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Global Personalized Medicine Market Size was valued at USD 519.4 Billion in 2022. The Personalized Medicine market Application is projected to grow from USD 556.2 Billion in 2023 to USD 970.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2023 - 2032). The numerous collaborations between researchers and business stakeholders, the expanding demand for novel drug discoveries to treat the increasing prevalence of cancer and other diseases, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The development of effective and cutting-edge technology, rising public awareness of personalized treatment, an increase in international government initiatives, and the expansion of genetic database manufacturing are the main growth drivers of the global market for customized medicine. In emerging countries, the use of specialized medications is also rising, particularly in the fields of psychiatry, neurology, pulmonary medicine, and antiviral treatments. On the other hand, rising expenses for research and development as well as a greater risk of adverse effects are restricting the global market for personalized medicine.
The market for personalized medicine will expand as a result of factors like the demand for quick-acting treatment methods, the usage of combination drug therapies, the aging of the world's population, and the increase of personalized medicine clinical trials in neurology departments. Additionally, there will be a rise in the number of individuals suffering from long-term diseases including cancer and diabetes.
The global market for personalized medicine is anticipated to expand as a result of the increasing prevalence of different cancer kinds, the cheap cost of personalized medicine therapy in cancer medicines, and a variety of other disease indicators. The World Health Organization (WHO) reports that with 9.6 million fatalities in 2018, cancer was the leading cause of death worldwide. This suggests that cancer is responsible for roughly 1 in 6 mortality worldwide.
The market for personalized medicine is expected to grow as a result of recent advancements in pharmacogenomics, a rise in the uptake of advanced healthcare facilities, an increase in the cost of building out advanced infrastructures, the benefits and efficacy of using personalized medicines, and the development of efficacy and quality of personalized drugs by research institutes. Thus, driving the Personalized Medicine market revenue.
The global Personalized Medicine market segmentation, based on Product includes personalized medicine diagnostics, personalized medicine therapeutics, personalized medical care, and personalized nutrition and wellness. The largest proportion was in 2022, with tailored nutrition and wellness taking the lead. The segment's growth can be attributed to the high consumption rate and market penetration. The high proportion of nutrition products marketed over-the-counter (OTC), which have less regulatory implications, is another factor fueling demand. For example, the American Heart Association predicts that in March 2022, nutritionists are seeking precision nutrition to treat cardiovascular illnesses based on patients' unique sensitivities to specific foods and nutrients.
The global Personalized Medicine market segmentation, based on Application, includes oncology, CNS, immunology, respiratory, and others. The global market was dominated by the oncology segment in 2022, and it is predicted that this trend will continue throughout the forecast period due to the rising need for tailored medications for the treatment of cancer. Additionally, customized medicine enables accurate molecular cancer detection, assisting medical professionals in determining the precise genetic abnormalities or other cancer-causing biomarkers. This accelerates the market growth for individualized medicine.
The global Personalized Medicine market segmentation, based on End Use, includes hospitals, diagnostic centers, research & academic institutes, and others. Due to the specialized facilities provided by hospitals for individualized treatments and solutions for various ailments, the hospitals sector led the market in terms of revenue in 2022. However, the others segment is predicted to develop at the highest rate during the forecast for the personalized medicine market due to increased investment by pharma and biotech firms in personalized medicine domains and a comprehensive product offering by diagnostic tool businesses in personalized medicines.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, North America held the largest share—more than 45.80%. This is linked to funding from large pharmaceutical companies and research organizations. All types of ailments are now best treated with personalized medicine, which is why drug discovery and research into any condition now include it. In the region, personalized medicine is advancing for diagnostic purposes. For instance, in January 2021 Illumina, Inc. creates the TruSight Oncology 500 (TSO 500) assay, which can identify up to 523 cancer biomarkers using nucleic acids from tumor cells. Further, In the North American area, the U.S. Personalized Medicine market had the biggest market share, while the Canada Personalized Medicine market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The second-largest market share belongs to the Personalized Medicine market in Europe. The presence of several important manufacturers, such as Abbott, Qiagen, GE Healthcare, and BASF SE, is the main factor fueling the expansion of the customized medicine market in this area. Due to the increased prevalence of chronic diseases in Europe, such as diabetes, cardiovascular disease, and cancer, there is also a growing demand for customized medicine solutions that can provide more precise and effective therapies. Further, In the European region, the German Personalized Medicine market had the biggest market share, and the U.K. Personalized Medicine market had the quickest rate of growth.
