Published Date : 15 May 2023
The global personalized medicine market value is propelling at USD 2.64 trillion in 2023 and is expected to touch around USD 5.7 trillion by 2030, poised to grow at a projected CAGR of 11.6% throughout the projection period 2022 to 2030.
The development of effective and cutting-edge technology, rising levels of public awareness of customized medicine, a rise in global government efforts, and the expansion of genetic database creation are the main growth drivers of the worldwide personalized medicine market.
Personalized medicine, according to investors and experts, has the potential to significantly lower healthcare costs while assisting payers in marketing their goods to the most desirable consumers. Yet, the majority of payers have been hesitant to support individualized medication. A number of variables, according to payer group leaders, might explain this hesitancy. First, it is challenging to determine which tests actually save expenses. Second, although individual tests may not be extremely expensive, aggregate ultimate expenses may be excessively high due to the perception that it is hard to track much earlier-stage and experimental testing.
During the forecast period, the rise in patients with chronic illnesses like diabetes and cancer, as well as the demand for rapid onset action treatment methods, the rise in the use of combined drug therapies, the aging of the world's population, and the rise in the number of clinical trials for personalized medicine in neurology departments, will all contribute to the growth of the personalized medicine market.
Digital transformation in the healthcare system
The COVID-19 pandemic hastened the confluence of a number of trends in the healthcare sector, most notably customers' preference for accessibility and convenience. Leading health systems to see digital transformation as a method to change their operations, culture, and use of technology while also becoming more consumer-friendly.
For the healthcare sector, the COVID-19 pandemic drastically changed this state of affairs. Virtual healthcare and treatment provided in the patient's home become the standard for both need and desire. But, this transition was not as abrupt as it may have appeared. A number of themes, including changing consumer tastes, quickly developing technology, emerging talent models, and therapeutic innovation, were accelerated by the epidemic. Hospitals and health systems will likely focus their transformation strategy on a well-defined approach to digital technology as they try to change their businesses in light of these developments.
Digital capabilities are seen as a way for health systems to radically change their interaction with patients. The majority of poll participants (92%) listed improved patient experience as their main goal for the digital transformation. To enhance patient experience and advance more contemporary models of care delivery that use digital technology, health system interviewees and panelists discussed adopting a consumer-centered, outside-in approach to designing processes and experiences from a consumer's perspective as a way to earn their trust and loyalty.
The main market for customized medications was North America. The growth of the customized medicine sector in North America is being aided by the development of next-generation sequencing technologies and the use of health information technology systems. By 2032, the market in the USA is projected to be worth US$ 342 billion, expanding at a CAGR of almost 8%. One of the main variables influencing the industry in the country is the rising cost of healthcare for Americans. The market in the nation is anticipated to expand at a large rate in the approaching years due to the rise of customized medicine providers.
In a similar vein, it is anticipated that the Asia-Pacific market would expand the fastest during the next several years. This is due to the fact that conducting clinical trials for cutting-edge precision medicines and diagnostics is incredibly affordable here, attracting investment from outside the area.
Personalized Medicine Market Report Scope:
|Market Revenue in 2023||USD 2.64 Trillion|
|Projected Forecast Revenue in 2030||USD 5.7 Trillion|
|Growth Rate from 2022 to 2030||CAGR of 11.6%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Governments from all around the world are collaborating with pharmaceutical and biotech businesses to combat the COVID-19 epidemic, from fostering the creation of vaccinations to preparing for issues with the distribution of medical supplies. There are now about 155 compounds and 115 vaccine candidates in the R&D pipeline. Also, there has been a sharp increase in demand for regularly used medications such as hydroxychloroquine for the treatment of COVID-19. Because of the severe scarcity of these medications in many industrialized nations, the extremely high demand for these medications has created enormous potential for the makers of COVID-19 management medications. Because of the need for vaccination and COVID-19 therapy medications, the pharmaceutical and biotechnology sector is predicted to develop significantly in the next years. The market for customized medicine is thus anticipated to be significantly impacted by this.
Market Drivers: Digitization of the healthcare industry
According to the personalized medicine philosophy, each patient's therapy is based on their unique genetics, physical traits, environment, and lifestyle. Personalized medicine aims to "streamline clinical decision-making by differentiating in advance those patients most likely to benefit from a particular medication from those who would incur expenditure and experience adverse effects without obtaining a benefit," as the Federal Drug Administration (FDA) puts it. The utilization of cutting-edge molecular analysis techniques to gather genetic data plays a crucial role in customized treatment. These are two of the key drivers of customized medicine, together with the vast digitization of the healthcare industry and the effective use of information technology in the processing of patient data.
Market Restraints: Strict government regulations and lack of knowledge
In the upcoming years, the market is projected to be hampered by fierce rivalry among the current market participants, strict government restrictions governing product approval, and a lack of knowledge among the rural populace in emerging nations. And The COVID-19 pandemic epidemic made it difficult to continue the quest for new drugs.
Market Opportunities: A rising variety of companion diagnostics applications
A growing number of applications in companion diagnostics that are specifically created to assess a subject's suitability for a particular therapy and their response to a therapeutic regimen also employ personalized medicine. In order to develop effective precision medicine, companion diagnostics must take into account the microenvironment, the patient's genomic traits, ethnicity, and lifestyle choices. Due to the increased demand, there are an increasing number of companion diagnostics that have received FDA clearance. For example, Roche received U.S. FDA clearance in October 2020 to expand the use of the Cobas EGFR Mutation Test for the treatment of non-small cell lung cancer.
In 2022, personalized nutrition and wellness accounted for the highest percentage, with more than 60.23%. The vast consumption rate and market penetration are to blame for the segment's rise. For instance, the American Heart Association reports that nutritionists are pursuing precision nutrition to treat cardiovascular disorders based on individuals' individual sensitivities to particular foods and nutrients in March 2022.
Throughout the projection period, the customized medicine therapeutics segment is anticipated to develop at the greatest rate. The segment is expanding largely due to the increase in demand for biopharmaceuticals based on specially sequenced data and medicines with a genomics basis.
In 2020, the Launch of the M3DIMAKER 3D Printer for tailored medication was announced by FabRx. This machine can create printlets, which are 3D pills that are precisely dosed with medication. Also, this printer is capable of combining different medications into a single tablet as directed by a doctor.
In 2020, Pharmaceutical businesses now have access to a tailored medication solution built on SAP, according to Infosys. This approach assists pharmaceutical businesses in creating customized medications based on patient needs and drug dosage.
Major Key Players:
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