PUBLISHER: Grand View Research | PRODUCT CODE: 1511925
PUBLISHER: Grand View Research | PRODUCT CODE: 1511925
The global personalized medicine market size is expected to reach USD 909.80 billion by 2030, expanding at a CAGR of 8.20% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.20% from 2023 to 2030 owing to the increasing incidence of diseases and the rising demand for novel therapeutic drugs. The emerging applications of personalized medicine are consistently enhanced by immense research efforts. For instance, in July 2022, researchers at the UMass Chan Medical School developed a microorganism-based personalized medicine model system to aid the understanding of variation in metabolism to gauge the connection between an individual's genome, diet, microbiota, and associative environmental factors.
Most cancer conditions are usually caused by an underlying genetic discrepancy and can cause fatalities with progression. The cancer condition can be effectively and precisely treated by understanding specific genomic characteristics. For instance, in May 2020, Qiagen launched QIAseq pan-cancer multi-modal panel to enable robust analysis of genomic characteristics of cancer subjects to derive a broad spectrum of applications in precision medicine for the profiling of solid tumors and heme malignancies.
The market is positively driven by advancements in NGS technologies and extensive research on the human genome. There has been an increasing focus on utilizing NGS to derive personalized medicine outcomes that could potentially be used for the treatment of cancer and rare genetic disorders. For instance, Illumina declared that it will present its multiple oncology research abstracts at the European Society of Medical Oncology (ESMO) annual meeting in Paris. Their research enables personalized cancer care using comprehensive genomic profiling of biopsies to match subjects to the potential drugs and immunotherapies.
Telemedicine facilitates virtual or telephonic clinical advice to aid physical convenience. Telemedicine is increasingly trending, especially after the COVID-19 pandemic. Government and research institutes are taking substantial efforts to enhance the applications of personalized telemedicine. For instance, in August 2022, the National Cancer Institute declared a grant of USD 23 million for five years to aid the launch of Telehealth Research Centers of Excellence (TRACE) across the U.S. The program was launched with the support of the White House Cancer Moonshot to seek development and advancements in telehealth delivery for cancer care with a mission to leverage health equity.
Molecular imaging systems and medical devices are playing a primary role in emerging advancements in personalized medicine. They effectively leverage the applications of personalized medicine in the treatment of different types of cancers. For instance, in June 2022, GE Healthcare declared the release of high-end molecular imaging by using gallium-68 radioisotope for the diagnosis and monitoring of prostate cancer so as to leverage access to precision health and theranostics for personalized prostate cancer treatment at an early stage of cancer progression.
The market is in the growth phase due to emerging technological advancements along with consistent industrial efforts such as collaborations and expansions. For instance, in December 2021, Biogen Inc., and TheraPanacea declared that they have signed a collaboration that focuses on advancing digital health for personalized medicine in neuroscience.