by The personalized medicine market comprises medical products and therapies which are tailored to individual patients’ genetic characteristics. Factors such as growing prevalence of chronic diseases such as cancer, diabetes and neurological disorders are driving the demand for personalized medicines which can provide more targeted treatments. Personalized medicines can analyze an individual’s genetic information, medical history and lifestyle to design optimal treatment strategies. Key aspects of personalized medicines include precision diagnostics, targeted therapies and preventative medicine. The growing awareness about benefits of personalized treatment approaches is also boosting this market.
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 from 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 personalized medicine market include growing demand for companion diagnostics, increasing adoption of personalized medicine approaches for cancer treatment and rising number of clinical trials for novel personalized therapies.
The market is also witnessing significant expansion in the Asia Pacific region owing to growing healthcare expenditure, rising awareness about personalized treatment benefits and increasing collaborations between global pharmaceutical companies and regional players.
Market drivers
A major driver for the personalized medicine market is the rising prevalence of chronic non-communicable diseases globally. Personalized medicines play a crucial role in effective disease management for chronic ailments including cancer, cardiovascular diseases, diabetes and neurological disorders. According to WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020. The need for improved treatment outcomes and superior patient care is expected to significantly drive the demand for personalized medicine over the forecast period.
PEST Analysis
Political: The Personalized Medicine market is regulated by various government agencies that regulate the approval and uses of personalized medicines and diagnosis tests. Changes in regulations can impact the adoption of new technologies.
Economic: The rising healthcare costs are driving the demand for more efficient and personalized healthcare solutions. Personalized medicine helps reduce side effects and costs associated with trial-and-error treatments.
Social: Growing awareness about genomic science and availability of direct-to-consumer genetic tests is fueling interest in personalized healthcare approach. Concerns remain around privacy and ability to obtain health insurance.
Technological: Advancements in genome sequencing, data analytics, bioinformatics tools are enabling identification of genomic variations and development of effective personalized treatment plans. Adoption of digital health technologies is improving access to personalized medicine.
Geographical Regions with High Market Concentration
North America region dominates the global Personalized Medicine market in terms of value currently. This can be attributed to the widespread availability of genetic diagnostic tests, strong reimbursement coverage, growing focus on precision medicine by pharmaceutical companies based in the US and Canada. Europe is another major market driven by initiatives toward development and adoption of companion diagnostics by biopharma firms across Germany, France, and the UK.
Fastest Growing Region
The Asia Pacific region is poised to be the fastest growing market for Personalized Medicine during the forecast period. This growth can be attributed to rising healthcare expenditure, increasing focus on genetic diagnostics for chronic diseases by regional pharmaceutical companies, and growing collaborations between regional players and international firms for development and commercialization of targeted therapies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
