Personalized Medicine Market

Personalized Medicine Market Outlook

The global personalized medicine market size was valued at USD 556.14 Billion in 2022 and is likely reach to USD 955.66 Billion by 2031, expanding at a CAGR of 6.2% during the forecast period, 2023–2031. 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.

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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.

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 Personalized Medicine Market 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.

Personalized Medicine 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.

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Personalized Medicine Market Regional Outlook

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.

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Segments

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.

Competitive Landscape

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.