Personalized Medicine Market
Personalized medication makes use of a patient’s genetic profile to guide healthcare choices. It has a large capability in the healthcare industry, with enormous modifications and variations, specializing in contamination knowledge and control through the use of advanced analytics, customized medicines, patient records, and different alternatives.A personalized medicine offers an individualized technique for diagnostics, drug therapy, and prevention primarily based on specific molecular variations. Genomics plays a substantial function in this emerging field, allowing us to make individual predictions about disease risk and pick the proper drug and dose for the appropriate man or woman. This revolution in medicine drugs will transform healthcare and empower patients to make knowledgeable choices about their health.
Growth Drivers of Personalized Medicine Market
Healthcare systems are searching for sustainable and evidence-based interventions to enhance provider delivery as continual diseases, ageing populations, and technological advancements continue to boom. Personalization is being explored to enhance care quality while reducing expenses, unlike the traditional one-length-fits-all method. Cancer triggered 10 million deaths in 2023, making it a huge cause of mortality globally. Roche released automated digital pathology algorithms for breast cancer diagnosis in January 2021, which is expected to enhance the non-public medicine market boom.Governments worldwide are increasingly conscious of growing sustainable healthcare solutions to reduce expenses and enhance public health. Personalized Medicine is a top priority for the European Union and has gained significant attention in China. The US government is considering creating a Farmer Seed Liaison and a Federal working group to promote fair seed competition. In contrast, the Indian government has approved the PMKSY scheme to modernize food processing infrastructure and increase exports.
AI, machine learning, and computational biology present lucrative opportunities for precise diagnosis and treatment. Developing bioinformatics software will support market growth. Gene therapy is gaining acceptance due to R&D on effective treatments based on preclinical studies and molecular analysis. Pharmacogenomics aids in drug development, and biopharmaceutical companies focus on specific medicines to cure diseases like cancer, driving business growth. Google Cloud launched two AI solutions for drug discovery and precision medicine in May 2023.
Asia Pacific Personalized Medicine Market
The Asia-Pacific region is experiencing growth in the healthcare market due to increased awareness and advanced diagnosis methods. China is emerging as a leader in precision medicine by utilizing genetic information to diagnose and treat various conditions. The government is also encouraging data sharing, which will create opportunities for AI companies in the healthcare sector. The Beijing Genomic Institute is one of the largest genetic material sequencers, providing precision diagnostics and treatments. In May 2023, HSBC introduced a Thailand-based pharma company as a potential business development opportunity.Personalized Medicine Company News
The global personalized medicine market includes Abbott Laboratories, GE Healthcare, Inc., Aadi Bioscience, Inc., Illumina, Inc., QIAGEN, Eli Lilly and Company, Takeda Pharmaceutical Company Ltd, AbbVie Inc., and F. Hoffmann-La Roche Ltd.- Renovaro Inc. launched GEDi Cube in February 2024. GEDi Cube is a platform that offers gene and cell therapy biotech capabilities to advance personalized medicines.
- Roche and Janssen Biotech Inc. joined forces in February 2023 to create revolutionary personalized and targeted therapies in combination with companion diagnostics.
- Fujitsu Limited and the Barcelona Supercomputing Center signed a partnership agreement in April 2023.
- Denmark's National Genome Center has chosen Qiagen's 'QCI Interpret' software to extract oncology results from whole-genome sequencing data for cancer patients.
- BGI Genomics and the University of Pécs are establishing a joint laboratory in Hungary in November 2022 to accelerate the development of genomic sequencing and clinical diagnostic services.
Product - Global Personalized Medicine Market breakup in 4 viewpoints:
1. Personalized Medicine Therapeutics2. Personalized Medicine Diagnostics
3. Personalized Medical Care
4. Personalized Nutrition and Wellness
Application - Global Personalized Medicine Market breakup in 5 viewpoints:
1. Oncology2. Infectious disease
3. Neurology or Psychiatry
4. Cardiovascular
5. Others
End-User - Global Personalized Medicine Market breakup in 4 viewpoints:
1. Hospitals2. Diagnostic Centers
3. Research & Academic Institutes
4. Others
Country - Global Personalized Medicine Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Abbott Laboratories2. GE Healthcare, Inc.
3. Aadi Bioscience, Inc.
4. Illumina, Inc.
5. QIAGEN
6. Eli Lilly and Company
7. Takeda Pharmaceutical Company Ltd
8. AbbVie Inc.
9. F. Hoffmann-La Roche Ltd.
Table of Contents
Companies Mentioned
- Abbott Laboratories
- GE Healthcare, Inc.
- Aadi Bioscience, Inc.
- Illumina, Inc.
- QIAGEN
- Eli Lilly and Company
- Takeda Pharmaceutical Company Ltd
- AbbVie Inc.
- F. Hoffmann-La Roche Ltd.
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 | 215 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 511.09 Billion |
| Forecasted Market Value ( USD | $ 941.2 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
