Personalized Medicine Market by Product, Application, End Users

Description

List of Tables

[183 Pages Report] The Personalized Medicine Market size was estimated at USD 542.10 billion in 2023 and expected to reach USD 575.50 billion in 2024, at a CAGR 6.67% to reach USD 852.02 billion by 2030.

Personalized medicine is customized healthcare that aligns medical treatments with individual patient profiles, which include genetic, molecular, environmental, and lifestyle factors. This adaptive practice spans diverse applications, including diagnostics, therapeutics, tailored medical care, and customized nutritional guidance, using key technologies such as genomics and real-time diagnostics. Growth in this market is due to advancements in technology, such as AI, and the necessity of personalized health interventions due to the increasing prevalence of chronic disease rates among individuals around the globe. However, high initial cost investment for research and infrastructure and privacy concerns associated with the use of personalized medicine use can hinder market growth. Opportunities for innovation abound in AI, mobile health technologies, and regenerative medicine, which can shift therapeutic paradigms. Additionally, the push towards global health data integration and heightened public and professional engagement can further encourage the broad adoption of personalized health solutions.

KEY MARKET STATISTICS
Base Year [2023]	USD 542.10 billion
Estimated Year [2024]	USD 575.50 billion
Forecast Year [2030]	USD 852.02 billion
CAGR (%)	6.67%

Regional Insights

In North America, the market is propelled by substantial investments from both government and private sectors, with a clear inclination towards personalized treatments observed in fields such as oncology and cardiology. The region emphasizes the integration of personalized medicine into public healthcare systems. In South America, mainly Brazil, Argentina, and Chile, the surge in genetic testing enabled preventative care and tailored treatment strategies. This growth is complemented by increasing collaborations between local research entities and global research firms. European Union showed a growing interest in personalized medical research, with backing from the European Commission and an acute focus on the ethical and legal dimensions associated with personalized medicine. The Middle East and Africa are emerging in this arena, with Israel and Saudi Arabia making significant strides in the development of customized medicine by increasing governmental focus on healthcare reform and education. South Africa is leveraging its unique genetic diversity to pioneer genomic medicine projects for the rest of the world with active investment for global organizations in healthcare and research. The Asia Pacific region showcases rapid progress with technological prowess to cater to its aging population through personalized healthcare strategies for its high burden of genetic diseases and cancer. The region is showing increased consumer readiness to participate in genetic testing and personalized healthcare programs. The government's strategic initiatives emphatically support genomics and personalized treatment solutions in response to the high prevalence of genetic diseases and various cancers within the population.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Personalized Medicine Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Rise in biotechnology research initiatives and improved understanding of genetics
- Surge in the adoption of personalized treatment strategies for targeting complex diseases
- Supportive government initiatives to raise awareness for and access to personalized medicine

Market Restraints
- Complexities in the implementation of personalized medicine and lack of skilled personnel

Market Opportunities
- Ongoing R&D activities for improvements in personalized medicines
- Potential for the adoption of virtual and digital strategies for personalized medicine

Market Challenges
- Limited accessibility and issues related to accuracy

Market Segmentation Analysis
- Product: Growing awareness about physical health and mental health owing to the adoption of personalized nutrition & wellness
- Application: Increased adoption of personalized medicine in neurology due to the need for precise treatment

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Personalized Medicine Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Personalized Medicine Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

AstraZeneca Acquires Fusion Pharmaceuticals for Personalized Cancer Medicine

AstraZeneca acquired Fusion Pharmaceuticals, a biopharmaceutical company specializing in next-generation radioconjugates, in a deal potentially worth up to USD 2400 million. This acquisition represents a pivotal development in the cancer treatment landscape, with Fusion enhancing AstraZeneca's capacity to deliver innovative, patient-specific therapies. [Published On: 2024-03-19]

CurifyLabs Acquires Key 3D Printing IP from Mehta Heino Industries to Advance Personalized Medicine Solutions

CurifyLabs, a health technology company, acquired significant intellectual property from Mehta Heino Industries Oy. This acquisition aims to enhance CurifyLabs' capabilities in producing personalized medicines for hospitals and compounding pharmacies, focusing particularly on pediatric populations. This acquisition is pivotal for pioneering new frontiers in personalized medicine and fortifying the company's expertise in 3D printing and advanced robotics. [Published On: 2024-01-17]

