Personalized Medicine Market By Product Type (Therapeutics, Diagnostics, Nutrition & Wellness, and Others), By Indication (Oncology, Cardiovascular disease, and Others), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

Personalized Medicine Market size is expected to be worth around USD 1,103.6 Bn by 2032 from USD 511.8 Bn in 2022, growing at a CAGR of 8.2% during the forecast period from 2023 to 2032.

Personalized medicine, also known as precision medicine, is an approach to healthcare that tailors medical treatment and interventions to individual patients based on their unique characteristics, such as genetic makeup, lifestyle, and environmental factors. It aims to provide more accurate diagnoses, predict disease risk, and optimize treatment strategies by considering the specific needs and characteristics of each patient. Genetic testing and analysis play a crucial role in Personalized Medicine Market.

By examining an individual's genetic profile, including variations in genes, researchers and healthcare professionals can gain insights into disease susceptibility, drug metabolism, and potential treatment options. Personalized Medicine Market enables the development of targeted therapies that focus on specific molecular targets. These therapies are designed to be more effective and minimize side effects by selectively attacking diseased cells or pathways while sparing healthy tissues. Personalized Medicine Market emphasizes the involvement of patients in their healthcare decisions.

It encourages patient education, shared decision-making, and active participation in treatment planning and monitoring. Increasing geriatric population, the rising prevalence of chronic diseases like cardiovascular disease, cancer, diabetes, etc., along with growing demand for novel drug discovery are major growth factors stimulating the demand for Personalized Medicine Industry. Also, increasing government initiatives, rising R&D investments in the pharmaceutical sector, and increased public awareness about personalized medicine are expected to contribute to the market penetration during the projection period.

Driving factors

Increasing prevalence of chronic disorders

Chronic diseases are becoming a serious concern across almost all countries in the world. Many individuals in several countries around the globe suffer due to some or the other chronic disease management. The American Association for Cancer Research (AACR) projects that by the year 2040, there will be over 2.3 million new instances of cancer identified in the United States alone. The Federation of Indian Chambers of Commerce & Industry (FICCI) study estimates that 19 to 20 lakh cancer cases will be reported in India in 2022, although the actual incidence is expected to be 1.5 to 3 times higher.

The World Health Organization (WHO) estimates that there are 422 million diabetics worldwide, and it is directly responsible for 1.5 million deaths annually. Over the past few decades, diabetes has been progressively rising in both incidence and prevalence. Thus, the rising prevalence of chronic diseases like cancer, diabetes, etc., is likely to fuel the demand for Personalized Medicine Market during the projection period.

Rise in geriatric population with chronic illnesses

Over the years, in many regions over the globe, the geriatric population suffering from different chronic diseases has increased significantly. Cancer is largely an aging-related disease, according to the AACR. Those aged 55 and older account for 80% of cancer diagnoses in the country, while those aged 65 and over account for 57% of diagnoses. It is anticipated that this age group in the country will increase from 54.1 million in 2019 to approximately 81 million in 2040.

The American Diabetes Association (ADA) claims that diabetes is a very common health issue among the ageing population. Over one-quarter of people over 65 have diabetes, and half of older adults have prediabetes. In the future decades, the proportion of older adults with both illnesses is predicted to rise sharply. Thus, an increase in the geriatric population with chronic illnesses is anticipated to boost the demand for Personalized Medicine Market.

Restraining Factors

High cost of personalized medicine

One of the significant disadvantages of Personalized Medicine Market is its high cost. Personalized treatments often involve complex diagnostic tests, genetic profiling, and tailored therapies. These additional expenses can make Personalized Medicine Market inaccessible or unaffordable for many individuals, leading to healthcare disparities and limited access to advanced treatments. Thus, the high cost of personalized medicines may limit the market growth during the projected time period.

Ethical issues

Personalized Medicine Market raises ethical questions related to genetic testing and privacy. Genetic profiling and analysis involve obtaining and storing sensitive personal information, including an individual's genetic data. Safeguarding this data and ensuring privacy can be challenging, and there is always a risk of genetic discrimination or misuse of this information. Therefore, ethical concerns involved in personalized medicine are expected to have a negative impact on the growth of the market over the forecasted time period.

By Product Type Analysis

Nutrition & wellness products are witnessing highest demand

The nutrition & wellness segment has the largest share in the market in 2022 with the market revenue of 51%. Rising incidence of lifestyle diseases and growing concerns about inadequate nutrition are major factors that have led to high demand for personalized nutrition & wellness products. This is a key factor driving the Personalized Medicine Market segment growth. Moreover, an increase in health awareness and growing demand for retail nutrition products is likely to contribute to the growth of the segment during the projection period.

