Personalized Medicine Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Size

The Global Personalized Medicine Market reached US$ 538.25 billion in 2023 and is expected to reach US$ 976.30 billion by 2031 growing with a CAGR of 7.8% during the forecast period 2024-2031.

Personalized medicine is an innovative approach in healthcare that customizes medical treatments based on the unique characteristics of each patient. This methodology takes into various factors such as an individual's genetic profile, lifestyle choices, and medical history to formulate more effective and targeted treatment plans. By introducing advanced tools and techniques, healthcare providers can identify specific genetic variations or biomarkers linked to particular diseases, which enables them to create tailored interventions that enhance patient outcomes.

This market is rapidly evolving and holds the potential to transform healthcare by improving the precision and efficacy of medical treatments, thereby reducing costs and enhancing overall patient care. Personalized medicine aims to tailor prevention, and treatment methods according to a thorough understanding of a person's genetic profile. For instance, genetic testing can identify the most suitable medications for a patient and establish the correct dosages, thereby reducing the likelihood of adverse reactions and improving treatment effectiveness.

Market Scope

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Market Dynamics: Drivers

Rising prevalence of chronic diseases and advancements in genomic technologies

The demand for the global personalized medicine market is driven by multiple factors. One of the primary factors is the rising prevalence of chronic diseases and advancements in genomic technologies. The increasing incidence of chronic conditions such as cancer, diabetes, and cardiovascular diseases is significantly driving the demand for personalized therapeutics. As these diseases become more prevalent, the need for advanced treatment options that can effectively address individual patient needs is rising.

Innovations in genomic research and next-generation sequencing (NGS) technologies have significantly transformed the landscape of healthcare by facilitating the analysis of genetic information. This advancement enables healthcare providers to create more effective, individualized treatment plans innovative to a patient's unique genetic makeup.

 For instance, NGS can identify mutations in cancer-related genes, enabling oncologists to select targeted therapies that are more likely to be effective based on the specific genetic alterations present in a tumor. For instance, pharmacogenomics, a subset of personalized medicine, studies how genetic variations affect drug metabolism and response, allowing healthcare providers to optimize drug selection and dosing.

Moreover, key players in the industry strategies such as partnerships & collaborations, technological advancements,  and innovative product launches are helping to drive this market growth. For instance, in June 2024, at a recent private summit, Illumina brought together leaders from various health systems to discuss strategies for integrating genomics into clinical care. This gathering aimed to explore how genomic technologies can be effectively implemented to enhance patient outcomes and support the broader adoption of precision medicine.

 Also, in June 2023, Illumina announced the launch of PrimateAI-3D, a groundbreaking artificial intelligence (AI) algorithm that can predict disease-causing genetic mutations with unparalleled accuracy. PrimateAI-3D addresses a significant challenge in the field of personalized genomic medicine by accurately identifying disease-causing genetic variants. This capability is crucial for effectively implementing personalized medicine, which relies on understanding the genetic basis of diseases to tailor treatments for individual patients.

Restraints

Factors such as high costs & reimbursement difficulties, regulatory and compliance challenges,  and interoperability & data privacy issues are expected to hamper the market.

Market Segment Analysis

The global personalized medicine market is segmented based on product type, application, end-user, and region.

The personalized nutrition & wellness segment accounted for approximately 48.6% of the global personalized medicine market share

The personalized nutrition & wellness segment is expected to hold the largest market share over the forecast period. The personalized nutrition and wellness domain within the personalized medicine market is garnering significant attention for its capacity to enhance health outcomes by providing customized dietary and lifestyle recommendations. This segment concentrates on tailoring nutrition plans based on individual genetic makeup, lifestyle factors, and health data, empowering consumers to optimize their well-being and mitigate the risk of chronic diseases.

By leveraging genetic insights, healthcare providers can create personalized dietary plans that address specific health concerns, such as obesity, diabetes, and cardiovascular diseases. This approach not only enhances metabolic efficiency but also promotes overall well-being. The integration of digital health technologies, including mobile applications and wearable devices, has further propelled the growth of personalized nutrition. These tools enable individuals to track their dietary habits, physical activity, and health metrics, facilitating the delivery of personalized nutrition advice and real-time feedback on dietary choices based on their health goals and genetic profiles.

Moreover, key players in the industry have innovative launches & services and government initiatives are driving this market growth. For instance, in June 2024, Aeroflow Health introduced Aeroflow Nutrition Services. This innovative telehealth service offers personalized and group nutrition sessions with qualified dieticians. Initially focusing on patients with type 2 diabetes, the service aims to streamline and support nutrition counseling to help manage diabetes effectively and reduce associated risks. Patients can conveniently access sessions from home, with many covered by insurance, promoting preventative care with minimal out-of-pocket costs.

Similarly, in  April 2024, the recent Continuing Metabolic Health Education (CMHE) conference at the All India Institute of Medical Sciences (AIIMS) in New Delhi brought together leading experts to explore how integrating traditional practices with modern personalized nutrition could offer effective solutions to address the alarming prevalence of metabolic disorders in India. Over 50% of Indian adults grapple with these conditions, underscoring the urgent need for innovative approaches.

