Personalized Medicine Market

Personalized Medicine Market by Products (Personalized Medicine Diagnostics [Genetic Testing, DTC Diagnostics, Esoteric Lab Services, and Esoteric Lab Tests], Personalized Medicine Therapeutics [Pharmaceutical, Genomic Medicine, and Medical Devices), Personalized Medical Care [Telemedicine and Health Information Technology], Personalized Nutrition & Wellness [Retail Nutrition and Complementary & Alternative Medicine]), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-1178
  • Author: Growth Market Reports
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The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is anticipated to expand at a CAGR of 6.2% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing in interest in biomarker discovery for therapy, diagnosis, and prognosis for customized medicine development.

Precision medicine, also known as personalized medicine, combines genetics, big data analytics, and population health to create a new frontier in healthcare. Healthcare practitioners have been attempting to make their activities more effective for their patients since the beginning of recorded history by trying with new therapies, monitoring, and sharing their findings, and building on the efforts of preceding generations. Every clinician's objective, no matter how basic the resources at their disposal, has always been to become more accurate, precise, proactive, and effective for each client who comes under their care. Precision medicine is a new approach to disease treatment and prevention that considers each person's unique genetic, environmental, and lifestyle factors. It is becoming increasingly obvious that medicine is not a one-size-fits-all proposition. For example, a therapy that shrinks a tumor or relieves arthritic symptoms for one person may not work for another.

Global Personalized Medicine Market Summary

Colorectal cancer, breast cancer, lung cancer, some forms of leukemia, certain types of lymphoma, melanoma, esophageal cancer, stomach cancer, ovarian cancer, and thyroid cancer are some of the most prevalent cancers where precision medicine is being utilized to aid with treatment decisions. Targeted therapy has been shown to be effective and less harmful for cancer treatment as part of precision cancer medicine. Colorectal cancer (CRC) is one of the most prevalent diseases in the United States and the world, and it is one of the major causes of cancer-related fatalities. CRC is by far one of the most effective instances of precision cancer medicine, which uses molecular testing to guide targeted therapy.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing prevalence of various types of cancer, the affordability of personalized medicine therapy in cancer drugs, less side effects of personalized medicine therapy, high adoption in developed markets is anticipated to drive the market growth.
  • Advancements in biomarker analysis will promote the development of personalized medicines this is projected to boost the market growth during the forecast period.
  • Increasing rate of companion diagnostics which can play an essential role in developing successful precision medicine is anticipated to drive the market growth during the forecast period.
  • Companies are concentrating their efforts on developing novel companion diagnostics for various malignancies, which will open the path for identifying patients for personalized treatment this is estimated to push the market growth.
  • COVID-19 pandemic has fueled demand for personalized medicine (PM) methods, which are beneficial in identifying differences in an individual's vulnerability and immunological response to COVID-19, particularly in researcher applications this is anticipated the market growth.
  • Lack of awareness and non-secure legal and regulatory framework presents as key challenge that can hamper the market growth during the forecast period.
  • Increased focus on R&D and technological advancements are projected to offer lucrative opportunities for the market players.

Scope of the Report

The report on the global personalized medicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Personalized Medicine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Products (Personalized Medicine Diagnostics [Genetic Testing, DTC Diagnostics, Esoteric Lab Services, and Esoteric Lab Tests], Personalized Medicine Therapeutics [Pharmaceutical, Genomic Medicine, and Medical Devices], Personalized Medical Care [Telemedicine and Health Information Technology], Personalized Nutrition & Wellness [Retail Nutrition and Complementary & Alternative Medicine])

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Illumina, Inc.; GE Healthcare; Danaher Corporation (Cepheid, Inc.); Abbott; QIAGEN; Exact Sciences Corporation; ASURAGEN, INC.; Biogen; Dako A/S; Exagen Inc.; Precision Biologics; Celera Diagnostics LLC; Decode Genetics, Inc.; Genelex; IBM; Genentech Inc.; 23andME, Inc.

 

Market Segment Insights

Personalized nutrition & wellness segment is expected to account for a key share
Based on products, the personalized medicine market is segmented into personalized medicine diagnostics, personalized medicine therapeutics, personalized medical care, and personalized nutrition & wellness. The personalized medicine diagnostics segment is further sub segmented into genetic testing, DTC diagnostics, esoteric lab services, and esoteric lab tests. The personalized medicine therapeutics segment is further sub segmented into pharmaceutical, genomic medicine, and medical devices. The personalized medical care segment is further sub segmented into telemedicine and health information technology. The personalized nutrition & wellness segment is further sub segmented into retail nutrition and complementary & alternative medicine. The personalized nutrition & wellness segment is expected to account for a key share of the market during the forecast period owing to high usage rates and market penetration. Furthermore, the high over-the-counter nature of these goods' selling increases their access to customers while reducing regulatory consequences. Making them more readily available to the general public. Furthermore, businesses are developing new tailored nutrition solutions, which is propelling the market forward. Nestlé, for example, released nesQino, a customized healthy superfood drink created from natural ingredients, in April 2020. The new drink is made out of vegetables, fruits, nuts, microalgae, and seeds, and it can be customized.

