PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498736
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498736
Personalized Medicine Market size was valued at USD 5,71,956.2 Million in 2023, expanding at a CAGR of 8.00% from 2024 to 2032.
Treatment that is tailored to each patient's unique physiognomies is known as personalized medicine. With a focus on patient data, customized medications, sophisticated analytics, and the understanding and management of diseases, personalized medicine has great potential to shift and transform the healthcare sector. Science and technology are evolving, particularly in the areas of disease description, medication development, and treatment recommendation in personalized medicine. The idea of personalized medicine has surfaced in the last ten years as a result of growing breakthroughs in genomic and proteomic science. These advancements have fueled the creation of targeted diagnostics and therapeutics that use an individual's genetic makeup to create a more individualized approach to healthcare.
Personalized Medicine Market- Market Dynamics
Growing Numbers of People are Suffering from Chronic Illnesses to Propel Market Growth
Chronic illnesses are becoming a major global concern in practically every nation. Numerous people worldwide experience suffering as a result of managing one or more chronic diseases. According to projections made by the American Association for Cancer Research (AACR), more than 2.3 million new cancer cases will be discovered in the US alone by the year 2040. Furthermore, according to a study conducted by the Federation of Indian Chambers of Commerce & Industry (FICCI), 19 to 20 lakh cases of cancer will be reported in India in 2022; however, the true incidence is predicted to be 1.5 to 3 times higher. Moreover, an estimated 422 million people worldwide are estimated to have diabetes, which causes 1.5 million deaths annually, according to the World Health Organization (WHO). Diabetes has gradually increased in incidence and prevalence during the last few decades. The growing cases of chronic illnesses such as diabetes, cancer, and so on is therefore anticipated to drive the demand for personalized medicine during the forecast period.
Personalized Medicine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)
Based on product segmentation, the personalized medicine diagnostics category was predicted to show maximum market share in the year 2023
Based on application segmentation, the oncology category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Personalized Medicine Market is segmented on the basis of Product, Application, End User, and Region.
The market is divided into two categories based on product: Personalized Medicine Diagnostics (Genetic Testing, DTC Diagnostics, Others) and Personalized Medicine Therapeutics (Pharmaceutical, Genomic Medicine, Medical Devices). The Personalized Medicine Diagnostics category dominates the market due to the rising cost of chronic illnesses, including diabetes, cancer, and cardiovascular disease, as well as the ensuing increase in demand for diagnostics in personalized medicine to identify these conditions. Additionally, the market is growing as more individuals and healthcare professionals become aware of advanced personalized medical options.
The market is divided into the following categories based on end-user: Hospitals And Clinical Care, Diagnostic Companies And Testing Facilities, Academic Research Institutes And Research Laboratories, Contract Research Organizations, Bio And Health Informatics Companies, and Others. The Hospitals And Clinical Care category dominates the market and is likely to maintain its dominance during the forecast period. One of the main growth factors propelling the segment's growth throughout the anticipated period is the rising need for personalized medicine in hospitals as a result of the rising prevalence of chronic diseases like diabetes, cancer, cardiovascular diseases, and other disorders. Additionally, the growing section of the personalized medicine market is being driven by advantageous reimbursement scenarios in conjunction with increased healthcare investments in developing nations.
Personalized Medicine Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for personalized medicine. Large pharmaceutical firms and research organisations have supported this. Discovery of new medications and study on certain ailments are connected since personalised therapy is presently recommended for treating many sorts of illnesses. There have been recent advancements in the field of customised medicine for diagnostic purposes. For instance, in January 2021, Illumina, Inc. created the TruSight Oncology 500 (TSO 500) assay, which can effectively identify up to 523 cancer biomarkers using nucleic acids from the tumor region.
In addition, the personalized medicine market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The rising incidence of chronic diseases and the growing senior population in the area are driving the market's expansion. Additionally, throughout the projection period, rising R&D investment among Asian countries, rising healthcare expenditures, a rise in healthcare awareness, and the adoption of new diagnostic techniques are anticipated to propel market expansion throughout the region.
The global market for personalized medicine is made up of a number of big and small companies that are focusing on expanding their market share. The industry may be characterized as being somewhat competitive. Due to the growing need for personalized medicine in the treatment of chronic diseases, including diabetes, cancer, and other conditions, the market is anticipated to expand rapidly throughout the forecast period. Pharmaceutical companies such as GE Healthcare, Illumina, Inc., Abbott, Dako A/S, and International Business Machines Corporation (IBM), among others, have aggressive involvement in the customized medicine space is hastening the conversion of genomic information into useful patient treatments. Furthermore, significant alliances and partnerships, technological advancements, and the introduction of new goods are probably going to support market expansion in the years to come.
September 2023: Patients with advanced ovarian cancer had better results when researchers at the Ludwig Institute for Cancer Research paired ACT with a customized cancer vaccination. Surprisingly, 12 out of 17 patients experienced illness control after three months of receiving the combo medication. This implies that the treatment effectively managed the disease.
June 2023: At the 2023 annual conference of the Society of Nuclear Medicine and Molecular Imaging (SNMMI), GE HealthCare showcased new and cutting-edge technologies and diagnostics. Theranostics, a novel strategy that combines tailored medicine with diagnostic imaging, was highlighted by GE HealthCare.
February 2023: Through Accenture Ventures, Accenture made a sizable strategic investment in Ocean Genomics, a cutting-edge AI and technology startup. Pittsburgh-based Ocean Genomics has created advanced tools for modeling and comprehending mRNA variations and alterations. A patient's biological reaction to a medication can now be predicted with greater accuracy because of this technology.
GLOBAL PERSONALIZED MEDICINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
GE Healthcare
Illumina, Inc.
Abbott
Dako A/S
International Business Machines Corporation (IBM)
Genelex
ASURAGEN, INC.
Danaher Corporation (Cepheid, Inc.)
Decode Genetics, Inc.
QIAGEN
Exagen Inc.
Exact Sciences Corporation
Celera Diagnostics LLC.
Biogen
Precision Biologics
Genentech, Inc.
23andMe, Inc.
Others