The global personalized medicine market size was exhibited at USD 2.12 trillion in 2021 and it is expected to be worth around USD 5.7 trillion by 2030 with a CAGR of 11.6% from 2022 to 2030.
The global personalized medicine market size was exhibited at USD 2.12 trillion in 2021 and it is expected to be worth around USD 5.7 trillion by 2030 with a CAGR of 11.6% from 2022 to 2030.
Market overview:
Personalized medicine is an approach to medical care and treatment that takes into account individual variability in genes, environment, and lifestyle for each person. The personalized medicine market is associated with the economic and commercial aspects that revolve around the development, production, and distribution of products and services related to personalized medicine. The personalized medicine market has the potential to transform healthcare by making treatments more effective and reducing adverse effects. However, it also presents challenges such as data privacy concerns, regulatory oversight, and the need for robust scientific evidence to support personalized treatment approaches. Genetic testing and diagnostics, pharmacogenomics, bioinformatics and targeted therapies are a few activities conducted by the personalized medicine market.
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Regional snapshot:
North America held the dominating share of the market in 2022, the region is expected to maintain its position with a significant growth rate in the market throughout the forecast period. North America has been a pioneer in genomics and molecular research, which are the foundation of personalized medicine. Initiatives like the Human Genome Project and subsequent advances in DNA sequencing technologies have provided a wealth of genetic information that is crucial for tailoring treatments to individual patients. In addition, a strong research and development base in the region contributes to the expansion of the market. Organizations in the region, especially in economically developed countries including the United States and Canada have enough resources and expertise to conduct groundbreaking research and develop innovative therapies.
North America has generally exhibited a higher level of awareness and acceptance of personalized medicine concepts among healthcare professionals, researchers, and patients. This receptive attitude has contributed to the rapid adoption of personalized medicine approaches. Moreover, substantial support from the government in several countries in North America poses a definite opportunity for the market to grow.
The Canada Institute of Health Research has started personalized medicine signature initiative to enhance patient satisfaction and outcomes from the healthcare sector. The initiative is mainly focused on areas such as infectious diseases, cancer, cardiovascular diseases and a few other rare diseases.
On the other hand, Asia Pacific is expected to witness the fastest rate of growth during the forecast period. Various governments and even private platforms across the region are focused on introducing initiatives to promote personalized medicine research and implementation. These initiatives aim to accelerate the integration of cutting-edge technologies into clinical practice. Many countries in the Asia-Pacific region are experiencing rising healthcare expenditures due to factors such as aging populations, increased prevalence of chronic diseases, and growing middle-class populations with higher disposable incomes
The presence of potential investors to boost the research and development activities in the region also promotes the growth of the market. Moreover, the region carries multiple business activities in the pharmaceutical and healthcare sectors including partnerships, product development and collaborations. This element acts as a major driver for the growth of the market in Asia Pacific.
In June 2023, Illumina and Invites Genomics announced that they both have started an initiative to create personalized medicine for Koreans. Under the initiative, companies are aiming to collect metadata and genomic information from almost 50,000 Koreans and 10,000 Jeju Island residents. According to the companies’ statement, the collected data will help them develop new biomarkers for the creation of novel personalized medicine. Such strategic activities are observed to propel the market’s growth in the region in the upcoming years.
The personalized medicine market in Europe is anticipated to grow at a notable rate during the forecast period. Regulatory bodies in Europe have been adapting to the challenges and opportunities presented by the personalized medicine field. The European Medicines Agency (EMA) has been continuously working to establish guidelines for the development and approval of personalized medicine therapies. European countries are investing in research and innovation in the field of personalized medicine. Projects such as the European Personalized Medicine flagship initiative aim to accelerate the development and adoption of personalized medicine approaches across Europe.
Report Highlights:
- By product, the personalized nutrition and wellness segment dominated the market in 2022, the segment is expected to generate a significant revenue share during the forecast period. Personalized nutrition and wellness solutions are particularly appealing to consumers who are becoming more health-conscious and seeking ways to optimize their well-being. Advances in genetic testing and analysis have allowed researchers to identify genetic variations that influence how individuals metabolize nutrients. Thus, the rise in nutrigenomics is observed to promote the growth of the segment.
