Market Analysis and Insights
The market for personalized medicine was estimated at 520.5 billion USD in 2022 and is anticipated to increase from 558.7 billion USD in 2023 to 971.8 billion USD by 2032, with a compound annual growth rate (CAGR) of 7.20% over the forecast period (2023-2032).
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As these ailments become more prevalent, there is an increasing need for personalized diagnostic and therapeutic methods. Additionally, the emergence of numerous big competitors is accelerating the market's rise even more. Aadi Bioscience, Inc., Abbott, Atlas Biomed Group Limited, ARIEL Precision Medical, Inc., BASF SE, and others are some of the top suppliers of personalized medical solutions.
Personalized Medicine Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 971.8 billion |
| Growth Rate | CAGR of 7.20% during 2022-2032 |
| Segment Covered | by Product, by Application, End User,by Region . |
| Regions Covered | North America, Europe, Asia Pacific, South America Middle East and Africa |
| Key Players Profiled | Illumina, Inc., Abbvie Inc, Abbott Laboratories, QIAGEN, Takeda Pharmaceutical Company Ltd, GE Healthcare,Inc, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., ARIEL Precision Medicine, Inc., and Aadi Bioscience, Inc. |
Market Definition
Precision medicine, commonly referred to as personalized medicine, is a medical strategy that customizes healthcare practices, medical choices, and procedures for each patient.
The unique genetic, biochemical, environmental monitoring, and behavioral elements that affect a person's health and reaction to medical treatments are taken into account by this method.
Medical therapies have historically been created based on typical reactions from huge populations. However, due to variations in each person's genetic makeup, metabolism, and other variables, people within a group may respond differently to the same treatment. The goal of personalized medicine is to better understand each patient's unique traits in order to treat these particular distinctions.
A common component of personalized medicine is the analysis of a person's genetic profile using methods like DNA vaccine . This knowledge may be used to locate genetic variants, mutations, and illness or condition susceptibilities.
Biomarkers are particular molecules or traits that can detect the existence of an illness, forecast how the disease will develop, or reveal how a patient will react to therapy. The goal of personalized medicine is to find these cancer biomarkers and utilize them to inform treatment choices. Medical practitioners can create treatment programmes that are individualized to the patient's particular needs based on the genetic and molecular data acquired. This may entail deciding on the best treatments, doses, and drugs.
Key Market Segmentation
Insights on Product
The Personalized Medicine Diagnostics Segment is Valued for the Highest Share
The personalized medicine diagnostics segment dominated the global personalized medicine market in 2021 and is anticipated to do so throughout the forecast period due to the rising prevalence of chronic diseases like cancer, diabetes, and cardiovascular disease and the consequent rise in demand for personalized medicine diagnostics for their detection. Furthermore, the segment's growth is being aided by a growing level of public and professional knowledge regarding innovative personalized medical solutions.
Insights on Application
The Oncology Segment Valued for the Highest Share
The growing need for personalized pharmaceuticals in the treatment of cancer is what has caused the oncology segment to lead the worldwide market in 2021 and is predicted to do so throughout the projected period.
Insights on Region
The North American Region Accounted for the Highest Share
North America held a sizable market share for personalised medicine in 2021, and it is projected that the region would hold this position throughout the forecast period. The presence of several important manufacturers, including as GE Healthcare, Abbott, Qiagen, and BASF SE, is the major factor promoting the growth of the personalized medicine market in this region. Additionally, the rising incidence of chronic illnesses including diabetes, cardiovascular disease, and cancer in North America is driving up demand for personalized medical solutions that can offer more focused and efficient therapies.
Key Company Profiles
The key players operating in the personalized medicine market include Illumina, Inc., Abbvie Inc, Abbott Laboratories, QIAGEN, Takeda Pharmaceutical Company Ltd, GE Healthcare, Inc, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., ARIEL Precision Medicine, Inc., and Aadi Bioscience, Inc.
COVID-19 Impact and Market Status
The pandemic brought attention to the value of personalized treatment and other cutting-edge healthcare approaches. Interest in personalized methods increased as a result of the focus on comprehending individual variances in response to the virus and therapies.
In order to understand the genetic determinants determining viral susceptibility and illness severity, considerable genomic research was sparked by COVID-19. This study advanced knowledge of the possibility of personalized medicine. Lockdowns, travel bans, and safety concerns caused several clinical studies for personalized medicine therapies to be halted. As a result, efforts in research and development were delayed. Global supply chains for laboratory supplies, reagents, and other materials required for genetic testing and personalized medicine research were also affected by the epidemic.
Healthcare systems diverted funds and attention from other areas, such as personalized medicine research, in order to manage and treat COVID-19 patients.