Also, the therapeutics segment is expected to witness growth at a high rate over the forecasted time period. Increasing prevalence of chronic diseases is a key factor driving the growth of the segment, as these medicines are mostly preferred in the treatment of these diseases. Moreover, increasing demand for genomics-based therapeutics, along with key R&D investments in development of novel therapeutics, are anticipated to have a positive impact on the segment growth during the projection period.

By Indication Analysis

The oncology segment dominates the market

The oncology segment leads the indication segment by accounting for a revenue share of 37% in 2022. Increasing use of personalized oncology medicines by patients with cancer is a key factor driving the growth of the segment. Moreover, the rising use of genomic profiling for diagnosis and therapy guidance in many tumors has increased the efficiency of these medicines. It is expected to contribute to the Personalized Medicine Market segment growth during the projection period.

Furthermore, the cardiovascular diseases segment is likely to witness fastest rate over the forecast period. Rising prevalence of cardiovascular diseases has stimulated the demand for personalized medicine. It is a key factor driving the segment growth. Also, technological advancements, along with new R&D investments, are likely to contribute to the growth of the segment.

By End-User Analysis

Hospitals & clinics are major end-users

Hospitals & clinics are expected to dominate the market with a revenue share of 45% throughout the forecast period. The rising demand for personalized medicine in hospitals due to the increasing prevalence of chronic diseases like cancer, cardiovascular diseases, diabetes, and other diseases are some major growth factor driving the segment's growth during the estimated time period. Also, rising healthcare investments in developing nations, along with favorable reimbursement scenario, is driving the Personalized Medicine Market growth of the segment.

Moreover, diagnostic centers are expected to witness growth at a high rate during the projection period. Rise in demand for rapid-acting advanced diagnostic solutions, along with technological advancements and new product launches, are key factors stimulating the growth of the segment during the projection period.

Key Market Segments

Product Type

• Therapeutics
• Diagnostics
• Nutrition & Wellness
• Other Product Types

Indication

• Oncology
• Cardiovascular disease
• Infectious disease
• Neurological disease
• Other Indications

End-User

• Hospitals & Clinics
• Ambulatory Surgical Centers
• Diagnostic Centers
• Other End-Users

Growth Opportunity

Development of Personalized Medicine

Several key players around the world are focusing on key collaborations in order to develop beneficial Personalized Medicine Market. There are several clinical trials being conducted for the same. For instance, the BSC-CNS i.e., Barcelona Supercomputing Centre and Fujitsu Limited, signed a dual collaboration agreement in April 2023 to advance tensor network-based quantum simulation technologies and to advance Personalized Medicine Market through the use of clinical data.

The first joint project intends to establish BSC and Fujitsu as leaders in a brand-new field that is essential to enable precision medicine: the capacity to utilize various types of data for use in the clinic, from molecular features in the genome to large-scale features in X-ray imaging. By doing this, the two parties will help to increase disease detection rates while also easing the burden on medical professionals who must diagnose illnesses. Such key collaborations are expected to fuel market growth during the estimated time period.

Transforming Cancer Care Through Personalized Medicine

The advent of personalized medicine has revolutionized the healthcare landscape, especially in the context of the cancer field. Types of cancer vary widely in their origins, symptoms, and treatment approaches. In the personalized medicine market, oncology stands out as a prime beneficiary, with treatment of cancer and therapies increasingly tailored to the unique genetic and molecular profiles of cancer patients.

This tailored approach with therapy in cancer medications not only enhances the effectiveness of treatments but also minimizes potential side effects, leading to improved patient outcomes and a more hopeful prognosis.

Latest Trends

Advancements in Genomic Sequencing

Advances in genomic sequencing technologies have led to a greater understanding of the genetic basis of diseases, including cancer. Personalized medicine approaches are being increasingly applied in oncology to identify specific genetic mutations or biomarkers in a patient's tumor, allowing for targeted therapies and tailored treatment plans. Moreover, liquid biopsy is being explored by research professionals, which can enhance the efficacy of Personalized Medicine Market. Liquid biopsies involve the analysis of circulating tumor DNA (ctDNA) or other biomarkers in the bloodstream.

This non-invasive technique allows for the monitoring of disease progression, treatment response, and the detection of minimal residual disease. Liquid biopsies have the potential to revolutionize cancer diagnostics and enable real-time monitoring of treatment effectiveness. Moreover the rapid development of genetic databases is also supporting the growth. Thus, these advanced technology in genomic sequencing and the use of liquid biopsies can be considered a positive trend and is likely to boost the market growth in the upcoming time period.