Also, in January 2024, Meijer launched a new personalized nutrition coaching service aimed at helping individuals achieve their health and wellness goals. Initially available only in Michigan, this service is designed to provide tailored nutrition guidance led by registered dietitians. The coaching is confidential and caters to individuals at any stage of their health journey, focusing on proper nutrition and dietary choices.

Market Geographical Share

North America accounted for approximately 43.9% of the global personalized medicine market share

North America region is expected to hold the largest market share over the forecast period owing to the increasing incidence of chronic conditions such as cancer, diabetes, and cardiovascular diseases is significantly driving the demand for personalized therapeutics. Personalized medicine offers more targeted and effective treatments for these diseases by tailoring interventions to individual patients based on their unique genetic, environmental, and lifestyle factors.

In this region, a major number of key players are present, and key developments in the U.S. are driving this market growth. For instance, Abbott is expanding the application of personalized medicine beyond oncology into infectious diseases. They received FDA approval for the first U.S. hepatitis C genotyping test. This test identifies the specific genotype of the hepatitis C virus present in an infected patient's blood. By determining the HCV genotype, doctors can select the most suitable therapy and create a personalized treatment plan tailored to the individual. 

Similarly, Illumina hosted a private summit in San Diego where 30 leaders from 12 pioneering U.S. health systems came together to discuss strategies for integrating genomics into clinical care. The two-day event provided a platform for these healthcare leaders to share their experiences, challenges, and opportunities related to implementing genomic technologies to improve patient outcomes.

Moreover, government initiatives, well-advanced healthcare infrastructure, and product launches help to propel this market growth. For instance, in June 2024, At the Society of Nuclear Medicine and Molecular Imaging (SNMMI) annual meeting in Chicago, GE HealthCare collaborates with leading medical and academic institutions to explore the current healthcare landscape and introduce new precision care tools. This initiative focuses on enhancing the accessibility of technologies and solutions that support the global implementation of personalized medicine.

Similarly, in February 2024, Exact Sciences launched the Riskguard hereditary cancer test in the United States. The Riskguard test uses a simple blood or saliva sample to evaluate genes associated with 10 common cancers, including colorectal, breast, prostate, skin, ovarian, endometrial, pancreatic, gastric, kidney, and endocrine. The test provides an individualized patient report that includes gene-specific and familial risks. It is designed to help patients and their physicians understand the patient's hereditary risk of cancer. For patients already diagnosed with cancer, knowing about certain gene variants can help create personalized treatment plans.

Also, in February 2023, Exact Sciences, a prominent provider of cancer screening and diagnostic tests, launched the OncoExTra therapy selection test in the United States. OncoExTra is a comprehensive, next-generation sequencing (NGS) test that analyzes both DNA and RNA from a patient's tumor sample to provide a complete molecular profile of their cancer. By leveraging whole exome and whole transcriptome sequencing, OncoExTra provides doctors with reliable and personalized information to guide treatment decisions for each patient's unique cancer.

Market Segmentation

By Product Type

• Personalized Medicine Therapeutics
  • Pharmaceutical
  • Genomic Medicine
  • Medical Devices
• Personalized Medical Care
  • Telemedicine & Remote Patient Monitoring
  • Health Information Technology
  • Disease Management

By Application

• Oncology
• Neurology
• Cardiology
• Psychiatry
• Immunology
• Others

By End-User

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

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • The rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Market Companies

The major global players in the personalized medicine market include Abbott, GE HealthCare., Danaher Corporation (Cepheid, Inc.), ASURAGEN, INC., Exact Sciences Corporation, Illumina, Inc., QIAGEN, Genentech, Inc., Biogen, and IBM among others

Key Developments

• In August 2024, Exact Sciences Corp. announced that the first patient has been enrolled in its Multi-Cancer Early Detection (MCED) Falcon Registry Real-World Evidence (RWE) study at Baylor Scott & White Health, the largest not-for-profit health system in Texas. This extensive multi-site study aims to enroll up to 25,000 patients, focusing on assessing the clinical performance, patient and provider experiences, and the psychological effects of MCED testing over five years.
• In July 2024, Danaher Corporation, a global leader in science and technology innovation, announced the establishment of two new Clinical Laboratory Improvement Amendments (CLIA) and College of American Pathologists (CAP)-certified laboratories. These labs are specifically designed to expedite the development of Companion Diagnostics (CDx) and Complementary Diagnostics (CoDx), which are critical in the field of precision medicine. Danaher's extensive installed base of instruments in over 30,000 hospitals across 120 countries allows the company to effectively facilitate the faster commercialization of personalized treatments for patients globally.

Why Purchase the Report?

• To visualize the global personalized medicine market segmentation based on product type, application, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the personalized medicine market with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in excel consisting of key products of all the major players.

The global personalized medicine market report would provide approximately 62 tables, 56 figures, and 183 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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