Personalized Medicine Market Size to Worth USD 152.40 Bn By 2031

BURLINGAME, Calif., May 27, 2024 /PRNewswire/ -- The global personalized medicine market is estimated to be valued at USD 81.33 Bn in 2024 and is expected to reach USD 152.40 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031, according to Coherent Market Insights. The growth of the personalized medicine market is driven by the increasing adoption of genomic testing across various regions. Genomic medicine is evolving rapidly, and it enables early detection, accurate diagnosis, and targeted prevention and treatment of diseases.

Market Dynamics:

The increasing adoption of personalized medicine and growing demand for personalized healthcare are the major factors driving the growth of the personalized medicine market. Personalized medicine considers individual lifestyle, environmental, and genetic differences and helps healthcare providers customize medical treatment accordingly. It is more effective in diagnosing, preventing, and treating diseases in individuals compared to traditional medicine, which follows a "one-size-fits-all" approach. Additionally, technological advancements in genomics and development of next-generation sequencing techniques are further fueling the adoption of personalized medicine.

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Market Trends:

Pharmacogenomics is the study of how genes affect an individual's response to drugs, which plays a vital role in the development of personalized medicine. Researchers are increasingly focusing on pharmacogenomics to develop personalized drug therapies based on an individual's genetic makeup. This helps physicians prescribe effective medicines while avoiding adverse drug reactions.

Pharmaceutical companies are collaborating with IT solution providers to incorporate advanced technologies such as artificial intelligence, machine learning, predictive analysis, and cloud computing into drug discovery and development processes. This helps pharmaceutical companies develop personalized treatment protocols more efficiently based on an individual's molecular and genetic profile.

Personalized Medicine Market Report Coverage

The rising focus on developing customized treatment protocols for patients based on their genetic makeup and other biomarkers is one of the major opportunities in the personalized medicine market. personalized treatment protocols helps clinicians determine which treatment options would work best for a specific patient and helps avoid trial-and-error methods. It also enables developing highly targeted drugs with improved efficacy and lesser side-effects. Various biopharma companies and governments are investing heavily in research related to biomarkers, genomics, and companion diagnostics to facilitate personalized healthcare approaches.

Growing investments by pharma majors and diagnostic players in the development and commercialization of companion diagnostics is another key opportunity in this market. Companion diagnostics help identify the right patients who are most likely to benefit from a particular therapy based on their genetic profile. It facilitates better clinical outcome and cost savings for payers by avoiding therapies for non-responsive patient populations. Various regulatory approvals and reimbursement policies are also favoring the adoption of companion diagnostics. Growing drug development in oncology and other therapeutic areas is further driving the demand for tailored companion diagnostics.

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Recent Developments:

In February 2023, Roche, announced that it has expended its collaboration with Janseen Biotech Inc., to develop companion diagnostic for targeted medicines, thereby enhancing its research and innovation efforts.

In December 2021, Biogen Inc, announced a collaboration focused on numerous therapeutic areas in neuroscience, expanding on the company's existing relationship.

Key Market Takeaways:

The global personalized medicine market is anticipated to witness a CAGR of 9.4% during the forecast period 2024-2031, owing to the rising focus on targeted therapies and precision medicine approaches.

By Application, the therapeutics segment is expected to hold a dominant position, accounting for around 60% of the market share by 2031, owing to the rising number of targeted drugs launches and robust pipeline of personalized medicines in clinical trials.

On the basis of indication, the oncology segment is expected to hold a dominant position over the forecast period, due to the growing adoption of targeted cancer therapies and companion diagnostics for tumor profiling.

By End User, the hospital & clinics segment is expected to hold the largest market share, due to rising number of precision medicines available for inpatient administration and personalized care services.

Regionally, North America is expected to dominate the global personalized medicine market, owing to the favorable reimbursement policies, rising healthcare investments, and growing focus on targeted treatment approaches in the region.

Some of the key players operating in the personalized medicine market include Precision Biologics, Danaher Corpoeration, Abbott, illuumina, Inc., Exact Science Corporation, ASURAGEN, Inc, Exagen Inc., Genentech, Inc., Berg Health, Omada Health, and Natera. These players are focusing on partnerships, mergers, and new product approvals to strengthen their market presence.

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Detailed Segmentation-

By Application:

• Therapeutics
• Nutrition & Wellness
• Diagnostics
•  Others

By Indication:

• Oncology 
• Immunology
• Neurology
• Cardiology
•  Autoimmune Diseases
• Others

By End User:

• Hospital & Clinics
• Diagnostic Laboratories
• Academic & Research Institutes
• Others

By Region:

• North America
  - U.S.
  - Canada
•  Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
•  Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
• Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
• Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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SOURCE Coherent Market Insights