Global Personalized Medicine Market Size By Product, By End-User, By Geographic Scope And Forecast

Personalized Medicine Market Size and Forecast

Personalized Medicine Market size was valued at USD 130.23 Billion in 2024 and is projected to reach USD 272.59 Billion by 2031 , growing at a CAGR of 10.67% from 2024 to 2031. Personalized medicine, also known as precision medicine, is a medical approach that tailors healthcare decisions-such as prevention, diagnosis, and treatment-to an individual's specific genetic composition and other personal traits. This practice uses data from genetic testing and biomarkers to optimize therapeutic actions, ensuring that patients receive the most effective medicines with the fewest negative effects.

Personalized medicine applications include pharmacogenomics, which helps determine the best medications and dosages for individuals based on their genetic profiles; targeted therapies for specific cancers that focus on unique molecular targets; and preventive measures informed by genetic predisposition to certain diseases.

Furthermore, personalized medicine uses advanced technologies and data from programs such as the Human Genome Project to improve patient outcomes by providing more precise and specialized treatment

Global Personalized Medicine Market Dynamics

The key market dynamics that are shaping the personalized medicine market include:

Key Market Drivers

Increasing Prevalence of Cancer and Genetic Disorders:

The increased prevalence of cancer and genetic disorders is pushing the need for personalized medicine techniques. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, accounting for approximately 10 million deaths in 2020. The International Agency for Research on Cancer (IARC) predicts that the worldwide cancer burden will reach 28.4 million cases in 2040, up 47% from 2020. The increasing cancer burden is driving the development of targeted treatments and personalized treatment approaches.

Advancements in Genomic Sequencing Technologies:

Rapid advancements in genetic sequencing technology are making customized medicine more accessible and inexpensive. According to the National Human Genome Research Institute, the cost of sequencing a human genome has decreased drastically, from approximately USD 100 Million in 2001 to less than $1,000 in 2021. This large cost reduction has resulted in increased usage of genetic testing in clinical settings, allowing for personalized treatment options.

Growing Investment in Precision Medicine Initiatives:

Governments and corporate entities are increasing their investments in precision medicine research and implementation. For example, the National Institutes of Health (NIH) in the United States developed the All of Us Research Program, which intends to collect data from one million or more Americans to speed up research and improve health outcomes. As of September 2023, the initiative had registered over 746,000 people, with over 482,000 submitting biosamples for genomic analysis. This large-scale endeavor reflects the growing interest in expanding personalized medicine approaches.

Key Challenges:

Healthcare Disparities:

Personalized medicine is based primarily on genomic data from European populations, which leads to therapeutic efficacy biases for varied racial and ethnic groups. This underrepresentation leads to algorithms that do not reliably anticipate reactions from patients from various backgrounds, increasing existing healthcare disparities.

Regulatory Oversight:

The development of new standards by regulatory bodies is necessary as personalized medicine technologies progress to assess their safety and effectiveness in comparison to conventional treatments. This includes developing guidelines for integrating genetic and biomarker data into clinical practice. The absence of established procedures for evaluating the clinical and cost-effectiveness of these innovations hampers their approval and widespread acceptance, limiting progress in this field.

Key Trends:

Integration of Genomic Diagnostics and Targeted Therapies:

Hospitals can now offer individualized treatment plans based on patient's unique DNA profiles as they use these cutting-edge technologies more frequently. This trend increases the accuracy of medical interventions, allowing for more effective disease management, such as cancer, where medications can be tailored to specific tumor characteristics, ultimately increasing patient outcomes and satisfaction.

Growing Investment in Digital Health Solutions:

The advent of telemedicine, mobile health apps, and wearable devices has enabled continuous monitoring of patient health data, allowing for real-time alterations to treatment programs. These technologies empower patients by providing them with information on their health and treatment responses, promoting a more collaborative approach to healthcare and increasing adherence to individualized treatment regimens.

Personalized Nutrition and Wellness:

There is a growing emphasis on tailored nutrition and wellness, which is emerging as a crucial area of the personalized medicine market. As customers become more health-conscious, there is a growing need for personalized dietary regimens and supplements that address specific genetic profiles and health concerns. This trend reflects a more comprehensive understanding of how diet affects health and illness management, resulting in creative solutions that promote overall well-being while addressing specific health concerns.