Latest Trends
1. An important trend was the ongoing development of genomic sequencing technology. An individual's genetic composition might now be more thoroughly and affordably analyzed because of high-throughput sequencing and falling prices. This development made it possible to find genetic variations linked to illnesses and treatment responses.
2. Liquid biopsies were becoming more popular as a non-invasive way to identify and track disorders like cancer. These tests examine cell-free DNA or other biomarkers that are present in the blood and provide information on the development of the illness and its response to therapy.
3. Large volumes of patient data and genetic information were analyzed using machine learning (ML) and artificial intelligence (AI) in personalized medicine. These technologies aided in pattern recognition, illness risk assessment, and treatment plan optimization for patients' specific needs.
4. Targeted medicines were being developed under the impact of pharmacogenomics, the study of how genetics affect medication reactions. Pharmaceutical firms have been putting more and more effort into creating medications that are efficient for particular genetic groupings, minimizing side effects, and improving treatment results.
5. In personalized medicine, companion diagnostics were becoming increasingly prevalent. To identify patients who would most likely benefit from the treatment, these tests are created in conjunction with particular medications. This strategy reduces needless medication exposure while improving treatment effectiveness.
Significant Growth Factors
The possibility and cost-effectiveness of sequencing a person's genome have increased due to ongoing developments in genomic sequencing technology. Due to a greater knowledge of genetic variants and their consequences for disease risk and treatment response, personalized medicine techniques have been more widely used.
As chronic illnesses like cardiovascular disease, diabetes, and cancer are growing more prevalent, there is a greater need for specialized and effective treatment approaches. The capacity to tailor medicines based on a patient's genetic and molecular profile is made possible by personalized medicine, which helps to enhance treatment results.
The study of pharmacogenomics, which investigates how genetic variations affect pharmaceutical responses, has led to the development of targeted drugs that are more effective and have fewer side effects. This has increased interest in individualized treatment plans.
By identifying those who are more likely to develop a given disease, personalized medicine can significantly contribute to preventative healthcare. Interest in genetic testing and individualized risk assessments has increased as a result of this trend toward preventative healthcare.
The capacity to analyze complicated patient data, spot trends, and forecast illness risks and treatment outcomes has been improved via the use of data analytics, artificial intelligence (AI), and machine learning (ML). The precision of personalized medical techniques has increased because of these technologies.
Restraining Factors
Since these therapies may need specialized clearance procedures due to their special characteristics, developing personalized treatments frequently includes traversing complicated regulatory paths. The quick speed of personalized medical breakthroughs may make it difficult for regulatory bodies to keep up, causing delays in approvals.
The requirement for specialized testing, data analysis, and individually designed therapies can make personalized medicine methods expensive. Accessibility may be hampered by these high prices, especially in areas with little healthcare services or insurance coverage.
The adoption of personalized medicine may be hampered by a lack of uniform processes for data gathering, analysis, and therapy delivery. Comparing outcomes across trials and therapies is difficult without consistent criteria.
The use of patient data, such as genetic details, medical histories, and lifestyle variables, is crucial in personalized medicine. It is essential to protect the privacy and security of this sensitive data, because patient participation in personalized medicine programmes may be discouraged by worries about data breaches or unauthorized access.
The utilization of genetic information about an individual and who should have access to it are ethical issues that are brought up by personalized medicine. These worries may affect how the public perceives and is willing to participate in personalized medicine projects.
Recent Developments in the Global Personalized Medicine Market: A Snapshot
• The Infinity Deep Brain Stimulation (DBS) device from Abbott was given permission by the American Food and Drug Administration (FDA) in January 2020 to target the internal globus pallidus, a region of the brain. With the help of this clearance, Abbott is able to develop its Infinity DBS system and provide movement disorder sufferers with individualized and patient-centered improvements.
• The Roche AVENIO Edge System, which is being introduced in December 2021, is intended to enhance sequencing technologies. In order to provide a fully automated, integrated sequencing solution and increase Roche's precision medicine offerings, it is built with best-in-class core capabilities.
Frequently Asked Questions (FAQ) :
The market for Personalized Medicine was valued at around US$ 971.8 billion in 2032 and will expand at a healthy CAGR of around 7.20 % between 2022-2032.
North America is expected to hold the largest market share in the Personalized Medicine market. North America led the global personalized market in 2020 and is likely to continue dominating the global revenue share with strengthening infrastructure and massive expansion of the geographic footprint displaying the consistent development initiatives of the well-established personalized medicine companies.
Personalized Medicine Market is segmented based on by Product , by Application, by End User , by Region.
Illumina, Inc., Abbvie Inc, Abbott Laboratories, QIAGEN, Takeda Pharmaceutical Company Ltd, GE Healthcare, Inc, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., ARIEL Precision Medicine, Inc., and Aadi Bioscience, Inc.
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