The Asia-Pacific Personalized Medicine market is expected to grow at the fastest CAGR from 2023 to 2032, due to rising demand for personalized diagnostics and novel treatment medications to combat the region's rising disease prevalence. Further, In the Asia-Pacific region, the Indian Personalized Medicine market had the quickest rate of growth while China's Personalized Medicine market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Personalized Medicine market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Personalized Medicine sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Personalized Medicine sector. Major players in the Personalized Medicine market, including Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., and Biogen, are attempting to increase market demand by investing in research and development operations.
For genetic analysis in the areas of cancer, consumer and translational genomics, and molecular diagnostics, Illumina Inc. (Illumina) provides genomic sequencing and array-based technologies. Kits and reagents for sequencing, tools and systems for sequencing, kits and reagents for microarrays, reagents for molecular biology, and arrays and reagents are all part of the company's product portfolio. The company offers its products directly to customers as well as through distributors across the Americas, Asia-Pacific, Europe, the Middle East, and Africa. The corporate offices of Illumina are located in the American city of San Diego. In February 2021, Comprehensive Genomic Profiling was the subject of a study agreement between Illumina, Inc. and the Belgian Society of Medical Oncology.
The company Metagenics Inc. (Metagenics), which specializes in nutrigenomics, offers nutraceutical products, nutritional supplements, and therapeutic food. Along with products for cardiometabolic health, the company also sells items for the immune system, men's and women's health, neurological health, blood sugar control, metabolic detoxification, stress reduction, and muscle, bone, and joint health. Additionally, the business offers items for general wellbeing, body composition, and athletic nutrition. In Gig Harbor, Washington, the company has a production facility. Distributors and direct sales are how Metagenics makes its goods available in North America, Europe, and Asia-Pacific. The company's headquarters are in Aliso Viejo, California, in the US. According to a release from Metagenics, Inc., the Personalized Lifestyle Medicine Center, a patient clinic and clinical research center, opened in Washington in January 2019.
· Illumina Inc.
· Precision Biologics
· Danaher Corporation
· GE Healthcare
· Celera Diagnostics LLC
· Decode Genetics Inc.
· Exact Sciences Corporation
· IBM Corporation
· Exagen Inc.
· Biogen
January 2022: Panaceutics Nutrition and Viocare announced a collaborative agreement to produce personalized nutrition for healthcare providers and their subjects using a high-end technology interface through the integration of Viocare's nutrition assessment software with personalized nutrition supplementation to create an end-to-end service platform.
December 2021: The AVENIO Edge System, which Roche announced, would advance its precision medicine products and boost sequencing technologies by providing a fully automated, integrated sequencing solution. Best-in-class core capabilities were used in the system's construction.
· Personalized Medicine Diagnostics
· Personalized Medicine Therapeutics
· Personalized Medical Care
· Personalized Nutrition and Wellness
· Oncology
· CNS
· Immunology
· Respiratory
· Others
· Hospitals
· Diagnostic Centers
· Research & Academic Institutes
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 519.4 Billion |
|
Market Size 2023 |
USD 556.2 Billion |
|
Market Size 2032 |
USD 970.9 Billion |
|
Compound Annual Growth Rate (CAGR) |
7.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product, Application, End Use, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., and Biogen |
|
Key Market Opportunities |
Technological advancements in diagnostics sector |
|
Key Market Dynamics |
The growing demand for novel drug discovery to combat the growing incidence of cancers and other diseases and numerous collaborations among researchers and market players |
The global Personalized Medicine Market was valued at USD 519.4 billion in 2022, and it is estimated to reach USD 970.9 billion by 2032.
The global market is projected to grow at a CAGR of 7.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., and Biogen.
The Personalized Nutrition and Wellness Product dominated the market in 2022.
The Oncology Application had the largest share in the global market.
Report Code :
RL65100
Published on :
Aug 2023
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