Personalized Medicine Market Size Worth $796.8 Billion by 2028 - Grand View Research, Inc.

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Jul 21, 2022, 08:30 ET

SAN FRANCISCO, July 21, 2022 /PRNewswire/ -- Personalized medicines focus on patients' medical history, diagnosis, and disease conditions to provide effective treatment and care. Precision medicine, P4 medicine, personalized medicine, and stratified medicine are all used synonymously. The term 'diagnostic analysis' is often used in personalized medicine to identify the best available treatment for patients based on individualized genetic content or cellular analysis. Personalized medicine has found widespread acceptance and the optimal response in treating chronic ailments and has the highest safety margin with the necessary risk assessments. It improves health care by minimizing overall treatment costs and curtailing any potential side effects as compared to traditional treatments. The global personalized medicine market size is expected to reach USD 796.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028.

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.

Key Industry Insights & Findings from the report:

Based on product type, the personalized nutrition and wellness segment captured the largest revenue share in 2020 and the personalized medicine therapeutics segment is projected to witness the fastest growth rate during the forecast period.
Based on geography, North America dominated the global market owing to the adoption of next-generation sequencing technologies and the presence of robust healthcare systems.
The Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period due to factors such as affordable clinical trials and favorable government conditions.

Read 221-page market research report, 'Personalized Medicine Market Size, Share & Trends Analysis Report By Product (Personalized Medical Care, Personalized Nutrition & Wellness, DTC Diagnostics, Telemedicine, Complementary Medicine), And Segment Forecasts, 2021 - 2028', published by Grand View Research.

Personalized Medicine Market Growth & Trends

According to Grand View Research, Inc., the global personalized medicine market is anticipated to account for USD 796.8 billion by 2028 and is projected to expand at a CAGR of 6.2% from 2021 to 2028. Personalized medicine therapy identifies the biomarkers in a patient to curate tailored treatment plans. It is usually used in treating rare genetic diseases and cancer. The market is driven by the rising burden of genetic diseases and different types of cancers. Furthermore, a huge flux of investments in healthcare IT and R&D activities are bolstering the market growth. In addition, the onset of the COVID-19 pandemic took the market to a new pedestal, with greater attention and effort to the development of personalized medicines.

In markets such as Latin America and Asia Pacific are showcasing massive signs of development in developing R&D infrastructure. New strides are being made in the field of bioinformatics and active peer levels discussions. This will sustain the medium to long-term growth of this industry. Moreover, the key companies are keen on launching FDA-approved companion diagnostic tests (CDx) in response to the growing market demand. For instance, Roche in October 2020 received the U.S. FDA approval for its Cobas EGFR Mutation Test v2 as a (CDx) for the treatment of specific lung cancer.

Personalized Medicine Market Segmentation

Grand View Research has segmented the global personalized medicine market based on product and region:

Personalized Medicine Market - Product Outlook (Revenue, USD Billion, 2017 - 2028)

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 & Wellness

Retail Nutrition
Complementary & Alternative Medicine

Personalized Medicine Market - Regional Outlook (Revenue, USD Billion, 2017 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy

Asia Pacific

Japan
China
India
South Korea

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Saudi Arabia

List of Key Players of Personalized Medicine Market

GE Healthcare
Illumina, Inc.
ASURAGEN, INC.
Abbott
Dako A/S
Exact Sciences Corporation
Danaher Corporation (Cepheid, Inc.)
Decode Genetics, Inc.
QIAGEN
Exagen Inc.
Precision Biologics
Celera Diagnostics LLC
Biogen
Genelex
IBM
Genentech, Inc
23andMe, Inc.

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Browse through Grand View Research's Biotechnology Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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