The global personalized medicine market is valued at USD 326.7 Billion in 2023 and is expected to reach USD 690.9 Billion by 2033, expanding at a CAGR of 7.8% between 2022 and 2033.
In recent years, a significant focus is on how to employ advanced analytics, customized drugs, patient data, and other tools to better identify and treat illnesses. People are becoming more aware of the benefits of personalized treatment, and more genetic databases are being developed. These factors have been driving the global market for personalized medicine.
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.
Key Takeaways from the Global Personalized Medicine Market Report:
- Global Market Growth:
- The global personalized medicine market is valued at USD 326.7 billion in 2023 and is projected to reach USD 690.9 billion by 2033, expanding at a CAGR of 7.8% from 2022 to 2033.
- USA Market Overview:
- The USA personalized medicine market is expected to reach USD 256 billion by 2033, growing at a CAGR of 7%.
- Key Drivers: Increased healthcare spending and a surge in the number of personalized medicine providers contribute to rapid market growth.
- United Kingdom Market Overview:
- The UK market is anticipated to reach USD 50 billion by 2033, growing at a higher CAGR of 8.5%.
- The market is expected to witness an absolute dollar opportunity of USD 25 billion during the forecast period.
- Japan Market Overview:
- The Japan market is projected to grow at a CAGR of 7.8%, reaching USD 49 billion by 2033.
- Japan’s personalized medicine market is expected to gross an absolute dollar opportunity of USD 20 billion over the forecast period.
These insights indicate strong growth prospects for personalized medicine across key global markets, driven by increased demand, healthcare investments, and advancements in tailored therapies.
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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 GE Healthcare, Illumina, Inc., ASURAGEN, INC., Abbott, Dako A/S, Exact Sciences Corporation, Cepheid, Inc., Decode Genetics, Inc., QIAGEN, Exagen Inc., Precision Biologics, Celera Diagnostics LLC, and Biogen.
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.
Market 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
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
𝖤𝗑𝗉𝗅𝗈𝗋𝖾 𝖥𝖬𝖨’𝗌 𝖱𝖾𝗅𝖺𝗍𝖾𝖽 𝖮𝗇𝗀𝗈𝗂𝗇𝗀 𝖢𝗈𝗏𝖾𝗋𝖺𝗀𝖾 𝗈𝗇 𝖧𝖾𝖺𝗅𝗍𝗁𝖼𝖺𝗋𝖾 𝖬𝖺𝗋𝗄𝖾𝗍 𝖨𝗇𝗌𝗂𝗀𝗁𝗍𝗌 𝖣𝗈𝗆𝖺𝗂𝗇:
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