How Has the Personalized Medicine Market Evolved Historically and What is its Current Size
The personalized medicine market has seen considerable growth due to a variety of factors.
• The market for personalized medicine has seen rapid expansion in recent years. The market is set to increase from $386.27 billion in 2024 to $426.82 billion in 2025, showing a compound annual growth rate (CAGR) of 10.5%.
The significant growth in the historic period can be credited to factors such as the emergence of companion diagnostics, the shift towards patient-centered healthcare, changes in drug development models, efforts to contain healthcare costs, and a rise in the prevalence of chronic diseases.
What Is The Expected Growth In The Personalized Medicine Market Size?
The personalized medicine market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the personalized medicine market is predicted to experience notable expansion in the coming years, reaching a value of $662.67 billion in 2029 with a compound annual growth rate (CAGR) of 11.6%.
This growth during the forecast period is associated with ongoing advancements in genomics, the extensive work in biomarker discovery, the increasing use of telemedicine, regulatory guidelines, and collaboration as well as data sharing. Other significant trends expected in this projection period encapsulate the utilization of artificial intelligence (AI), advancements in genomic sequencing, data amalgamation and analytics, targeted and immunotherapy treatments, enabling patient control and knowledgeable decision-making, and collaborations and partnerships.
What Are the Critical Driver Fuelling the Personalized Medicine Market's Growth?
An increase in the occurrence of rare diseases is projected to propel the advancement of the personalized medicine market. The surge indicates the escalating count of individuals identified with conditions like Klinefelter Syndrome, Aarskog Syndrome, and Abetalipoproteinemia. These individualized treatments respond to the specific requirements of patients suffering from rare diseases. For example, in February 2024, the Genetic Alliance UK, a national charity based in the UK that assists people impacted by genetic, rare, and undiagnosed conditions, stated that within the UK, there are 3.5 million people dealing with a rare condition, and 1 out of 17 people will face a rare condition at some point in their lives. Thus, as the incidence of rare diseases continues to rise, it is stimulating the growth of the personalized medicine market.
What Are The Primary Segments In The Global Personalized Medicine Market?
The personalized medicine market covered in this report is segmented –
1) By Product: Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition and Wellness
2) By Application: Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology, Other Applications
3) By End-use: Hospitals, Diagnostic Centers, Research and Academic Institutes, Other End-Users
Subsegments:
1) By Personalized Medicine Diagnostics: Genetic Testing, Biomarker Testing, Companion Diagnostics, Molecular Imaging
2) By Personalized Medicine Therapeutics: Targeted Therapies, Gene Therapies, Monoclonal Antibodies, Cell and Gene Therapy Products
3) By Personalized Medical Care: Tailored Treatment Plans, Patient-Centric Care Models, Digital Health Solutions, Remote Patient Monitoring
4) By Personalized Nutrition And Wellness: Nutrigenomics, Customized Diet Plans, Supplement Personalization, Lifestyle Modification Programs
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Which Key Trends Are Driving Changes In The Personalized Medicine Market?
The surge in technological innovations is an emerging trend in the personalized medicine market. To maintain their market standing, leading businesses in this sector are integrating and utilizing novel technologies. For instance, OM1, a healthcare firm based in the US, known for its usage of real-world data and artificial intelligence (AI) to aid healthcare providers, launched an AI-driven platform aimed towards speeding up personalized medicine in April 2023. This technological innovation uses large-scale data analytics to generate impactful insights into diagnosis, progression, and treatments reactions. Its importance is underscored by its capacity to provide custom-tailored healthcare inputs, reinforce informed choices for healthcare providers, and speed up clinical trials through the efficient identification of suitable candidates, thereby boosting the progression of personalized medicine in the market.
Who Are the Key Players in the Personalized Medicine Market?
Major companies operating in the personalized medicine market include:
• Bayer AG
• Novartis AG
• Thermo Fisher Scientific Inc.
• GlaxoSmithKline plc
• AstraZeneca plc
• Abbott Laboratories
• Danaher Corporation
• Eli Lilly and Company
• Decode Genetics Inc.
• GE HealthCare Technologies Inc.
• Roche Diagnostics
• Genentech Inc.
• Biogen Inc.
• Illumina Inc.
• Qiagen N.V.
• Exact Sciences Corporation
• Myriad Genetics Inc.
• Verily Life Sciences LLC
• Guardant Health Inc.
• Tempus Labs
• Oxford Nanopore Technologies
• Foundation Medicine Inc.
• NanoString Technologies Inc.
• Exagen Inc.
• Asuragen Inc.
• Personal Genome Diagnostics
• Precision Biologics Inc.
• Strata Oncology
• Genelex Corp
• Invitae Corporation
• Color Genomics
• Helix OpCo LLC
• 10x Genomics Inc.
• Agena Bioscience Inc.
• Natera Inc.
• Becton Dickinson and Company
• PerkinElmer Inc.
• Sophia Genetics
• Genomic Vision
• Personalis Inc.
What Is The Most Dominant Region In The Personalized Medicine Market?
North America was the largest region in the personalized medicine market in 2024. Asia-pacific is expected to be the fastest-growing region in the global personalized medicine market during the forecast period. The regions covered in the personalized medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