Strategic Acquisition Enhances Novartis' Precision Medicine Capabilities

Novartis successfully acquired Chinook Therapeutics, a company specializing in precision medicines. This move aligns with Novartis' strategic objective to broaden its portfolio in the precision medicine sector, particularly in developing advanced treatments for kidney diseases. The integration of Chinook's expertise is anticipated to strengthen Novartis' position in the market, facilitating better-targeted and more effective healthcare solutions. [Published On: 2023-08-14]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Personalized Medicine Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Personalized Medicine Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Amgen, Inc., AstraZeneca, Bayer Ag, BIOGEN INC., Eli Lilly and Company, Exact Sciences Corporation, Exagen Inc, F. Hoffmann-La Roche Ltd, GE HealthCare Technologies Inc., Glaxosmithkline Plc., Illumina, Inc., Johnson & Johnson Services, Inc., Laboratory Corporation of America Holdings, Merck & Co., Inc., Novartis International AG, Pfizer Inc., Precision Biologics, Inc., QIAGEN GmbH, and Takeda Pharmaceutical Company Limited.

Market Segmentation & Coverage

This research report categorizes the Personalized Medicine Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Personalized Medical Care
  - Health Information Technology
  - Telemedicine

Personalized Medicine Diagnostics
- Direct-to-consumer (DTC) Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Genetic Testing

Personalized Medicine Therapeutics
- Genomic Medicine
- Medical Devices
- Pharmaceutical

Personalized Nutrition & Wellness
- Complementary & Alternative Medicine
- Retail Nutrition

Application
- Antiviral
- Cardiology
- Immunology
- Neurology
- Oncology
- Psychiatry

End Users
- Academic Research Institutes & Research Laboratories
- Bio & Health Informatics Companies
- Contract Research Organizations
- Diagnostic Companies & Testing Facilities
- Hospitals & Clinical Care

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-4D00F1312F65

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rise in biotechnology research initiatives and improved understanding of genetics
  - 5.1.1.2. Surge in the adoption of personalized treatment strategies for targeting complex diseases
  - 5.1.1.3. Supportive government initiatives to raise awareness for and access to personalized medicine
- 5.1.2. Restraints
  - 5.1.2.1. Complexities in the implementation of personalized medicine and lack of skilled personnel
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing R&D activities for improvements in personalized medicines
  - 5.1.3.2. Potential for the adoption of virtual and digital strategies for personalized medicine
- 5.1.4. Challenges
  - 5.1.4.1. Limited accessibility and issues related to accuracy
5.2. Market Segmentation Analysis
- 5.2.1. Product: Growing awareness about physical health and mental health owing to the adoption of personalized nutrition & wellness
- 5.2.2. Application: Increased adoption of personalized medicine in neurology due to the need for precise treatment
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Personalized Medicine Market, by Product

6.1. Introduction
6.2. Personalized Medical Care
6.3. Personalized Medicine Diagnostics
6.4. Personalized Medicine Therapeutics
6.5. Personalized Nutrition & Wellness

7. Personalized Medicine Market, by Application

7.1. Introduction
7.2. Antiviral
7.3. Cardiology
7.4. Immunology
7.5. Neurology
7.6. Oncology
7.7. Psychiatry

8. Personalized Medicine Market, by End Users

8.1. Introduction
8.2. Academic Research Institutes & Research Laboratories
8.3. Bio & Health Informatics Companies
8.4. Contract Research Organizations
8.5. Diagnostic Companies & Testing Facilities
8.6. Hospitals & Clinical Care

9. Americas Personalized Medicine Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Personalized Medicine Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Personalized Medicine Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. AstraZeneca Acquires Fusion Pharmaceuticals for Personalized Cancer Medicine
- 12.3.2. CurifyLabs Acquires Key 3D Printing IP from Mehta Heino Industries to Advance Personalized Medicine Solutions
- 12.3.3. Strategic Acquisition Enhances Novartis' Precision Medicine Capabilities
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio