Personalized Medicine Market By Product (Personalized Medicine Therapeutics, Personalized Medicine Diagnostics), By Application (Oncology, Infectious disease, Neurology or Psychiatry, Cardiovascular, Others), By End User (Hospitals and Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The personalized medicine market valued for $300.00 billion in 2021 and is estimated to reach $869.48 billion by 2031, exhibiting a CAGR of 11.2% from 2022 to 2031.
Personalized medicines are the medical treatment regime decided based on individual characteristics of each patient. The major factor determining whether an individual is susceptible to a particular disease is their molecular and genetic profile. Also, it makes it easier to estimate which treatments would be beneficial and safe for the patient. In some instances, tailored medications are also referred to as stratified or precision medications. The practice of personalized medicine is still in its development phase, but it already has applications in the prevention and diagnosis of some diseases in addition to helping determine the course of treatment. The key component of personalized medicine is the presence of biomarkers, which are indicators of infection, disease, or environmental exposure. For instance, blood cholesterol level is the biomarker which indicates the presence of coronary heart diseases.
As traditional medicines do not have similar effect on each individual, owing to the differences in the genetic structures. Even small differences in the genetic structure may lead to unintended circumstances, and hence, this leads to the development of personalized medicines. In addition, personalized medicines offer several advantages such as improvement in disease detection, customization in disease-prevention strategies, provides more effective prescription drug use, prevention of predictable side effects and reduction in time and cost. Thus, such advantages lead to the increase in demand for personalized medicines, thereby propelling the growth of the market.
Furthermore, rise in prevalence of chronic conditions such as cancer, melanoma, and cardiovascular disease, and increase in demand for rapid action treatment procedure is increasing the demand for personalized medicines, and driving growth of the market. Also, surge in use of combination therapies, and increase in geriatric population are some of the factors that are driving the growth of personalized medicines market. The combination therapies use multiple drugs that work together to target different molecular mechanisms of the disease, and they are often tailored to each patient's unique genetic and molecular characteristics. Moreover, advantages offered by personalized medicines over the traditional medicines along with rise in adoption of these medicines is also driving the market growth.
In addition, increase in R&D activities in the field of diagnosis is indeed a major factor driving the growth of the personalized medicine market. With advances in genomic sequencing, bioinformatics, and other technologies, researchers are now able to identify genetic variations and other biomarkers associated with specific diseases at the individual level. This has led to the development of new personalized diagnostic approaches and tests, including companion diagnostics (CDx), which are used to determine the suitability of a particular therapy for a specific individual. This boosts the growth of the personalized medicine market.
In addition, advancements in genomics and proteomics is further boosting the market growth. The rapid progress in genomics and proteomics has allowed for the identification of disease biomarkers, which are specific molecules or characteristics that indicate the presence of a disease or a predisposition to developing a disease. By identifying these biomarkers, researchers and medical professionals can gain insights into the underlying mechanisms of the disease, as well as develop targeted therapies that are tailored to the individual patient's genetic makeup and specific biomarker profile. Thus, advances in genomics and proteomics have revolutionized the treatment and hold a great promise for improving the diagnosis, treatment, and prevention of a wide range of diseases which augments the market growth.
However, high cost of personalized medicines hinders the growth of the personalized medicine market. High cost of diagnosis and treatment makes it inaccessible for the patients with poor financial conditions and restrain the market in developing regions. Furthermore, many patients are unaware of about the concept of personalized medicines, which acts as a restrain to the market. On the other hand, government and non-government organizations are creating awareness about the advanced healthcare options among the population, which may increase the adoption of personalized medicines, thus, driving the market during the forecast period.
The global personalized medicine market is segmented based on product, application, end user and region. By product, the market is categorized into personalized medicine diagnostics and personalized medicine therapeutics. Based on application, market is segmented into oncology, neurology/psychiatry, infectious disease, cardiovascular and others. Based on end user, the market is segmented into hospitals & clinics, and others. Region wise, it is studied across North America (U.S., Canada, and Mexico), Europe (France, UK, Germany, Italy, Spain, and rest of Europe, Asia-Pacific (China, Japan, Australia, and rest of Asia-Pacific, and LAMEA (Latin America and Middle East & Africa).
Some of the major companies that operate in the global personalized medicine market are Aadi Bioscience, Inc., Abbott Laboratories, ARIEL Precision Medicine, Inc., Hoffmann-La Roche Ltd, GE Healthcare, Illumina, Inc., Takeda Pharmaceutical Company Ltd, Eli Lilly and Company, AbbVie Inc. and Qiagen.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the personalized medicine market analysis from 2021 to 2031 to identify the prevailing personalized medicine market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the personalized medicine market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global personalized medicine market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ProductPersonalized Medicine Therapeutics
Type
Pharmaceuticals
Genomic Medicines
Medical Devices
Personalized Medicine Diagnostics
By ApplicationOncology
Infectious disease
Neurology or Psychiatry
Cardiovascular
Others
By End UserHospitals and Clinics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East And Africa
Key Market Players
GE Healthcare,Inc
ARIEL Precision Medicine, Inc.
Abbvie Inc
QIAGEN
Illumina, Inc.
Eli Lilly and Company
Abbott Laboratories
F. Hoffmann-La Roche Ltd.
Takeda Pharmaceutical Company Ltd
Aadi Bioscience, Inc.
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