June 13, 2024
Personalized Medicine Market

Personalized Medicine Market Primed to Grow at a Robust Pace owing to Increasing Importance of Precision Medicines

The personalized medicine market comprises precision medicines, diagnostics and therapeutics that use an individual’s genetic profile to guide decisions on administering therapeutics and preventive healthcare along with disease prediction. Personalized medicine helps deliver the right treatment to the right patient at the right time. The rising trend of personalized treatment is increasing the adoption of companion diagnostics which help identify patients most likely to benefit from a particular therapy.

The global personalized medicine market is estimated to be valued at US$ 81.33 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Personalized Medicine Market are Precision Biologics, Danaher Corporation, Abbott, Illumina, Inc., Exact Sciences Corporation, ASURAGEN, INC., Exagen Inc., Genentech, Inc., Berg Health, Omada Health, Natera, Invitae, Myriad Genetics, Celcuity, InsightRX, and Axial3D.
The key opportunities in the market include increasing adoption of targeted therapies, rising application areas of companion diagnostics and advancements in big data and analytics.
Globally, there is a rising demand for personalized medicine with North America representing the largest market followed by Europe and Asia Pacific. Growing healthcare expenditure, increasing awareness and technological advancements are expected to drive the adoption of personalized medicines globally over the forecast period.

Market Drivers

Increasing prevalence of cancer and growing focus on precision medicines are expected to be the major drivers for the personalized medicine market. It is estimated that cancer incidence will rise to 22 million new cancer cases per year by 2030. Precision medicines identify the specific DNA mutations that fuel the disease and targets them using genetic sequencing and companion diagnostics. This is expected to drive significant growth in the adoption of personalized medicine over the next decade.

PEST Analysis

Political: The regulations set by government agencies like FDA has a significant influence on the development and adoption of personalized medicine. Regulations determine the market approval process for new diagnostic tests and therapies.
Economic: Personalized medicine promises more targeted treatment and better health outcomes that could help reduce overall healthcare costs in the long run. However, the R&D costs and need for specialized diagnostic tests makes it an expensive option currently.
Social: As awareness about the importance of predictive, preventive, and personalized care increases among consumers, the demand for personalized care is rising. People prefer treatment plans tailored to their own genetic profile and lifestyle factors.
Technological: Advancements in fields like genetic testing, big data analytics, and artificial intelligence are improving disease diagnostics and enabling the development of customized treatment protocols. Technologies like biomarkers, companion diagnostics, and pharmacogenomics are enhancing personalized care.

Geographic Concentration of Market

North America holds the largest share of the personalized medicine market currently due to factors such as rising healthcare spending, healthcare infrastructure, and presence of key market players in the region. The U.S. accounts for the maximum share in North America owing to the high adoption of advanced technologies and strong government support for R&D.

Fastest Growing Region

Asia Pacific region is expected to witness the highest growth over the forecast period owing to rising healthcare expenditure, increasing awareness regarding personalized medicine, booming economies of China and India and improving research base in the region. Furthermore, the presence of a large patient population base requiring diagnostic services and treatments will drive the market growth in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.