Personalized Medicine Market (By Product: Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, and Personalized Nutrition and Wellness) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 – 2033
The global personalized medicine market was valued at USD 578.21 billion in 2023 and is expected to reach over USD 1,233.23 billion by 2033, poised to grow at a notable CAGR of 8.10% from 2024 to 2033.
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The U.S. personalized medicine market size was valued at USD 168.45 billion in 2023 and is expected to reach around USD 373.96 billion by 2033, growing at a CAGR of 8.50% from 2024 to 2033.
North America dominated the personalized medicine market in 2023. 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.
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.
Report Coverage | Details |
Market Size in 2023 | USD 578.21 Billion |
Market Size by 2033 | USD 1,233.23 Billion |
Growth Rate from 2024 to 2033 | CAGR of 8.10% |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Segments Covered | Product, Application, End Use, Technology, 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 2023. 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 2023. The segment’s rise can be attributed mostly to the increased development genomic medicines and biopharmaceuticals based on specific sequencing data.
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.
By Product
By Application
By End-use
By Technology
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Personalized Medicine Market
5.1. COVID-19 Landscape: Personalized Medicine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Personalized Medicine Market, By Product
8.1. Personalized Medicine Market, by Product Type, 2024-2033
8.1.1. Personalized Medicine Diagnostics (Genetic Testing, DTC Diagnostics, Esoteric Lab Services, Esoteric Lab Tests)
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Personalized Medicine Therapeutics (Pharmaceutical, Genomic Medicine, Medical Devices)
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Personalized Medical Care (Telemedicine, Health Information Technology)
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Personalized Nutrition and Wellness (Retail Nutrition, Complementary & Alternative Medicine)
8.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Personalized Medicine Market, By Application
9.1. Personalized Medicine Market, by Application, 2024-2033
9.1.1. Oncology
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. CNS
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Immunology
9.1.3.1. Market Revenue and Forecast (2021-2033)
9.1.4. Respiratory
9.1.4.1. Market Revenue and Forecast (2021-2033)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Personalized Medicine Market, By End-use
10.1. Personalized Medicine Market, by End-use, 2024-2033
10.1.1. Hospitals
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Diagnostic Centers
10.1.2.1. Market Revenue and Forecast (2021-2033)
10.1.3. Research & Academic Institutes
10.1.3.1. Market Revenue and Forecast (2021-2033)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Personalized Medicine Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2021-2033)
11.1.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.3. Market Revenue and Forecast, by End-use (2021-2033)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.1.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.1.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.1.5.3. Market Revenue and Forecast, by End-use (2021-2033)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2021-2033)
11.2.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.3. Market Revenue and Forecast, by End-use (2021-2033)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.2.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.2.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.5.3. Market Revenue and Forecast, by End-use (2021-2033)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2021-2033)
11.2.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.6.3. Market Revenue and Forecast, by End-use (2021-2033)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2021-2033)
11.2.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.2.7.3. Market Revenue and Forecast, by End-use (2021-2033)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2021-2033)
11.3.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.3. Market Revenue and Forecast, by End-use (2021-2033)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.3.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.3.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.5.3. Market Revenue and Forecast, by End-use (2021-2033)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2021-2033)
11.3.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.6.3. Market Revenue and Forecast, by End-use (2021-2033)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2021-2033)
11.3.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.3.7.3. Market Revenue and Forecast, by End-use (2021-2033)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.4.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.4.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.5.3. Market Revenue and Forecast, by End-use (2021-2033)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2021-2033)
11.4.6.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.6.3. Market Revenue and Forecast, by End-use (2021-2033)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2021-2033)
11.4.7.2. Market Revenue and Forecast, by Application (2021-2033)
11.4.7.3. Market Revenue and Forecast, by End-use (2021-2033)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.3. Market Revenue and Forecast, by End-use (2021-2033)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2021-2033)
11.5.4.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.4.3. Market Revenue and Forecast, by End-use (2021-2033)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2021-2033)
11.5.5.2. Market Revenue and Forecast, by Application (2021-2033)
11.5.5.3. Market Revenue and Forecast, by End-use (2021-2033)
Chapter 12. Company Profiles
12.1. Illumina Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Precision Biologics
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Danaher Corporation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. GE Healthcare
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Celera Diagnostics LLC
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Decode Genetics Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Exact Sciences Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. IBM Corporation
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Exagen Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Biogen
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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