On the other hand, the personalized medicine therapeutics segment is anticipated to expand at a rapid pace during the forecast period owing to growing development of genomic medicines and biopharmaceuticals based on particular sequencing data. Furthermore, the development of high-capacity advanced sequencing systems will lower the cost of genome sequencing, making customized medicine creation easier.

Global Personalized Medicine Market By Product

North America is anticipated to dominate
On the basis of regions, the personalized medicine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to widespread use of healthcare IT systems in clinical workflows, as well as next-generation sequencing technologies, which make it easier and faster to create customized and pharmacogenomic data. Furthermore, the region's market growth may be attributable to the increasing approval granted to personalized medicine firms for their innovative treatments. Personalized medicines accounted for about 39% of all FDA-approved new medications in 2020, according to the 2020 Scope and Significance of Progress report. For example, the FDA in the United States authorized avapritinib in January 2020 for the treatment of patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST). It is the first treatment for GIST patients who have a PDGFRA exon 18 mutation.

On the other hand, Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to low cost of performing clinical trials of newly discovered precision medicines and diagnostics in this region, which draws international investment. Furthermore, favorable government measures to embrace personalized healthcare solutions are boosting regional market growth. The National Precision Medicine initiative and the Three Beyonds program, for example, were created in Singapore to encourage the adoption of new technologies and digital infrastructure to enable individualized healthcare.

Global Personalized Medicine Market By Region

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Personalized Medicine Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Personalized Medicine Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Personalized Medicine Market - Supply Chain
  4.5. Global Personalized Medicine Market Forecast
     4.5.1. Personalized Medicine Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Personalized Medicine Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Personalized Medicine Market Absolute $ Opportunity
5. Global Personalized Medicine Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Personalized Medicine Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Personalized Medicine Demand Share Forecast, 2019-2026
6. North America Personalized Medicine Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Personalized Medicine Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Personalized Medicine Demand Share Forecast, 2019-2026
7. Latin America Personalized Medicine Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Personalized Medicine Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Personalized Medicine Demand Share Forecast, 2019-2026
8. Europe Personalized Medicine Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Personalized Medicine Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Personalized Medicine Demand Share Forecast, 2019-2026
9. Asia Pacific Personalized Medicine Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Personalized Medicine Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Personalized Medicine Demand Share Forecast, 2019-2026
10. Middle East & Africa Personalized Medicine Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Personalized Medicine Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Personalized Medicine Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Personalized Medicine Market: Market Share Analysis
  11.2. Personalized Medicine Distributors and Customers
  11.3. Personalized Medicine Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Illumina, Inc.
     11.4.2. GE Healthcare
     11.4.3. Danaher Corporation (Cepheid, Inc.)
     11.4.4. Abbott
     11.4.5. QIAGEN
     11.4.6. Exact Sciences Corporation
     11.4.7. ASURAGEN, INC.
     11.4.8. Biogen
     11.4.9.
Segments Covered in the Report
The global personalized medicine market has been segmented on the basis of

Products
  • Personalized Medicine Diagnostics
    • Genetic Testing
    • DTC Diagnostics
    • Esoteric Lab Services
    • Esoteric Lab Tests
  • Personalized Medicine Therapeutics
    • Pharmaceutical
    • Genomic Medicine
    • Medical Devices
  • Personalized Medical Care
    • Telemedicine
    • Health Information Technology
  • Personalized Nutrition & Wellness
    • Retail Nutrition
    • Complementary & Alternative Medicine
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Illumina, Inc.
  • GE Healthcare
  • Danaher Corporation (Cepheid, Inc.)
  • Abbott
  • QIAGEN
  • Exact Sciences Corporation
  • ASURAGEN, INC.
  • Biogen
  • Dako A/S
  • Exagen Inc.
  • Precision Biologics
  • Celera Diagnostics LLC
  • Decode Genetics, Inc.
  • Genelex
  • IBM
  • Genentech Inc.
  • 23andME, Inc.

Key players competing in the personalized medicine market includes Illumina, Inc.; GE Healthcare; Danaher Corporation (Cepheid, Inc.); Abbott; QIAGEN; Exact Sciences Corporation; ASURAGEN, INC.; Biogen; Dako A/S; Exagen Inc.; Precision Biologics; Celera Diagnostics LLC; Decode Genetics, Inc.; Genelex; IBM; Genentech Inc.; 23andME, Inc.

Some of the key business strategies employed by companies includes mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase/enhance their market shares. For instance, in June 2020, Infosys announced a brand-new Personalized Medicine solution for the pharmaceutical sector. To derive intelligent insights, the solution uses SAP S/4HANA, SAP C/4HANA, SAP Analytics Cloud, and the SCI platform. This allows pharmaceutical firms to fulfill essential business and regulatory obligations while providing tailored experiences to patients.

Global Personalized Medicine Market By Key Players

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