The newly released Personalized Medicine Market analysis report by Future Market Insights shows that global sales of the Personalized Medicine Market in 2022 were held at USD 326.7 Billion. With a CAGR of 7.8% from 2023 to 2033, the market in the country is expected to reach USD 690.9 Billion. Market through Personalized Nutrition & Wellness is expected to be the highest revenue generating segment, projected to grow at a CAGR of over 6.5% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Personalized Medicine Market (2023) | USD 326.7 Billion |
| Global Personalized Medicine Market (2033) | USD 690.9 Billion |
| Global Personalized Medicine Market CAGR (2023 to 2033) | 7.8% |
| USA Personalized Medicine Market CAGR (2023 to 2033) | 6.9% |
| Key Companies Profiled | 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; Biogen; Genelex; Genentech, Inc.; 23andMe, Inc. |
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As per the Personalized Medicine Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 6.6% CAGR.
The initiatives of the Precision Medicine Initiative have allowed and encouraged scientists from diverse backgrounds to work collectively. Achieving the objective of precision medicine will require creativity and collaboration among scientists, doctors, software developers, data scientists, patient advocacy groups, and governments, among other interested parties. In online collaborative forums, these groups can collaborate.
AdventHealth, for example, will expand its genomics program in 2022 by adding an initiative designed to better use data from profiles and molecular testing. This dataset will act as a hub for incorporating longitudinal patient data in disease analysis, which will make it possible for AdventHealth to forecast disease and create a more accurate response to treatment.
Starting in April 2023, a Nordic Precision Medicine Forum will be held at which academics and industry professionals in the fields of precision medicine and pharmaceutical manufacturing will discuss ways in which research can become more advanced and better to find elements of high product value capable of translation into the medical industry.
In addition, online forums for particular disciplines such as oncology and neurology will aid the growth of the business in this industry. For example, in May 2023 and in November 2023, online forums will be hosted in New Jersey and Berlin to allow healthcare experts, industry representatives, patients' organizations, researchers, payers, and government to share their knowledge and experiences with a more enhanced cancer treatment in the US.
Customer needs and technological advancements are two other key factors driving market growth. In November 2022, for example, the Cleveland Clinic expanded its cutting-edge genetic testing platform for cancer patients, making it the standard treatment. Whole-exome sequencing, which analyzes all other regions of the genome, has improved the capacity to analyze genomic content in tumor tissue samples. RNA sequencing, which examines how proteins in the tissue are encoded, is a complementary technological development in this field.
The market will generally develop at an encouraging pace throughout the forecast period, mainly due to the developments toward precision medications and diagnostics, along with the innovations such as Next Generation Sequencing and large genomic information. The market's progression will not be held back by the inclination toward preventive care over treatment-based care.
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.
Since it has aided in the discovery of cancerous tissues, personalized medicine is anticipated to grow in popularity in the future years. Other advantages include fewer negative effects and more acceptance in developed countries, which boosts the global market. Customized medicine allows for the development of treatment plans based on the immunophenotype of each patient.
If employed to treat different malignancies, the market for personalized medicine in underdeveloped countries will grow quickly in the coming years. People are becoming more aware of how it may help them and how quickly it has transformed other types of diseases.
Principal Consultant
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.
Similarly, the market in Asia-Pacific is predicted to develop the most rapidly in the coming years. This is because it is highly inexpensive to conduct clinical trials for novel precision medicines and diagnostics in this area, which draws investment from outside of the region.
The market in the USA is expected to reach a valuation of USD 256 Billion by 2033, growing at a CAGR of around 7%. The growing expenditure of Americans on healthcare is one of the key factors driving the market in the country. With the surge in the number of personalized medicine providers the market in the country is expected to grow at a significant pace in the forthcoming years.
The market in the United Kingdom is expected to reach a valuation of USD 50 Billion by 2033. Growing with a CAGR of 8.5% during the forecast period, the market in the country is projected to garner an absolute dollar opportunity of USD 25 Billion.
In Japan, the market is expected to grow at a CAGR of 7.8% from 2023 to 2033, reaching USD 49 Billion by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 20 Billion during the forecast period.
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Personal nutrition and wellness was the most profitable segment of the market in 2022, accounting for over 60% of the total revenue. As they are offered over the counter, personal nutrition and wellness products are also more convenient for customers to purchase. As a result, they are more accessible to general consumers and are less likely to encounter legal difficulties.
Companies are also introducing new individualized nutrition solutions, which is one of the key factors towards the market growth. For instance, Nestlé introduced nesQino in April 2020, a customized healthy superfood drink produced with natural ingredients that can be customized to meet the needs of each individual. Vegetables, fruits, nuts, microalgae, and seeds are among the elements used in the creation of the novel beverage.
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:
Similarly, recent developments related to the companies in Personalized Medicine Market have been tracked by the team at Future Market Insights, which are available in the full report.
In 2022, the market was valued at USD 326.7 billion.
The market is likely to experience a 7.8% CAGR through 2033.
The market in the United States is expected to reach a valuation of USD 256 billion by 2033.
The market in the United States is expected to surge at a CAGR of 6.9%.
The market in Japan is likely to expand at a CAGR of 7.8%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Diagnostics 5.1.1. Genetic Testing 5.1.2. DTC Diagnostics 5.1.3. Esoteric Lab Services 5.1.4. Esoteric Lab Tests 5.2. Therapeutics 5.2.1. Pharmaceutical 5.2.2. Genomic Medicine 5.2.3. Medical Devices 5.3. Personalized Medical Care 5.3.1. Telemedicine 5.3.2. Health Information Technology 5.4. Personalized Nutrition & Wellness 5.4.1. Retail Nutrition 5.4.2. Complementary & Alternative Medicine 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. MEA 7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. GE Healthcare 14.2. Illumina Inc. 14.3. Asuragen Inc. 14.4. Dako A/S 14.5. Abbott Laboratories 14.6. Exact Sciences Corporation 14.7. Biogen International 14.8. Exagen Inc. 14.9. Genelex Corporation 14.10. Precision Biologics, Inc. 14.11. QIAGEN 14.12. Celera Diagnostics LLC 14.13. Genentech, Inc. 15. Assumptions & Acronyms Used 16. Research Methodology
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Personalized Medicine Market