Role of Combination Products in Personalized Medicine

Combination products are now becoming integral to the personalized medicine market's mission of delivering precise and patient-centric healthcare solutions. They are a category of medical interventions that blend drugs, devices, or biological components into a single therapeutic approach, are rapidly becoming indispensable in fulfilling the personalized medicine market's overarching objective of providing precise and patient-centric healthcare solutions. This transformative shift in healthcare is driven by several factors.

Combination products often lead to enhanced therapeutic outcomes. By precisely targeting multiple facets of a patient's condition, these products can achieve synergistic effects that are greater than the sum of their individual components.

Regional Analysis

North America leads the market by holding a largest share in the account

North America is anticipated to witness the highest growth in the market in terms of region, with a revenue share of 45% during the projected time period. The market is expanding as a result of the rising incidence of cancer in North American nations like Canada. For instance, the Canadian Cancer Society stated in June 2022 that 233,900 persons in Canada were anticipated to receive a cancer diagnosis by the end of 2022.

The source also stated that colon, lung, breast, and prostate cancers are anticipated to be the most frequently diagnosed cancers. Thus, when there are more cancer cases, there is a greater demand for personalized medication, which is fuelling expansion in the these developed markets.

Moreover, the Asia-Pacific region is likely to grow at a high rate during the estimated time period. The growth of the market in the region is stimulated by a rise in the prevalence of chronic diseases, along with the increasing geriatric population.

Moreover, an increase in healthcare awareness, a rise in healthcare spending, rising R&D expenditure among Asian nations, and the adoption of advanced diagnostic methods are expected to drive the expansion of the market throughout the region during the projection period.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of Asia Pacific

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

The global Personalized Medicine market can be considered moderately competitive and consists of several large and small market players who are emphasizing improving their presence in the market. The market is expected to grow at a high rate over the forecast period due to the high demand for personalized medicine in the treatment of chronic diseases like diabetes, cancer etc.

The active participation of pharmaceutical companies in the personalized medicine market is accelerating the translation of genomic data into practical treatments for individual patients. Additionally, key partnerships and collaborations, investments in technology, launch of new products are likely to contribute to the market growth in the upcoming years.

Major Players in Personalized Medicine Market

• Illumina, Inc.
• Abbott Laboratories
• GE Healthcare
• Danaher Corporation
• Exact Sciences Corporation
• Precision Biologics
• Decode Genetics Inc.
• IBM Corporation
• Celera Diagnostics LLC
• Exagen Inc.
• Biogen
• Metagenics, Inc.
• Eli Lilly and Company
• Illumina Inc.
• QIAGEN, Exagen Inc.
• PERSONA nutrition
• Helomics Holding Corporation
• F. Hoffmann-La Roche Ltd.
• Other Key Players

Recent Development

• In September 2023, Researchers at the Ludwig Institute for Cancer Research combined ACT with a personalized cancer vaccine, leading to positive outcomes for patients with advanced ovarian cancer. Remarkably, the combination therapy resulted in disease control within three months for 12 out of 17 patients. This suggests that the treatment was effective in managing the disease.
• In June 2023, GE HealthCare presented a new, innovative technologies and diagnostics at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2023 annual meeting. GE HealthCare emphasized the importance of Theranostics, a cutting-edge approach that combines diagnostic imaging and targeted therapy.
• ​In April 2023, Function Oncology, a precision medicine start-up developing a personalized functional genomics platform powered by CRISPR to revolutionize the future of targeted cancer therapy, announced the closing of a $28 million Series A fundraising round to support its launch. Casdin Capital and Alexandria Venture Investments joined Section 32 and a16z in leading the fundraising. Utilizing a revolutionary CRISPR-enabled platform, Function Oncology is able to characterize and comprehend cancer in unprecedented, patient-specific detail.
• On February 2023, Accenture made a significant strategic investment through Accenture Ventures in Ocean Genomics, a cutting-edge technology and AI company. Ocean Genomics, based in Pittsburgh, has developed sophisticated software that focuses on modeling and understanding changes and variants in mRNA. This technology enables a more accurate prediction of a patient's biological response to a drug.
• In December 2022, UK's Newborn Genomes Programme aims to sequence the entire DNA of 100,000 healthy babies, allowing for screening of 200 rare but treatable genetic diseases. This program is a significant improvement over the current heel prick blood test, offering early diagnosis and swift treatments.

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