Personalized Medicine Market on the Rise, Projected to Reach USD 1.002 Trillion By 2031

According to SNS INSIDER, the global personalized medicine market size was estimated at USD 579.43 billion in 2023 and is expected to reach USD 1.002 Trillion by 2031, registering a robust compound annual growth rate (CAGR) of 7.09% during the forecast period from 2024 to 2031.

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List of Personalized Medicine Companies Profiled in Report:

• GE Healthcare
• Illumina Inc.
• ASURAGEN INC.
• Abbott
• Dako A/S
• Exact Sciences Corporation
• Danaher Corporation (Cepheid Inc.)
• Decode Genetics Inc.
• QIAGEN
• Exagen Inc.
• Precision Biologics
• Celera Diagnostics LLC.
• Biogen
• Genelex
• Genentech Inc.
• 23andMe

Key Indicators influencing market growth?

The demand for personalized medicine is influenced by several factors. To begin with, the rising prevalence of chronic diseases like cancer, diabetes, and cardiovascular ailments is creating an urgent need for more effective treatment options. Personalized medicine offers a glimmer of hope by enabling the development of targeted therapies with fewer side effects and higher success rates.  A 2023 report by the American Cancer Society estimates that over 1.9 million new cancer cases will be diagnosed in the US alone this year, highlighting the immense burden of chronic diseases.

Secondly, the declining costs of genetic testing and advancements in genomic sequencing technologies are making personalized medicine more accessible.  The National Human Genome Research Institute (NHGRI) within the National Institutes of Health (NIH) has funded various initiatives to bring down the cost of whole genome sequencing to $1,000, making it a more viable option for patients. This improved affordability is expected to significantly expand the patient pool for personalized medicine approaches.

“Political Trends”, the imperative factor.

Governments worldwide are actively supporting the advancement of personalized medicine through various initiatives. In the US, the National Institutes of Health (NIH) spearheaded the Precision Medicine Initiative (PMI) in 2015. This long-term program fuels research and aims to establish a national framework for personalized medicine. Similarly, the European Union (EU) established the Innovative Medicines Initiative (IMI) to bolster research and development (R&D) efforts specifically in personalized medicine. These government-backed programs are anticipated to significantly increase market investment and expedite the creation of innovative personalized medicine solutions.

Personalized Medicine Industry Segmentation as Follows:

By Product

• Personalized Medicine Diagnostics
  • Genetic Testing
  • DTC Diagnostics
  • Others
• Personalized Medicine Therapeutics
  • Pharmaceutical
  • Genomic Medicine
  • Medical Devices

By Application

• Oncology
• Neurology
• Cardiology
• Antiviral
• Psychiatry
• Immunology
• Others

By End User

• Hospitals and Clinical Care
• Diagnostic Companies and Testing Facilities
• Academic Research Institutes and Research Laboratories
• Contract Research Organizations
• Bio and Health Informatics Companies
• Others

The personalized medicine market highly concentrated on End User segment. Hospitals and clinical care hold the current market lead, accounting for roughly 38% of the share. This dominance stems from their well-equipped facilities for administering personalized treatments. However, diagnostic companies and testing facilities are catching up, projected to be a significant contributor with their expansive range of diagnostic tools. Meanwhile, academic and research institutes (alongside contract research organizations) play a crucial role in driving innovation with a combined share of approximately 20%. Bio and health informatics companies, with their expertise in data analysis, are also emerging players. Finally, the “others” segment, encompassing pharmaceutical and biotech companies, is expected to see significant growth due to rising investments in personalized medicine.

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Regional Landscape:

North America (39.8% revenue share in 2023) currently holds the dominant position in the global personalized medicine market, owing to several factors. The region boasts a well-established healthcare infrastructure, with a high concentration of leading pharmaceutical and biotechnology companies. Additionally, strong government support for research and development, coupled with a growing acceptance of personalized medicine amongst patients and physicians, fuels market expansion in the region.

Europe (28.5%): Growing focus on precision oncology, rising utilization of biomarker testing fueling market expansion

Asia Pacific (19.3%) is expected to witness the fastest growth rate in the coming years. This can be attributed to factors such as a burgeoning patient population, rising disposable incomes, and increasing investments in healthcare infrastructure by governments in this region. China and India, in particular, are expected to be key growth markets for personalized medicine due to their large patient populations and growing awareness of personalized healthcare approaches.

Recent Developments:

• In 2023, Roche acquired a leading AI-based precision medicine company to enhance its personalized healthcare capabilities
• Illumina and Sequoia Capital partnered in 2022 to accelerate the development of genomic technologies for precision medicine
• Increasing adoption of liquid biopsy, next-generation sequencing, and AI/ML solutions for disease diagnosis and therapy selection

Key Takeaways:

• Rising prevalence of chronic and genetic diseases, increasing focus on early diagnosis and prevention are major growth drivers
• The therapeutic segment accounted for the largest revenue share in 2023 driven by growing adoption of targeted therapies and immunotherapies
• North America dominated the market in 2023 owing to well-established healthcare infrastructure, strong R&D focus in precision medicine
• Asia Pacific is anticipated to register the highest CAGR from 2024-2031 driven by increasing healthcare investments, improving diagnostic capabilities

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Table of Content

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Personalized Medicine Market Dynamics

Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 forces model

Chapter 7 PEST Analysis

Chapter 8 Personalized Medicine Market Segmentation, By Product

Chapter 9 Personalized Medicine Market Segmentation, By Application

Chapter 10 Personalized Medicine Market Segmentation, By End User

Chapter 11 Regional Analysis

Chapter 12 Company profile

Chapter 13 Competitive Landscape

Chapter 14 Use Case and Best Practices

Chapter 15 Conclusion

Continued…

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