The global personalized medicine market size was estimated to be USD 578.70 billion in 2023 and is expected to reach at USD 1,266.52 billion by 2034 with a CAGR of 7.38% during the forecast period 2024-2034. Increasing demand for novel drug discovery, surge in incidence of cancers & other diseases, rising collaborations within researchers & market players, growing number of FDA approvals for companion diagnostics, increasing research & development activities for novel drug discovery, surge in adoption of technologically advanced solutions, and rising introduction of AI-based advanced solutions for personalized medicine are some of the key factors boosting the market growth.
Rising introduction of AI-based advanced solutions for personalized medicine is predicted to boost the market growth during the forecast period. Personalized medicine seeks to utilize an individual's unique genetic profile, lifestyle, and medical background to create treatments that are more precise and effective. Within the realm of personalized medicine, advanced diagnostic tests and tools are employed by healthcare professionals to identify genetic variations and other biomarkers linked to particular diseases. Through the analysis of this data, healthcare providers can design customized treatment strategies that cater to the distinct requirements of each patient. For instance, in June 2023, Illumina has introduced its latest innovation, the PrimateAI-3D AI Algorithm, designed to forecast disease-causing genetic mutations in patients with a remarkable level of accuracy. This algorithm employs deep neural network structures and is trained using genome sequences. PrimateAI-3D is geared towards addressing the obstacles encountered in the effective adoption of personalized genomic medicine by providing precise predictions concerning disease-causing genetic variants.
By product, personalized medicine diagnostics was the highest revenue-grossing segment in the global personalized medicine market in 2023 owing to the surge in burden of chronic diseases such as cancer, cardiovascular disease, & diabetes, growing demand for personalized medicine diagnostics for its detection, increasing awareness regarding advanced personalized medicine solutions among the people & healthcare providers, rising launch of advanced solution for diseases diagnosis, surge in research & development activities. For instance, in August 2022, Exagen has initiated the 'TiGER' study, which is focused on validating a novel and minimally invasive genomic diagnostic test for rheumatoid arthritis. This test utilizes the AVISE RADR platform. The study's objective is to pinpoint biomarkers within the synovial tissue that can predict the response to drugs in rheumatoid arthritis. This research will contribute to the advancement of personalized medicine for the treatment of the condition, potentially establishing it as the primary approach to care. Additionally, personalized medicine therapeutics is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for genomics-based therapeutics & the biopharmaceuticals based on specifically sequenced data, and rise of advanced sequencing technologies has significantly decreased the expense associated with genome sequencing.
By application, oncology was the highest revenue-grossing segment in the global personalized medicine market in 2023 owing to the growing demand for personalized medicines in cancer treatment, personalized medicine enables the accurate diagnosis of cancer at the molecular level, aiding healthcare providers in pinpointing specific genetic mutations or other biomarkers, and rising introduction of advanced systems. For instance, in June 2023, Qiagen has disclosed that the 'QCI Interpret' software has been chosen by the Danish National Genome Center to provide sequencing-based solutions for cancer patients. This variant interpretation and reporting software has been selected for the analysis of oncology data derived from whole-genome sequencing. This move is in alignment with Denmark's personalized medicine strategy, which aims to make whole-genome sequencing the standard of care for specific patient populations. Additionally, cardiovascular is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of CVS disorders and increasing adoption of personalized medicines in its treatment.
By end-user, hospitals & clinic s was the highest revenue-grossing segment in the global personalized medicine market in 2023. Hospitals provide dedicated facilities for delivering personalized treatments and solutions for a wide range of diseases. The growing number of clinical trials for personalized medicines is driving market expansion. For instance, in April 2023, Precision Biologics has revealed the publication of its inaugural Phase I clinical trial conducted in humans, featuring its innovative monoclonal antibody, NEO-201. This trial involved patients with refractory solid tumors. NEO-201 demonstrated its ability to diminish immune suppressive cells that can contribute to a decrease in the effectiveness of cancer-killing treatments like checkpoint inhibitors, such as Keytruda. Additionally, others is predicted to grow at fastest CAGR during the forecast period owing to rising investment by major market players in personalized medicines fields and extensive range of product offering in the field of personalized medicine by diagnostic tool companies.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing support by research institutions & major pharmaceutical companies, increasing research & development activities for drug discovery, surge in advancements in personalized medicine for diagnostics, and rising collaborations within market players. For instance, in February 2023, Roche has entered into a partnership with Janssen Biotech Inc. to develop companion diagnostics tailored for targeted and personalized therapies. This collaboration is anticipated to enhance research and innovation opportunities in this field. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising demand for personalized medicine in diagnostics, surge in need for novel therapeutic drugs to fight increased incidence of various diseases, and increasing launch of innovative systems. For instance, in June 2023, At the Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2023 annual meeting, GE Healthcare presented its most recent offerings in the realms of precision care and personalized medicine. In the personalized medicine sector, the company introduced the SIGNA PET/MR system, designed to assist healthcare providers in detecting the smallest lesions, exploring new tracers, and devising more precise treatment strategies for individual patients.
Rising introduction of AI-based advanced solutions for personalized medicine is predicted to boost the market growth during the forecast period. Personalized medicine seeks to utilize an individual's unique genetic profile, lifestyle, and medical background to create treatments that are more precise and effective. Within the realm of personalized medicine, advanced diagnostic tests and tools are employed by healthcare professionals to identify genetic variations and other biomarkers linked to particular diseases. Through the analysis of this data, healthcare providers can design customized treatment strategies that cater to the distinct requirements of each patient. For instance, in June 2023, Illumina has introduced its latest innovation, the PrimateAI-3D AI Algorithm, designed to forecast disease-causing genetic mutations in patients with a remarkable level of accuracy. This algorithm employs deep neural network structures and is trained using genome sequences. PrimateAI-3D is geared towards addressing the obstacles encountered in the effective adoption of personalized genomic medicine by providing precise predictions concerning disease-causing genetic variants.
