According to Precedence Research, the global personalized medicine market was valued at US$ 2.12 trillion in 2021 and is expected to reach over US$ 5.7 trillion by 2030, poised to grow at a notable CAGR of 11.6% from 2021 to 2030.
Personalized medicine is a sort of treatment that focuses on each patient’s unique physiological characteristics. Personalized medicine offers a big potential in leading the healthcare business with significant changes and adaptations, which a focus an illness understanding and management using advanced analytics, customized medicines, patient data, and other options.
The primary growth drivers of the global personalized medicine market are the development of efficient and advanced technology, increased public awareness about personalized medicine, increasing government initiatives around the world, and the growing development of genetic databases. Furthermore, rising customized medicine usage in neurology, pulmonary, antiviral, and psychiatry, as well as emerging economies, would open up new potential for the global personalized medicine market. On the other hand, the global personalized medicine market is restrained by increased research and development costs and a higher risk of negative effects.
The rise in the number of patients suffering from chronic diseases such as diabetes and cancer, as well as the demand for rapid onset action treatment procedures, the rise in the use of combined drug therapies, the global ageing population, and the increase in clinical trials for personalized medicine in neurology departments, are all driving the growth of the personalized medicine market during the forecast period.
Moreover, the personalized medicine market is expected to grow due to an increase in the adoption of advanced healthcare facilities, an increase in the costs of developing advanced infrastructures, the benefits and effectiveness associated with the use of personalized medicines, research institutes’ development of efficacy and quality of personalized drugs, and recent advances in pharmacogenomics.
The personalized medicine market’s expansion is hampered by the high cost of customized pharmaceuticals. On the other hand, favorable government reimbursement rules and a minimal chance of medical defects and side effects are likely to provide profitable market expansion potential.
The global market for personalized medicine is predicted to be fueled by the growing domination of various types of cancer, the affordability of personalized medicine therapy in cancer medications, and several other illness indications. Cancer is the biggest cause of mortality worldwide, according to the World Health Organization (WHO), with an estimated 9.6 million deaths in 2018. This means that cancer is responsible for around 1 in every 6 deaths worldwide.
The scope of personalized medicine is likely to rise enormously over the projection period, as it has helped target malignant tissues. Aside from that, fewer side effects and a high acceptance rate in developed markets will improved the global market for personalized medicine. The use of customized medicine opens up the possibility of designing specific therapeutic solutions for various patients based on their immunophenotype.
However, each treatment has its own set of benefits and drawbacks. Personalized medicine market faces number of problems such as limited number of marketing strategies, lack of consumer awareness, stringent government regulatory framework, and limited ability to integrate data sources.
In Asia-Pacific and Latin America, the personalized medicine market is growing. During the forecast period, this tendency is expected to continue. The presence of big patient pool, the expansion of the healthcare industry, and increased government investments in healthcare enhancement are expected to boost the personalized medicine market in these regions.
Due to increased public awareness about the use of personalized medicine therapy to treat various types of cancer and rapid innovations in personalized medicine for various other disorders, the personalized medicine market in emerging nations is expected to grow at a significant rate during the forecast period.
Scope of the Personalized Medicine Market
|Market Size||US$ 5.7 Trillion by 2030|
|Growth Rate from 2021 to 2030||11.6%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, End Use, Region
|Companies Mentioned||Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., Biogen|
The personalized nutrition and wellness segment dominated the personalized medicine market in 2020. The segment’s rise is due to strong utilization rates and market penetration. Furthermore, the high over the counter nature of these drugs’ sales increases their access to customers while reducing regulatory effects, making them more consumer friendly.
The personalized medicine therapeutics segment is fastest growing segment of the personalized medicine market in 2020. The segment’s rise can be attributed mostly to the increased development genomic medicines and biopharmaceuticals based on specific sequencing data.
North America dominated the personalized medicine market in 2020. The increased adoption rate of healthcare information technology systems in clinical workflows, as well as next generation sequencing technologies, which help generate tailored and pharmacogenomic data quickly and easily are contributing to the growth of the personalized medicine market in the North America region.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. This is due to the low cost of conducting clinical trials of newly created precision medicines and diagnostics in this region, which draws foreign investment in the Asia-Pacific.
The discovery of innovative treatment solutions is being aided by the expanding number of customized medicine collaborations involving corporations and organizations. The various developmental strategies such as business expansion, investments, new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global personalized medicine market include:
Segments Covered in the Report
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client