Personalized Medicine Global Market Report 2024

Personalized medicine involves customizing medical treatment based on an individual's distinct genetic, environmental, and lifestyle factors, with the aim of preventing, diagnosing, and treating diseases in a more targeted manner. This approach strives to align the delivery of appropriate therapies with the specific needs of individual patients, ensuring that the right treatments are administered to the right individuals at the right time.

The primary products in personalized medicine comprise personalized medicine diagnostics, personalized medicine therapeutics, personalized medical care, and personalized nutrition and wellness. Personalized medicine diagnostics involves the study of an individual's specific genetic, molecular, and clinical characteristics to inform the diagnosis, treatment, and management of their disease. This approach is utilized in various applications such as disease diagnosis, treatment selection, monitoring treatment response, and clinical trial selection. Personalized medicine finds applications in diverse medical fields including oncology, neurology, blood transfusion safety, diabetes, autoimmune diseases, cardiology, and others. These products are employed in hospitals, diagnostic centers, research and academic institutes, and various healthcare settings.

The personalized medicine market research report is one of a series of new reports from The Business Research Company that provides personalized medicine market statistics, including personalized medicine industry global market size, regional shares, competitors with a personalized medicine market share, detailed personalized medicine market segments, market trends and opportunities, and any further data you may need to thrive in the personalized medicine industry. This personalized medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The personalized medicine market size has grown rapidly in recent years. It will grow from $352.73 billion in 2023 to $390.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The expansion during the historical period can be credited to the emergence of companion diagnostics, the emphasis on patient-centered healthcare, a transformation in drug development approaches, efforts to contain healthcare expenses, and the escalating incidence of chronic illnesses.

The personalized medicine market size is expected to see rapid growth in the next few years. It will grow to $590.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the upcoming period is linked to sustained progress in genomics, the broadening scope of biomarker exploration, increased acceptance of telemedicine, supportive regulatory structures, and collaborative efforts alongside enhanced data sharing. Noteworthy trends expected in this phase encompass the integration of artificial intelligence (AI), advancements in genomic sequencing, refined data amalgamation and analytics, developments in immunotherapy and targeted treatment approaches, the encouragement of patient autonomy for informed choices, and a surge in collaborative alliances and partnerships.

The escalating incidence of rare diseases is anticipated to drive the expansion of the personalized medicine market in the coming years. The heightened prevalence of rare diseases reflects the increasing diagnoses of conditions such as Klinefelter Syndrome, Aarskog Syndrome, Abetalipoproteinemia, and others. The rise in personalized medicine approaches is aimed at delivering more customized treatment solutions for individuals grappling with the surge in rare diseases. As evidenced in March 2021, the Journal of the European Academy of Dermatology and Venereology reported an estimated population prevalence of rare diseases ranging from 3.5% to 5.9%. This translates to approximately 260-440 million individuals affected worldwide. Additionally, Global Genes, a non-profit advocacy organization based in the United States, disclosed in an article that globally, 400 million people are grappling with rare diseases. Consequently, the growing prevalence of rare diseases stands as a key driver behind the burgeoning growth of the personalized medicine market.

The expanding population affected by obesity is anticipated to be a significant driver of the growth in the personalized medicine market in the future. Obesity, characterized by the abnormal or excessive accumulation of fat, poses health risks for individuals. Personalized medicine plays a crucial role in addressing the specific genetic and molecular factors contributing to obesity, enabling tailored and effective interventions. As of March 2022, the World Health Organization (WHO) reported that over 1 billion people worldwide are currently obese, with 650 million being adults, 340 million adolescents, and 39 million children. The WHO projects that by 2025, approximately 167 million adults and children will experience deteriorating health due to being overweight or obese. Consequently, the increasing prevalence of obesity stands as a key factor propelling the growth of the personalized medicine market.

Technological advancements have emerged as a prominent and widely embraced trend within the personalized medicine market. Major players in this sector are proactively integrating new technologies into their operations to fortify their market positioning. A notable example is OM1, a leading US-based healthcare company leveraging real-world data and artificial intelligence (AI) to support healthcare providers. In April 2023, OM1 secured a patent for its groundbreaking AI-powered platform designed to accelerate the field of personalized medicine. This cutting-edge technology harnesses the power of large-scale data analysis to extract meaningful insights pertaining to diagnoses, disease progression, and treatment responses. Its paramount significance lies in delivering customized healthcare inputs, thereby empowering informed decision-making for healthcare providers. Moreover, the platform expedites clinical trials by efficiently identifying suitable candidates, thereby contributing significantly to the progress of personalized medicine within the market.

Major players in the personalized medicine market are strategically concentrating on the introduction of innovative products, exemplified by the launch of real-world data programs geared towards enhancing precision medicine solutions in mental health. Real-world data programs involve the systematic collection and analysis of information derived from routine clinical practices and patient experiences, providing valuable insights to inform healthcare decisions and outcomes. A case in point is Tempus, a US-based technology company specializing in utilizing artificial intelligence for advancing precision medicine. In May 2022, Tempus unveiled Tempus N+, a psychiatric real-world data program that incorporates key features such as collaboration with academic medical institutions, an integrated operating system dedicated to mental health, secure data pipelines, and access to real-world data. Additionally, the program facilitates the expansion of psychiatric care through Electronic Medical Record (EMR) integration and pharmacogenomic testing.

In April 2023, 4D Molecular Therapeutics (4DMT), a clinical-stage gene therapy company based in the United States and dedicated to developing products for both rare and prevalent diseases, acquired the worldwide rights to short-form human complement factor H (sCFH) from Aevitas Therapeutics, Inc. for a sum of $140 million. This strategic acquisition marks a significant milestone in the field of personalized medicine, particularly in the treatment of rare and genetic diseases, with a specific focus on addressing geographic atrophy. By targeting the complement pathway, this acquisition has the potential to yield improvements in patient outcomes. Aevitas Therapeutics, Inc., also based in the United States, is a biopharmaceutical company specializing in the development and commercialization of gene therapies for complement-mediated diseases.

Major companies operating in the personalized medicine market report are 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., Guardiome, 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.

North America was the largest region in the personalized medicine market in 2023. 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.

The countries covered in the personalized medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The personalized medicine market consists of sales of topical creams, serums, dietary supplements, customized meal plans, nutritional products, and drugs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Personalized Medicine Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on personalized medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for personalized medicine ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The personalized medicine market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Bayer AG; Novartis AG; Thermo Fisher Scientific Inc.; GlaxoSmithKline plc; AstraZeneca plc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.