Personalized Medicine Market Size
The Global Personalized Medicine Market became US$511.09 billion in 2023 and is expected to reach US$941.20 billion by 2032. According to Renub Research, the Personalized Medicine Industry is projected to raise at a CAGR of 7.02% from 2024 to 2032.
Personalized medicine tailors’ treatments to patients, departing from the "one size fits all" method. It selects cures based on patient organizations, predicting medication effectiveness. However, PM faces diverse challenges earlier than integration into healthcare systems. It regularly employs diagnostic evaluation to pick out highest quality treatments based on genetic or cellular analysis. With thorough risk checks, PM ensures safety, huge popularity, and ultimate responses in continual disease treatment. It improves healthcare with the aid of decreasing treatment costs and ability side effects as compared to standard methods.
The surge in chronic diseases, growing attention of precision drugs, and extended R&D for personalized medicines are key market developments fueling growth. Rising incidences of situations like diabetes, kidney, respiratory, and cardiovascular disorders drive market growth. For example, in 2019, the CDC mentioned 1,752,735 new cancer instances and 599,589 deaths within the U.S., spurring demand for personalized cancer cures. Developed nations just like the Canada and United States display massive demand for due to full-size recognition of personalized drugs.
Key market players employ diverse strategies which include agreements, collaborations, partnerships, acquisitions, product launches, approvals, expansions, and branding efforts. For example, in May 2021, Hoffmann-La Roche Limited collaborated with BC Cancer and the Canadian Personalized Healthcare Innovation Network (CPHIN) to broaden a real world proof (RWE) framework for Precision Oncology Evidence Development in Cancer Treatment. This initiative targets to generate real-world evidence and facilitate cost effective access to customized cancer treatment. These techniques have pushed market increase in recent years and are expected to hold using boom at some point of personalized remedy marketplace analysis.
Increased R&D is a key market driver expected to propel the market inside the upcoming years. Researchers are innovating in customized medicine, aiming to reduce useless medications, lower adverse reactions, enhance drug efficacy, and enhance patients’ effects. For example, researchers at the Indiana Institute for Personalized Medicine focus on precision healing procedures in cancers, pharmacogenomics, HIV, being pregnant, prognosis, computational biology, and bioinformatics. This surge in R&D activities is projected to fuel marketplace boom. Notable improvements in precision medication generation in 2021 encompass 3d printed personalized medicines and rare disease treatments, allowing extraordinarily customized treatments tailored to patients.
The United States is the bigger contributor in the Personalized Medicine market.
Increased healthcare infrastructure spending and R&D investment are set to propel growth in the U.S. Precision medicine segment. Advances in precision medicine, especially in treating cancers like colorectal and breast cancers, were giant. While coronary heart ailment leads in fatalities, cancers, with an expected 1.9 million new cases and 609,360 deaths in 2022 (averaging more or less 1,670 daily), remains a considerable situation. Precision medicinal drug is poised to decorate focused oncology treatment options, mainly for colon and breast cancers.
Substantial efforts from companies are anticipated to drive industry growth. For example, in June 2021, Phigenix, Inc. secured a U.S. Patent for a singular approach to treating drug-resistant breast cancer. These advancements variety from cancers diagnostics to developing inhibitors of the PAX2 oncogene, targeting cancer cell survival and drug resistance. Additionally, MCI Onehealth Technologies Inc. Introduced an initial investment in Ariel Precision Medicine, Inc. on April 2021. This funding, within the form of a convertible promissory be aware exchangeable into equity securities in Ariel, facilitates Ariel's growth and sets the stage for destiny enterprise collaborations, as well as MCI's access into the U.S. Market.
Worldwide Personalized Medicine Company Analysis
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.
In February 2024, Renovaro Inc. launched GEDi Cube, a platform with gene and cell therapy biotech capabilities to advance personalized medicines.
Product – Market breakup in 4 viewpoints:
1. Personalized Medicine Therapeutics
2. Personalized Medicine Diagnostics
3. Personalized Medical Care
4. Personalized Nutrition and Wellness
Application – Market breakup in 5 viewpoints:
1. Oncology
2. Infectious disease
3. Neurology or Psychiatry
4. Cardiovascular
5. Others
End-User – Market breakup in 4 viewpoints:
1. Hospitals
2. Diagnostic Centers
3. Research & Academic Institutes
4. Others
Country – Market breakup of 25 Countries:
1. North America
1.1 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 Laboratories
2. 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.
