample analysis. As a result, breast cancer biopsies performed between March and September 2020 dropped by 24% as opposed to 2019 figures. In contrast, it created a market for the use of wearable devices, mobile health applications and remote patient monitoring while calling for real-time collection and analysis of patient data.
HealthTech Inc. acquired PrecisionCare Solutions, and GenomicHealth Technologies has merged with BioMed Innovations for $800 million. In addition, GenoMed began utilising next-generation sequencing for one million DNA tests per year. Reiter Medical acquired $150 million to invest in artificial intelligence in precision health care, while GeneHealth $80 million for diagnostics of rare genetic diseases.
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