By product, personalized medicine diagnostics was the highest revenue-grossing segment in the global personalized medicine market in 2023 owing to the surge in burden of chronic diseases such as cancer, cardiovascular disease, & diabetes, growing demand for personalized medicine diagnostics for its detection, increasing awareness regarding advanced personalized medicine solutions among the people & healthcare providers, rising launch of advanced solution for diseases diagnosis, surge in research & development activities. For instance, in August 2022, Exagen has initiated the 'TiGER' study, which is focused on validating a novel and minimally invasive genomic diagnostic test for rheumatoid arthritis. This test utilizes the AVISE RADR platform. The study's objective is to pinpoint biomarkers within the synovial tissue that can predict the response to drugs in rheumatoid arthritis. This research will contribute to the advancement of personalized medicine for the treatment of the condition, potentially establishing it as the primary approach to care. Additionally, personalized medicine therapeutics is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for genomics-based therapeutics & the biopharmaceuticals based on specifically sequenced data, and rise of advanced sequencing technologies has significantly decreased the expense associated with genome sequencing.
By application, oncology was the highest revenue-grossing segment in the global personalized medicine market in 2023 owing to the growing demand for personalized medicines in cancer treatment, personalized medicine enables the accurate diagnosis of cancer at the molecular level, aiding healthcare providers in pinpointing specific genetic mutations or other biomarkers, and rising introduction of advanced systems. For instance, in June 2023, Qiagen has disclosed that the 'QCI Interpret' software has been chosen by the Danish National Genome Center to provide sequencing-based solutions for cancer patients. This variant interpretation and reporting software has been selected for the analysis of oncology data derived from whole-genome sequencing. This move is in alignment with Denmark's personalized medicine strategy, which aims to make whole-genome sequencing the standard of care for specific patient populations. Additionally, cardiovascular is predicted to grow at fastest CAGR during the forecast period owing to the surge in prevalence of CVS disorders and increasing adoption of personalized medicines in its treatment.
By end-user, hospitals & clinic s was the highest revenue-grossing segment in the global personalized medicine market in 2023. Hospitals provide dedicated facilities for delivering personalized treatments and solutions for a wide range of diseases. The growing number of clinical trials for personalized medicines is driving market expansion. For instance, in April 2023, Precision Biologics has revealed the publication of its inaugural Phase I clinical trial conducted in humans, featuring its innovative monoclonal antibody, NEO-201. This trial involved patients with refractory solid tumors. NEO-201 demonstrated its ability to diminish immune suppressive cells that can contribute to a decrease in the effectiveness of cancer-killing treatments like checkpoint inhibitors, such as Keytruda. Additionally, others is predicted to grow at fastest CAGR during the forecast period owing to rising investment by major market players in personalized medicines fields and extensive range of product offering in the field of personalized medicine by diagnostic tool companies.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing support by research institutions & major pharmaceutical companies, increasing research & development activities for drug discovery, surge in advancements in personalized medicine for diagnostics, and rising collaborations within market players. For instance, in February 2023, Roche has entered into a partnership with Janssen Biotech Inc. to develop companion diagnostics tailored for targeted and personalized therapies. This collaboration is anticipated to enhance research and innovation opportunities in this field. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising demand for personalized medicine in diagnostics, surge in need for novel therapeutic drugs to fight increased incidence of various diseases, and increasing launch of innovative systems. For instance, in June 2023, At the Society of Nuclear Medicine and Molecular Imaging (SNMMI) 2023 annual meeting, GE Healthcare presented its most recent offerings in the realms of precision care and personalized medicine. In the personalized medicine sector, the company introduced the SIGNA PET/MR system, designed to assist healthcare providers in detecting the smallest lesions, exploring new tracers, and devising more precise treatment strategies for individual patients.
Segmentation: Personalized Medicine Market Report 2023 - 2034
Personalized Medicine Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Personalized Medicine Therapeutics
- Genomic Medicine
- Medical Devices
- Pharmaceutical
- Personalized Medicine Diagnostics
- Genetic Testing
- Esoteric Lab Tests
- Esoteric Lab Services
- Direct-To-Consumer (DTC) Diagnostics
- Personalized Nutrition & Wellness
- Complementary & Alternative Medicine
- Retail Nutrition
- Personalized Medical Care
- Telemedicine
- Health Information Technology
Personalized Medicine Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Neurology or Psychiatry
- Infectious Disease
- Oncology
- Cardiovascular
- Others
Personalized Medicine Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals & Clinics
- Others
Personalized Medicine Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Personalized Medicine Market: Product Estimates & Trend Analysis
8. Personalized Medicine Market: Application Estimates & Trend Analysis
9. Regional Market Analysis
10. North America Personalized Medicine Market
11. Europe Global Personalized Medicine Market
12. Asia Pacific Global Personalized Medicine Market
13. Latin America Global Personalized Medicine Market
14. MEA Global Personalized Medicine Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- Illumina Inc.
- 23andMe Inc.
- GE Healthcare
- Genentech Inc.
- ASURAGEN Inc.
- Exact Sciences Corporation
- Abbott
- Dako A/S
- Biogen
- Decode Genetics Inc.
- Genelex
- QIAGEN
- Exagen Inc.
- Danaher Corporation (Cepheid Inc.)
- Celera Diagnostics LLC.
- Precision Biologics
- International Business Machines Corporation (IBM)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 578.7 Billion |
| Forecasted Market Value ( USD | $ 1266.52 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 17 |
