Global Personalized Medicine Market Overview
The Personalized Medicine Market Size was valued at USD 519.2 Billion in 2022 and is projected to grow from USD 556.6 Billion in 2023 to USD 970.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). The various partnerships between researchers and industry participants, the increasing demand for breakthrough medication discoveries to address the rising incidence of malignancies and other disorders, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Personalized Medicine Market Trends
- The development of efficient and advanced technology is driving the market growth
The primary growth drivers of the global market for customized medicine are the development of efficient and cutting-edge technology, increased public awareness of personalized medicine, an increase in global government initiatives, and the expansion of the production of genetic databases. Additionally, the usage of customized medications is expanding in developing nations particularly in the disciplines of psychiatry, neurology, pulmonary medicine, and antiviral drugs. On the other hand, the worldwide market for personalized medicine is being constrained by increased costs for research and development as well as a higher likelihood of negative effects.
The demand for rapid onset action treatment procedures, the use of combined drug therapies, the aging of the global population, and the expansion of personalized medicine clinical trials in neurology departments will all contribute to the market growth of the personalized medicine. Additionally, there will be an increase in the number of patients with chronic illnesses like diabetes and cancer.
The rising prevalence of various cancer types, the low cost of personalized medicine therapy in cancer pharmaceuticals, and a number of other sickness indicators are expected to drive growth in the global market for personalized medicine. According to the World Health Organization (WHO), cancer was the leading cause of death globally in 2018, accounting for 9.6 million fatalities. This indicates that around 1 in 6 fatalities globally are caused by cancer.
The market for personalized medicine is anticipated to expand as a result of recent developments in pharmacogenomics, an increase in the adoption of advanced healthcare facilities, an increase in the costs of creating advanced infrastructures, the advantages and effectiveness of using personalized medicines, and research institutes' development of efficacy and quality of personalized drugs. Thus, driving the Personalized Medicine market revenue.
Personalized Medicine Market Segment Insights
Personalized Medicine Product Insights
The Market segments of Personalized Medicine, based on product includes personalized medicine diagnostics, personalized medicine therapeutics, personalized medical care, and personalized nutrition and wellness. In 2022, personalized nutrition and wellness accounted for the highest percentage. The vast consumption rate and market penetration are to blame for the segment's rise. A further factor driving demand is the high percentage of nutrition items sold over-the-counter (OTC), which has less regulatory ramifications. For instance, the American Heart Association reports that nutritionists are pursuing precision nutrition to treat cardiovascular disorders based on individuals' individual sensitivities to particular foods and nutrients in March 2022.
Personalized Medicine Application Insights
The 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.
Personalized Medicine End-User Insights
The Market segmentation of Personalized Medicine, based on end-user, 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, due to increased investment by pharma and biotech companies in personalized medicine fields and a wide product offering by diagnostic tool companies in personalized medicines, the others segment is anticipated to grow at the fastest rate during the personalized medicine market forecast.
Figure 1: Personalized Medicine Market, by End Use, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Personalized Medicine Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. 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, the U.S. market of Personalized Medicine held the largest market share, and the Canada market of Personalized Medicine was the fastest growing market in the North America region.
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.
Figure 2: Personalized Medicine Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Personalized Medicine market accounts for the second-largest market share. The primary reason driving the growth of the customized medicine market in this region is the presence of a number of significant players, including Abbott, Qiagen, GE Healthcare, and BASF SE. Additionally, there is a growing need for personalized medicine solutions that can offer more precise and efficient treatments due to the high prevalence of chronic diseases in Europe, including diabetes, cardiovascular disease, and cancer. Â Further, the German market of Personalized Medicine held the largest market share, and the UK market of Personalized Medicine was the fastest growing market in the European region.
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, China’s market of Personalized Medicine held the largest market share, and the Indian market of Personalized Medicine was the fastest growing market in the Asia-Pacific region.
Personalized Medicine Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the market of Personalized Medicine, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Personalized Medicine Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Personalized Medicine Industry to benefit clients and increase the market sector. In recent years, the Personalized Medicine Industry has offered some of the most significant advantages to medicine. 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.
Illumina Inc. (Illumina) offers genomic sequencing and array-based technologies for genetic analysis in the fields of cancer, consumer and translational genomics, and molecular diagnostics. The product line of the business includes sequencing kits and reagents, tools and systems for sequencing, kits and reagents for microarrays, reagents for molecular biology, and arrays and reagents. In the Americas, Asia-Pacific, Europe, the Middle East, and Africa, the corporation sells its goods directly to customers as well as through distributors. The U.S. city of San Diego serves as Illumina's corporate headquarters. Illumina, Inc. and the Belgian Society of Medical Oncology signed a study agreement in February 2021 to look into Comprehensive Genomic Profiling in patients with advanced metastatic cancer.
Nutraceutical goods, nutritional supplements, and medicinal food are all provided by Metagenics Inc. (Metagenics), a corporation that specializes in nutrigenomics. The business provides goods for immune health, men's and women's health, neurological health, blood sugar regulation, metabolic detoxification, stress reduction, and muscle, bone, and joint health in addition to cardiometabolic health. The company also sells products related to general wellness, body composition, and sports nutrition. A manufacturing facility for the business is located in Gig Harbor, Washington. In North America, Europe, and Asia-Pacific, Metagenics offers its products through distributors and direct sales. The business's main office is in Aliso Viejo, California, in the United States. The Personalized Lifestyle Medicine Center, a patient clinic and clinical research facility, opened in Washington in January 2019, according to a statement from Metagenics, Inc.
Key Companies in the market of Personalized Medicine include
-
Illumina Inc.
- Precision Biologics
- Danaher Corporation
- GE Healthcare
- Celera Diagnostics LLC
- Decode Genetics Inc.
- Exact Sciences Corporation
- IBM Corporation
- Exagen Inc.
- Biogen
Personalized Medicine Application Developments
January 2022Â Through the integration of Viocare's nutrition assessment software with personalized nutrition supplementation to create an end-to-end service platform, Panaceutics Nutrition and Viocare announced a collaborative agreement to produce personalized nutrition for healthcare providers and their subjects using a high-end technology interface.
December 2021Â Roche announced the release of the AVENIO Edge System, which will enhance sequencing technologies by delivering a fully automated, integrated sequencing solution and advancing its precision medicine solutions. The system is constructed with best-in-class core capabilities.
Personalized Medicine Market Segmentation
Personalized Medicine Product Outlook
- Personalized Medicine Diagnostics
- Personalized Medicine Therapeutics
- Personalized Medical Care
- Personalized Nutrition and Wellness
Personalized Medicine Application Outlook
- Oncology
- CNS
- Immunology
- Respiratory
- Others
Personalized Medicine End-User Outlook
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
Personalized Medicine Regional Outlook
- North America
- 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 Attribute/Metric |
Details |
| Market Size 2022 |
USD 519.2 Billion |
| Market Size 2023 |
USD 556.6 Billion |
| Market Size 2032 |
USD 970.7 Billion |
| Compound Annual Growth Rate (CAGR) |
7.20% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product, Application, End-User, 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 |
Frequently Asked Questions (FAQ) :
The Personalized Medicine Market size was valued at USD 519.2 Billion in 2022.
The global market is projected to grow at a CAGR of 7.20% 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.
