Personalized medicine industry is anticipated to be valued at US$ 89.49 billion in 2022. Industry Trends, Growth, Insight, Outlook, Impact of Inflation, Company Analysis, Global Forecast 2023-2027
Personalized Medicine Market will reach US$ 155.76 Billion by 2027. Personalized medicine is a medical approach to disease prevention and diagnosis based on behavioral, environmental, and genetic variability. Personalized medicine has earned popularity due to positive results obtained by precision medicine in treating cancer. It allows researchers and doctors to predict more precise treatment and make preventive strategies for any disease.
Personalized medicine is also known as individualized or Precision medicine, which targets the mutations of normal body cells into cancerous cells. The use of precision medicine, specifically in cancer, has fewer side effects with quick recovery than conventional drugs. According to our research findings worldwide Personalized medicine industry is anticipated to be valued at US$ 89.49 billion in 2022.
The Personalized Medicine Industry is Predicted to Grow with a CAGR of 11.72% from (2022 - 2027)
Precision medicine procedures are in high demand worldwide because of the increasing prevalence of cancer and the expanding number of treatment candidates in clinical trials. Furthermore, the rising number of genetic disease cases will be a significant factor influencing the growth of the precision medicine market.
Along with this, rising disposable income and increasing urbanization are the driving factors accelerating the development of the precision medicine market. Also, the increasing geriatric population and expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of the precision medicine market. For instance, In February 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to develop a new tailored cancer treatment for aggressive and untreatable cancers.
Increasing Technological Advancements
Increasing technological developments, such as the launch of diagnostic tools that will help doctors evaluate or carry out the proper diagnosis of a disease and subsequently guide patients with appropriate therapy, are expected to drive market growth over the analyzed period. For instance, in February 2022, Invitae Corporation, a company in medical genetics, announced the launch of LiquidPlex Dx and FusionPlex Dx in Europe as part of its in-vitro diagnostic (IVD) products. Invitae is a significant provider of high-quality innovation for precision oncology in the fight against cancer. The LiquidPlex and FusionPlex tests will allow more patients to access the right cancer therapy at the right time.
Rising Number of Personalized Medicine Therapies will boost the Market's Progression:
The therapeutics segment in the personalized medicine market is slated to witness a double digit growth rate over the forecast period. There has been continual growth in precision therapeutics for the targeted treatment of conditions like genetic diseases and cancer. Moreover, companies are also involved in developing targeted therapies for various indications, including gastroenterology, infectious diseases, and cardiovascular diseases. The increasing usage of drugs in precision medicine treatment plans and the development of novel drugs will propel the growth of the therapeutics segment.
Analysis by End-Use:
The diagnostic segment is anticipated to expand at a high CAGR during 2022-27, owing to an increase in the count of diagnostic centers worldwide. Some factors influencing the industry's evolution are advancements in diagnostic techniques, state-of-the-art infrastructure, and the best available services to the patient population. Furthermore, there has been an increase in general awareness of the necessity of diagnostics. The growing need for predictive diagnostic testing for pulmonary illnesses, cancer, and genetic disorders, among others, will drive Precision Medicine Market growth.
Global Personalized Medicine Market Regional Insights:
The North American personalized medicine industry is expected to account for a significant revenue share in 2022 because of the rising prevalence of genetic disorders and cancer, the growing use of precision medicine approaches, and the companies such as Quest Diagnostics, Pfizer, Roche, and Qiagen in the region.
Cancer is Canada's top cause of mortality and the second-highest cause of death in the US, as stated by the American Cancer Society. In the US, about 1.8 Billion new cancer cases were diagnosed in 2020. Therefore, the region's high awareness of precision medicine and rising demand for tailored cancer therapy will drive industry revenue.
Impact of COVID-19 on Precision Medicine Market:
The global health crisis has resulted in the enormous demand for pharmaceuticals in the healthcare industry. The increased frequency of diseases entailed the development of personalized medicines that would aid in the better treatment of patients. The health distress is driving increased demand for tailored therapies, elevating the precision medicine market. In addition, the increasing count of cases of genetic mutation illnesses requires the aid of the precision medicine sector, which will result in market expansion over the forecast period.
Key Players:
Nanostring Technologies Inc, Quest Diagnostics, Qiagen, Medtronic, Novartis AG, Pfizer Inc, Merck & Co, Roche Diagnostics, Eli Lilly and Company, and Abbott Laboratories are the leading competitors in the Precision Medicine Market. Further, these organizations employ various techniques to drive their company portfolio worldwide, including innovative product releases and R&D.
The publisher's latest report “Personalized Medicine Market, Forecast ByType (Diagnostic, Therapeutics), Application (Oncology, Infectious Diseases, Neurology, Cardiovascular, Lifestyle and Endocrinology, Gastroenterology, Others), Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), End - User (Pharmaceutical, Diagnostic, Health IT, Others) Region ( North America, Europe, Asia Pacific, Middle East & Africa, South America), Companies (Nanostring Technologies Inc, Quest Diagnostics, Qiagen, Medtronic, Novartis AG, Pfizer Inc, Merck & Co, Roche Diagnostics, Eli Lilly and Company, Abbott Laboratories)” provides a detailed analysis of Global Precision Medicine Market.
Type -The market has been studied from 2 viewpoints:
1. Diagnostic
2. Therapeutics
Application - The market has been studied from 7 viewpoints:
1. Oncology
2. Infectious Diseases
3. Neurology
4. Cardiovascular
5. Lifestyle and Endocrinology
6. Gastroenterology
7. Others
Technology -The market has been studied from 5 viewpoints:
1. Big Data Analytics
2. Bioinformatics
3. Gene Sequencing
4. Drug Discovery
5. Companion Diagnostics
End User - The market has been studied from 4 viewpoints:
1. Pharmaceutical
2. Diagnostic
3. Health IT
4. Others
Region - The market has been studied from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Middle East & Africa
5. South America
Company Insights:
- Overview
- Initiatives/Recent Developments
- Financial Insight
Companies Covered:
1. Nanostring Technologies Inc
2. Quest Diagnostics
3. Qiagen
4. Medtronic
5. Novartis AG
6. Pfizer Inc
7. Merck & Co
8. Roche Diagnostics
9. Eli Lilly and Company
10. Abbott Laboratories
Table of Contents
Companies Mentioned
- Nanostring Technologies Inc
- Quest Diagnostics
- Qiagen
- Medtronic
- Novartis AG
- Pfizer Inc
- Merck & Co
- Roche Diagnostics
- Eli Lilly and Company
- Abbott Laboratories
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | October 2022 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 89.49 Billion |
| Forecasted Market Value ( USD | $ 155.76 Billion |
| Compound Annual Growth Rate | 11.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
