PUBLISHER: Grand View Research | PRODUCT CODE: 1529789
PUBLISHER: Grand View Research | PRODUCT CODE: 1529789
Market Size & Trends
The global personalized medicine outsourcing market size was estimated at USD 101.62 billion in 2023 and is projected to grow at a CAGR of 12.21% from 2024 to 2030. The increasing awareness about the benefits of personalized medicine, increasing application of personalized medicine in various diseases, such as rare diseases, cancer, infectious diseases, and others, the requirement of specialized expertise, and the benefits of outsourcing the services are some of the major factors driving the market growth.
The increasing prevalence of diseases such as chronic diseases, rare diseases and infectious diseases is further increasing the demand for these medicines as it offers enhanced patient outcomes. According to the data published by American Cancer Society, cancer was expected to cause around 609,820 deaths in the U.S. in 2023 and was expected to diagnose over 1.9 people in the same year.
The applications of personalized medicine have significantly increased in cancer care, which is one of the major factors contributing to the market growth. Personalized medicine or precision medicine is utilized for several purposes in oncology such as early detection of certain cancers, identifying people with higher cancer risk, evaluation of treatment alternatives, and effect of treatment on patient's health. As the burden of these diseases increase, the demand for personalized medicine is also anticipated to witness growth.
Furthermore, CROs and CDMOs have witnessed significant growth during the past few years as most of the pharmaceutical companies are opting to outsource their drug development and manufacturing activities to these outsourcing companies. Building and maintaining internal capabilities for all aspects of personalized medicine, from development to manufacturing, requires several resources and investments. Therefore, outsourcing these activities can allow companies to access specialized expertise, infrastructure, and resources according to their needs, thereby offering a cost-effective solution. Moreover, the complexity and risk associated with the development of personalized solutions, such as failures in the preclinical and clinical phases, offer a significant risk factor, while CROs can handle the complexities of later-stage development and manufacturing, allowing companies to streamline their operations and enhance their efficiency.
The awareness about personalized medicine has significantly increased in recent years owing to its several benefits, such as reducing trial and error prescribing, helping in avoiding adverse drug reactions, and shifting the medical emphasis from prevention to reaction. Personalized medicine offers the ability to use molecular markers that can indicate the disease risk or presence even before clinical signs and symptoms appear, allowing for early treatments of diseases and thereby improving patient outcomes.
Similarly, the patient's non-compliance with offered treatment and medication can lead to adverse health effects such as Adverse Drug Reactions (ADR), which have been on a significant rise in past years. Thus, increasing cases of ADRs would boost the demand for better treatment options among people further driving the demand for personalized medicine. For instance, according to an article published by the National Institute of Health (NIH) in January 2024, there were around 1.25 million serious adverse effects and approximately 175,000 deaths were recorded in the U.S. in 2022.
Global Personalized Medicine Outsourcing Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global personalized medicine outsourcing market report based on phase, application, service, type, end-use, and region.
Phase I
Phase II
Phase III
Phase IV
U.S.
Canada
Mexico
Germany
UK
France
Italy
Spain
Denmark
Sweden
Norway
China
Japan
India
South Korea
Australia
Thailand
Brazil
Mexico
Argentina
South Africa
Saudi Arabia
UAE
Kuwait