Latest Study on “Personalized Medicine Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030”.
Latest Study on “Personalized Medicine Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030”.
The global Personalized Medicine market size is expected to be worth around US$ 5.8 trillion by 2030, according to a new report by Nova one advisor.
The global Personalized Medicine market size was valued at US$ 2.13 trillion in 2021 and is anticipated to grow at a CAGR of 11.9% during forecast period 2022 to 2030.
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The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development. Researchers are focusing on the identification and monitoring of different biomarkers that can be later used for developing efficient personalized medicine and pharmacogenomics.
The market growth can be attributed to several factors such as the high adoption of advanced genome sequencing instruments, the launch of companion diagnostics, and the rising incidence of cancer and other genetic disorders.
In addition, the growing number of retail clinics is further boosting the market growth. There is a high adoption rate of telemedicine solutions observed in retail clinics. With the integration of these solutions, retails clinics provide online scheduling solutions to patients along with contactless check-in and payment modes. Hence, such advanced solutions based on telemedicine are contributing to the growth of the market.
Moreover, the robust funding for supporting research on PM and cell therapy is contributing to the market growth. For instance, in May 2020, the Minderoo Foundation and the Federal government granted around USD 67.0 million for the Zero Childhood Cancer program (ZERO). The funding facilitated the development of a comprehensive genomic databank of individual patient’s cancer and healthy cells, facilitating in better understanding of childhood cancer.
The expanding presence of established players in distinct sectors of PM is also set to propel market growth. These are inclusive of companies such as Google and IBM among others. In November 2020, DeepMind, a Google company, announced that it had made a huge leap in the 3D analysis of proteins from their amino-acid sequence. This is expected to be a revolutionary development in the field of PM diagnostics.
Furthermore, PM is bringing a new paradigm in the ongoing COVID-19 pandemic. With the application of PM, researchers can identify the best management strategies for accurate diagnosis. This in turn will facilitate in designing the therapeutic approaches based on individual COVID-19 patients. However, these medicines are better suited for inherited diseases and conditions such as cancer that are developed owing to genetic mutations, rather than infectious diseases.
Report Scope of the Personalized Medicine Market
| Report Coverage | Details |
| Market Size | US$ 5.8 trillion by 2030 |
| Growth Rate | CAGR of 11.9% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product, Application, End Use and Region, |
| Companies Mentioned | Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., Biogen |
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Key Takeaways:
- The personalized nutrition and wellness segment accounted for the largest revenue share in 2021 owing to the growing demand for products of this segment, and less regulatory compliance
- The expanding pool of operational entities in this segment is expected to boost the sales of personalized nutrition products
- The therapeutics segment is expected to witness lucrative growth over the forecast period owing to the extensive usage of pharmacogenomics for developing biopharmaceuticals
- In therapeutics, the genomic medicine segment is expected to witness substantial growth through the forecast period owing to a reduction in costs of whole-genome sequencing
- North America held the largest revenue share in 2021. The growth of the market in this region is owing to intensive research for the development of new therapies
- In Asia Pacific, the market is expected to witness the fastest CAGR over the forecast period owing to growing PM startups and favorable government initiatives
- Companies operating in the market are receiving the U.S. FDA approvals for their personalized medicines. For instance, in February 2021, Biogen Inc. received the U.S. FDA approval for PLEGRIDY (peginterferon beta-1a) for treating patients with relapsing forms of Multiple Sclerosis (MS)
Product Insights
The personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share of 61.8% in 2021. The growth in the segment is owing to high usage rates and market penetration. In addition, the high over the counter nature of the sale of these products further enhance the availability of these products to the consumers and reduces regulatory implications from them as well. Making them relatively more easily accessible to the consumer.
Moreover, companies are launching new personalized nutrition products, thereby driving the segment growth. For instance, in April 2020, Nestlé launched nesQino, a personalized healthy superfood drink made from natural ingredients. The new product is a customizable drink made from ingredients such as vegetables, fruits, nuts, microalgae, and seeds.
The personalized medicine therapeutics segment is expected to witness a lucrative growth rate over the forecast period. The increasing development of genomic medicines and biopharmaceuticals based on specific sequencing data can be primarily attributed to the segment growth. In addition, the development of high-capacity advanced sequencing platforms will reduce the cost of genome sequencing, hence, facilitating the development of personalized medicines.
Regional Insights
North America dominated the personalized medicine market and accounted for the largest revenue share of 49.6% in 2021. The region is expected to continue its dominance during the forecast period. This growth can be attributed to the high adoption rate of healthcare IT systems in clinical workflows and next-generation sequencing technologies, which help generate personalized and pharmacogenomic data easily and efficiently.
In addition, the rising approval granted to personalized medicine companies for their novel therapeutics can be further attributed to the market growth in the region. Based on the 2020 Scope and Significance of Progress report, personalized medicines accounted for around 39 percent of the total FDA-approved new drugs in the year. For instance, in January 2020, the U.S. FDA approved avapritinib for treating patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST). It is the first therapy approved for patients with GIST having PDGFRA exon 18 mutation.
In Asia Pacific, the market is expected to grow fast over the forecast period. This is primarily owing to the low cost associated with conducting clinical trials of newly developed precision medicines and diagnostics in this region, which attracts foreign investments in this region.
In addition, favorable government initiatives to adopt personalized healthcare solutions are further contributing to market growth in the region. For instance, in Singapore, the National Precision Medicine program and the Three Beyonds program were launched for promoting the uptake of new technologies and digital infrastructure for supporting personalized healthcare.
Key Companies & Market Share Insights
The growing number of personalized medicine coalitions between companies and organizations is promoting the development of new therapeutic solutions. For instance, in February 2021, Illumina, Inc. signed an agreement with the Belgian Society of Medical Oncology (BSMO) for a national-level pilot program aimed at evaluating Comprehensive Genomic Profiling (CGP) in advanced metastatic cancer patients.
The company provided NextSeq and NovaSeq 6000 sequencing platforms for analyzing genes and biomarkers. Hence, such endeavors will promote the development of effective novel therapies. Additionally, entities are initiating strong partnerships to gain a competitive edge. One such example is Tempus, a technology company that has initiated data partnerships with prominent oncology centers in the U.S., working towards personalizing oncology care. Some of the prominent players in the personalized medicine market include:
- Illumina, Inc.
- GE Healthcare
- Danaher Corporation (Cepheid, Inc.)
- Abbott
- QIAGEN
- Exact Sciences Corporation
- ASURAGEN, INC.
- Biogen
- Dako A/S
- Exagen Inc.
- Precision Biologics
- Celera Diagnostics LLC
- Decode Genetics, Inc.
- Genelex
- IBM
- Genentech, Inc.
- 23andME, Inc.
Segments Covered in the Report
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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Personalized Medicine market
By Product
- Personalized Medicine Diagnostics
- Genetic Testing
- DTC Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Personalized Medicine Therapeutics
- Pharmaceutical
- Genomic Medicine
- Medical Devices
- Personalized Medical Care
- Telemedicine
- Health Information Technology
- Personalized Nutrition and Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
By Application
- Oncology
- CNS
- Immunology
- Respiratory
- Others
By End-use
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Objectives of the Study
- To define, describe, and forecast the Personalized Medicine market based on type, technology, application, end user, and region
- To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
- To profile key market players and comprehensively analyze their product portfolios, market shares, and core competencies
- To track and analyze competitive developments, such as product launches, expansions, acquisitions, agreements, and collaborations in the Personalized Medicine market
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