The newly released analysis report by Future Market Insights reveals that the global personalized medicine market, valued at USD 326.7 billion in 2022, is poised for substantial growth. The market is projected to expand at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2033, reaching an estimated USD 690.9 billion by the end of the forecast period.
A significant driver of this growth is the segment of personalized nutrition and wellness, which is expected to be the highest revenue-generating segment within the market. This segment is projected to grow at a robust CAGR of over 6.5% from 2023 to 2033. The increasing demand for tailored health solutions, driven by advancements in genomics, personalized dietary plans, and wellness strategies, is fueling this rapid expansion.
One of the key drivers of this growth is the burgeoning segment of Personalized Nutrition & Wellness, which is expected to be the highest revenue-generating segment within the market. This segment is projected to grow at a CAGR of over 6.5% during the forecast period, underscoring the increasing demand for tailored health solutions and wellness products.
More patients using personalized medication might help neurology, lung medicine, antiviral medicine, and psychiatry. This would broaden the global market for personalized treatment. The global personalized medicine market is also faltering as a result of increased research and development costs and poor side effects.
Over the forecast period, the personalized medicine market is expected to grow as more people develop chronic illnesses such as diabetes and cancer, more people receive combination pharmacological therapy, the global population ages, and more clinical studies for personalized medicine are conducted in neurology departments.
However, the exorbitant cost of customized drugs is stifling business growth. Due to the favorable government reimbursement criteria and low medical defect and side effect concerns, the market is expected to grow.
The growing number of cancer types and the low cost of personalized medicine therapy in cancer medications are expected to boost the global personalized medicine market. Cancer killed more than 9 million people in 2018, according to the World Health Organization. It kills almost one out of every six people worldwide.
North America was the prominent market for personalized medicines. The development of next-generation sequencing technologies and the implementation of health information technology systems are assisting in the expansion of the personalized medicine industry in North America. These technologies make it simple to get customized pharmacogenomic information in a timely and convenient manner.
Personalized Medicine Market Competitive Analysis
The precision medicine industry is moderately competitive, with several large corporations as well as a slew of smaller businesses vying for clients’ attention. Because of technological advancements and product improvements, the introduction of new technologies at low cost is assisting mid-size to small businesses in expanding their market presence. Among the firms with a strong presence in the sector are Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals.
Some of the recent developments of key Personalized Medicine providers are as follows:
- In February 2021, Illumina, Inc. entered into a study agreement with the Belgian Society of Medical Oncology to investigate Comprehensive Genomic Profiling in advanced metastatic cancer patients.
- In January 2019, Metagenics, Inc. announced that it has introduced a clinical research laboratory and patient clinic named Personalized Lifestyle Medicine Center in Washington.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Personalized Medicine Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Type (Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness) across five regions (North America, Latin America, Europe, APAC and Middle East & Africa).
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Segments Covered in Personalized Medicine Market Analysis
By Type:
- Personalized Medicine Diagnostics
- Genetic Testing
- DTC Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Personalized Medicine Therapeutics
- Pharmaceutical
- Genomic Medicine
- Medical Devices
- Personalized Medical Care
- Telemedicine
- Health Information Technology
- Personalized Nutrition & Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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