Personalized Medicine Market

According to Stratistics MRC, the Global Personalized Medicine Market is accounted for $339 billion in 2023 and is expected to reach $797 billion by 2030 growing at a CAGR of 13.0% during the forecast period. Personalized medicine heavily relies on pharmacogenomic testing. It makes it possible for medical professionals to select the safest and most effective medications and doses for each patient by identifying how a person's genetic composition influences how they respond to treatment. By discovering certain genetic variants and creating medicines that target the underlying causes of these problems, personalized medicine is revolutionizing the diagnosis and treatment of uncommon diseases.

Cancer is the biggest cause of mortality worldwide, according to the World Health Organization (WHO), with an estimated 9.6 million deaths in 2018. This means that cancer is responsible for around 1 in every 6 deaths worldwide.

Market Dynamics: 

Driver: 

Rise in targeted therapies

The discipline of customized medicine has greatly benefited by the advent of targeted medicines. One essential element of personalized medicine is targeted medicines, which are created to explicitly target the genetic or molecular aspects of a patient's illness.  Comparing targeted therapies to standard treatments, one benefit is the decrease in adverse effects. Moreover, the probability of side effects is reduced by customizing therapies based on a patient's genetic or molecular profile, comparing targeted therapy to conventional, one-size-fits-all methods; greater treatment outcomes are frequently achieved. By identifying patients who are most likely to benefit from these medicines, personalized medicine increases the likelihood of success.

Restraint:

High cost

Exorbitant expenses may erect obstacles to entry, reserving tailored treatment for those with the means to obtain it. Healthcare inequalities may arise from this, with certain individuals receiving individualized, cutting-edge therapies while others lack access to them. Budgets for healthcare may be strained by the high expenses of individualized medication, which insurers and healthcare systems may find difficult to cover. This may restrict the number of these cutting-edge therapies that are offered by national or local healthcare systems. Because personalized medicine can be expensive, some patients may decide not to seek it and this could lead to missed chances for individualized therapies that might be safer and more successful.

Opportunity:

Drug development efficiency

Scientific discoveries and research findings may be translated into practical therapies more swiftly with the aid of efficient drug development systems. As a result, patients will benefit from customized therapy sooner and more quickly from the most recent advances in genetics and molecular biology. Additionally, the cost reductions may result from more effective medication development. Thus, a wider range of patients may benefit from and be able to acquire customized medications due to their increased affordability and accessibility thereby enhancing the growth of the market.

Threat:

Limited accessibility

Healthcare disparities may worsen if tailored medication is not widely available. There may be differences in health outcomes if patients who can afford individualized therapies receive subpar or ineffective care, while those who cannot afford these services may receive subpar or ineffective care. Cost considerations may prevent patients from selecting individualized therapy, which would reduce their autonomy over their medical care, less people having access to customized medicine might mean a lack of diverse patient data, which is essential for the field's achievements in research and treatment, insufficient data can impede the advancement of novel treatments and diagnostics.

Covid-19 Impact

Healthcare systems' and resources' first response to the COVID-19 pandemic has redirected them toward controlling and containing the virus. Numerous funds, including some targeted medicine projects, were taken away from non-urgent medical operations. Personalized medicine projects can benefit from the huge increase in telemedicine and remote monitoring that occurred during the epidemic. Remote consultations have made it possible to gather patient data and incorporate it into individualized treatment regimens, particularly for the management of chronic illnesses and mental health issues which has positively impacted the market growth.

The personalized medicine therapeutics segment is expected to be the largest during the forecast period

The personalized medicine therapeutics segment is estimated to have a lucrative growth, as this market for customized medicine has been steadily expanding due to developments in genomic sequencing technology and the growing accessibility of genetic and molecular data. It is anticipated that this rise will continue in the upcoming years as our knowledge of molecular biology and genetics expands. Genetic counselors are becoming more and more active in educating patients about the effects of their genetic information on their health. This is a vital part of customized treatment since it is important for patients to make educated decisions.

The psychiatry segment is expected to have the highest CAGR during the forecast period

The psychiatry segment is anticipated to witness the highest CAGR growth during the forecast period, as this can be very helpful in psychiatry when figuring out which psychotropic drugs are most likely to work and which can have negative side effects. Predicting a patient's reaction to particular psychiatric drugs can be aided by genetic testing and biomarker research. This spares medical professionals from the sometimes drawn-out process of trial and error involved in determining the appropriate prescription and dose, which is typical in the treatment of mental illness. Comorbid diseases like diabetes or cardiovascular problems are common in people with mental illnesses. 

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the existence of many significant companies, including Abbott, Qiagen, GE Healthcare, and BASF SE. Furthermore, the rising rate of chronic illnesses in North America, including diabetes, heart disease, and cancer, is driving up demand for customized medical solutions that offer more focused and efficient therapies. Additionally, North America boasts a very sophisticated healthcare system that places a high value on innovation and the uptake of cutting-edge technologies. This has made it possible for customized medical technologies to emerge and become widely used in the area.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing the presence of pharmaceutical businesses in the area and the rise in the purchasing power of populous nations like China and India are responsible for the market's expansion. Additionally, it is projected that the market will develop due to an increase in the cost of personalized medication and the use of high-tech processing to enhance the creation of tailored solutions.  Moreover, the Asia-Pacific area has a sizable and expanding population, which is increasing the need for more individualized medical treatments, including individualized medications. 

Key players in the market

Some of the key players profiled in the Personalized Medicine Market include Abbott, Dako A/S, Exact Sciences Corporation, Decode Genetics, QIAGEN, Precision Biologics, Biogen, Genelex, IBM, Genentech, Inc., 23andMe, Inc, GE Healthcare, Illumina, Inc, ASURAGEN, Aadi Bioscience, Inc., Takeda Pharmaceutical Company Ltd, ARIEL Precision Medicine, Inc., Hoffmann-La Roche Ltd., Abbvie Inc and Eli Lilly and Company

Key Developments:

In November 2023, Abbott has received U.S. Food and Drug Administration (FDA) approval for its molecular human papillomavirus or HPV screening solution, adding a powerful cancer screening tool for detecting high-risk HPV infections to the Alinity m family of diagnostic assays.

In October 2023, Exact Sciences Corp. announced the introduction of the Oncotype MAP™ Pan-Cancer Tissue test for patients with advanced, metastatic, refractory, or recurrent cancer.

In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes.

Products Covered:
• Personalized Medicine Therapeutics
• Personalized Medicine Diagnostics
• Personalized Medical Care
• Personalized Nutrition & Wellness
• Other Products
         
Applications Covered:
• Cardiology
• Oncology
• Antiviral
• Psychiatry
• Neurology
• Immunology
• Other Applications

End Users Covered:
• Hospitals 
• Research & Academic Institutes 
• Diagnostic Centers 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances