Global Personalised Medicine Market Report and Forecast 2024-2032

According to the report, the global personalised medicine market is projected to grow at a CAGR of 11.5% between 2024 and 2032 reaching a value of approximate USD 155 billion by 2032. Aided by the increasing demand for tailored healthcare solutions and technological advancements, the market is expected to grow significantly by 2032.

Personalised medicine, also known as precision medicine, represents a paradigm shift in healthcare, focusing on customising medical treatment to the individual characteristics of each patient. This approach takes into account genetic, environmental, and lifestyle factors, allowing for more precise, predictable, and effective treatments. Personalised medicine's growth is primarily fuelled by the increasing understanding of human genetics and the rapid advancements in genomic technologies.

One of the key drivers of the personalised medicine market growth is the growing prevalence of chronic diseases such as cancer, diabetes, and heart disease. Personalised medicine offers significant potential in managing these conditions more effectively by tailoring treatment strategies to individual patient profiles. This approach not only enhances the efficacy of treatments but also minimises the risk of adverse drug reactions, making it an attractive option in chronic disease management.

Technological advancements in areas such as genomics, bioinformatics, and data analysis are also pivotal in propelling the personalised medicine market demand. The decreasing cost of genomic sequencing and the development of sophisticated data analysis tools have made it possible to analyse vast amounts of genetic data, unlocking new possibilities in disease prediction, prevention, and treatment.

Moreover, personalised medicine is gaining traction due to its potential to revolutionise cancer treatment. By understanding the genetic makeup of a tumour, healthcare providers can identify the most effective treatment options, leading to better patient outcomes. This targeted approach is transforming oncology, making personalised medicine an increasingly important component of cancer care.

Regionally, North America holds a significant portion of the personalised medicine market share, driven by advanced healthcare infrastructure, significant investment in research and development, and supportive regulatory policies. Europe and the Asia-Pacific region are also showing strong growth potential, owing to the increasing healthcare expenditure and the rising awareness of the benefits of personalised medicine.

Market Segmentation

The market can be divided based on technology, application, product, and region.

Market Breakup by Technology

• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics
• Others

Market Breakup by Application

• Oncology
• CNS
• Immunology
• Respiratory
• Others

Market Breakup by Product

• PM Diagnostics
• Genetic Testing
• Direct-To-Consumer Diagnostics
• Esoteric Lab Services
• Esoteric Lab Tests
• PM Therapeutics
• Pharmaceuticals
• Genomic Medicine
• Medical Devices
• Personalised Medical Care
• Telemedicine
• Health information Technology
• Disease Management
• Personalised Nutrition and Wellness
• Retail Nutrition
• Complementary Medicine
• Alternative Medicine

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global personalised medicine market. Some of the major players explored in the report are as follows:

• Illumina Inc.
• GE Healthcare
• Pfizer Inc.
• Novartis AG
• Abbott Laboratories
• Asuragen Inc.
• Others