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Global Personalized Medicine Market Regional Analysis

Here is a more detailed regional analysis of the personalized medicine market:

Asia Pacific:

According to Verified Market Research, the Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The increased frequency of cancer and genetic illnesses in the Asia Pacific region is driving demand for personalized medical strategies. According to the International Agency for Research on Cancer (IARC), Asia accounted for over half of all new cancer cases worldwide in 2020, with an estimated 8.9 million new cases. According to the IARC, by 2040, this number will climb to around 14.5 million new cases per year in Asia. This rising cancer burden is driving investments in genetic research and personalized treatment strategies throughout the region.

Furthermore, the Asia Pacific region's population is rapidly growing and aging, creating demand for personalized healthcare solutions. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the region's population is predicted to grow from 4.3 billion in 2020 to 4.7 billion in 2050. Also, the population aged 65 and up is expected to more than quadruple, from 395 million in 2020 to 956 million by 2050. This generational transition is increasing the demand for more tailored and effective medical treatments, hence boosting the personalized medicine market.

North America:

North America is estimated to dominate the personalized medicine market during the forecast period. North America, particularly the United States, has a significant burden of chronic diseases that can be addressed using personalized medicine approaches. According to the Centers for Disease Control and Prevention (CDC), six out of every ten persons in the United States have a chronic disease, with four out of ten having two or more. In 2019, around 37.3 million Americans (11.3% of the total population) had diabetes. The rising frequency of chronic diseases creates a desire for more targeted and effective therapies provided by personalized medicine.

Furthermore, North America has a well-developed healthcare infrastructure that easily accepts new technology, helping the adoption of personalized medicine. According to the US Food and Drug Administration (FDA), the number of approved personalized medicines has increased significantly. In 2022, personalized medicines accounted for 25% of all new drug approvals, up from 5% in 2005. This trend reflects the region's ability to translate research into practical applications, hence boosting the expansion of the personalized medicine market.

Global Personalized Medicine Market: Segmentation Analysis

The Personalized Medicine Market is segmented based on Product, End-User, and Geography.

Personalized Medicine Market, By Product

• Personalized Medicine Diagnostics
• Personalized Medicine Therapeutics
• Personalized Medical Care
• Personalized Nutrition & Wellness

Based on Product, the market is segmented into Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, and Personalized Nutrition & Wellness. The personalized medicine diagnostics segment is estimated to dominate the personalized medicine market. This dominance is primarily driven by the growing demand for improved diagnostic tools capable of detecting genetic variants and biomarkers associated with a variety of disorders, including cancer. The rising frequency of chronic diseases needs more precise diagnostic procedures, resulting in increased investment in genetic testing and direct-to-consumer diagnostics.

Personalized Medicine Market, By End-User

• Hospitals
• Diagnostic Centers
• Research & Academic Institutes
• Others

Based on End-User, the Personalized Medicine Market is divided into Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others. The hospital segment is estimated to dominate the market over the forecast period due to hospitals' crucial role as key providers of personalized healthcare services, which incorporate genomic diagnostics and tailored medicines into patient care. Their specialized facilities and skills enable them to efficiently implement innovative treatment approaches, thereby driving the expansion of personalized medicine and determining its future clinical practice.

Personalized Medicine Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Personalized Medicine Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to dominate the market during the forecasted period due to the region's superior healthcare infrastructure, significant R&D investments, and high rates of chronic diseases such as cancer and diabetes. Furthermore, the substantial presence of top biotech and pharmaceutical businesses promotes innovation and acceptance of customized medicine solutions, firmly establishing North America as a market leader.

Key Players

• The "Personalized Medicine Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• Roche, Illumina, Novartis, Amgen, Merck & Co., Inc., Thermo Fisher Scientific, QIAGEN, Myriad Genetics, Exact Sciences Corporation, IQVIA, and Syneos Health.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Personalized Medicine Market Recent Developments
• In September 2023, Agilent Technologies and Advanced Cell Therapy and Research Institute, Singapore (ACTRIS) signed a Memorandum of Understanding (MOU) to advance gene and cell therapy over the next three years.
• In July 2023, Pillar Biosciences and Illumina announced a strategic alliance to commercialize Pillar's range of oncology assays globally. Completing the agreement will provide unprecedented Next-Generation Sequencing (NGS) technologies, increasing patient access to individualized cancer treatment options.