- By application, the oncology segment is expected to lead the market throughout the forecast period while maintaining its dominance. Personalized medicine has changed the landscape of clinical trials and drug development in oncology. Trials can be designed to target specific patient populations with certain genetic mutations, making it more likely to demonstrate the efficacy of new treatments. This leads to faster drug approvals and more tailored therapies. Cancer treatment decisions are more effective when tailored to individual patients' needs, values, and preferences, the rising emphasis on patient centric approach is expected to promote the segment’s growth.
- By end-use, the hospitals segment is projected to account for the largest market share throughout the forecast period. Hospitals often conduct clinical trials to test new personalized therapies and treatments. Hospitals typically have a wide range of medical specialists and resources, making them well-equipped to handle complex cases and provide expert opinions on personalized treatment options.
Market dynamics:
Driver:
Technological innovation
Technological innovation plays a crucial role in driving the growth and development of the personalized medicine market. Technological advancements in genomics and molecular profiling have revolutionized personalized medicine. The ability to sequence an individual's DNA at a reasonable cost has enabled the identification of genetic mutations, variations, and biomarkers that are linked to specific diseases. This information allows healthcare providers to develop targeted therapies and interventions for individuals based on their genetic predispositions. Advanced imaging technologies, such as MRI, PET scans, and CT scans, provide detailed insights into a patient's anatomy and physiology. These imaging techniques, combined with AI-based image analysis, assist in the early detection, diagnosis, and monitoring of diseases, enabling personalized treatment plans. Thus, such technological innovations are observed to drive the growth of the market.
Restraint:
Unavailability of sufficient data for research
Personalized medicine often requires longitudinal data, which tracks patients' health over time to understand disease progression and treatment effects. If such data is unavailable or incomplete, researchers may struggle to analyze the long-term impact of treatments and make accurate predictions about disease trajectories. The use of patient data for research purposes is subject to various regulatory requirements, including informed consent and data protection laws. These regulations can slow down the process of data collection and analysis, further impeding personalized medicine research. Thus, unavailability of sufficient data is considered to act as a restraint for the market.
Opportunity:
Integration of artificial intelligence
In June 2023, Dartmouth announced the launch of a Center for Precision Medicine and Artificial Intelligence. The center aims to conduct interdisciplinary research into how to utilize artificial intelligence solutions for improving precision medicine outcomes. The launch of the center is supported by $2 million funding by Dartmouth’s Geisel School of Medicine and Cancer Center.
AI-powered algorithms can accelerate drug discovery by predicting potential drug candidates, identifying drug targets, and simulating drug interactions. This can lead to the development of more targeted therapies tailored to specific patient populations, increasing the efficacy and safety of treatments. Artificial intelligence can predict disease progression and outcomes based on patient data, allowing healthcare providers to intervene earlier and tailor treatment plans to each patient's needs. This proactive approach can improve patient outcomes and reduce the overall cost of healthcare by preventing complications and hospitalizations. Thus, the integration of artificial intelligence solutions in the overall cycle of personalized medicine is observed to offer multiple opportunities for the market’s expansion.
Challenge:
Ethical concerns
Proper informed consent is crucial when using individuals' genetic and health data for personalized medicine. Patients need to understand how their data will be used, who will have access to it, and the potential risks and benefits. Ensuring that patients are adequately informed can be challenging, especially when dealing with complex genetic information. Personalized medicine relies heavily on collecting and analyzing individual genetic and health data. This raises concerns about the security and privacy of sensitive medical information. The storage and sharing of such data must be done securely to prevent unauthorized access or potential misuse. Thus, ethical concerns are considered to act as a challenge for the market.
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Recent developments in the personalized medicine market:
- In June 2023, the regulator of healthcare sector in Emirate, the DoH of Abu Dhabi announced that it has signed a Memorandum of Understanding (MoU) with M42 and AbbVie. Under this strategic collaboration, DoH aims to foster advancements and innovation in the precision or personalized medicine sector. These efforts will be utilized in developing treatment for non-small cell lung cancer in UAE.
- In April 2023, OM1 announced the launch of its new artificial intelligence-based platform that is capable of offering personalized data about diagnosis, treatment and medication along with risk of respective medications. The platform is also capable of offering point-of-care solutions for better and effective decision making in the entire healthcare ecosystem.
- In May 2023, Lupus therapeutics and Lupus Research Alliance announced the launch of Lupus Landmark Study. The newly announced groundbreaking research study initiative by Lupus aims to fuel the pace of development of personalized or precision medicine
Segments Covered in the Report
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
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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