USD 512 billion
Personalized Medicines Market Size, Share, Growth Analysis, By Product (Personalized Medicine Testing, Personalized Medicine Therapeutics), By Application (Oncology, Neurology), By End Users (Hospitals & Clinical Care, Academic Research Institutes & Research Laboratories), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2307 |
Region:
Global |
Published Date: November, 2024
Pages:
209
|Tables:
65
|Figures:
70
Personalized Medicines Market Insights
Global Personalized Medicine Market size was valued at USD 512 billion in 2022 and is poised to grow from USD 570.37 billion in 2023 to USD 1352.81 billion by 2031, growing at a CAGR of 11.40% during the forecast period (2024-2031).
Personalized medicine amalgams medicine with genetic technology to facilitate specific treatment unique to each patient. Human genomes are unique to each individual hence the impact of the diseases also varies for each patient hence personalized medicines aim to provide personalized diagnosis and treatment to each patient. The demand for personalized medicines is significant for diagnosis and treatment of cancer. However, with the development and growing availability of genetic technology demand for non-oncology application for personalized medicines is also on the rise.
Genetic technology has been witnessing double digit growth rate and the investment in this field is also increasing steadily. Innovations in the field of genetic technology are paving the way for the application of personalized medicine for the treatment of rare diseases. Research on the application of personalized medicine for the diagnosis and treatment of Alzheimer’s and Parkinson’s disease has gained momentum and this trend is expected to continue in the medium to long term. The healthcare industry has been slow adopted of technology. However, with the increasing healthcare budgets and growing collaborations between pharma companies and government agencies it is expected to further boost the demand for personalized medicine.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Contract Research Organizations
Fastest Growth
Personalized Medical Care
Growth Rate
11.40%
Global Personalized Medicines Market ($ Bn)
Country Share for North America Region (%)
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Personalized Medicines Market Segmental Analysis
Global Personalized Medicine Market is segmented by Product, Application, End Users, and region. Based on Product, the market is segmented into Personalized Medicine Testing (Genetic Testing, DTC Testing, Others), Personalized Medicine Therapeutics (Pharmaceuticals, Medical Devices, Others), Personalized Medical Care (Telemedicine, Health Information Technology), Personalized Nutrition & Wellness (Retail Nutrition, Complementary & Alternative Medicine). Based on Application, the market is segmented into Oncology, Neurology, Cardiology, Antiviral, Psychiatry, Immunology, and Others. Based on End Users, the market is segmented into Hospitals And Clinical Care, Diagnostic Companies and Testing Facilities, Academic Research Institutes and Research Laboratories, Contract Research Organizations, Bio and Health Informatics Companies, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
Based on product, the market is segmented into personalized medicine diagnostics, genetic testing, direct-to-consumer (DTC) diagnostics, and esoteric lab services. The personalized medicine diagnostics segment is dominating the personalized medicines market with the largest market revenue share. Demand for personalized medicines diagnostic is significantly high due to its extensive application in oncology. Cancer can be fatal and has one of the highest morbidity rates among diseases. Use of personalized medicine diagnosis for detection and treatment of target malignant tissue growth is high. Lower side effects and widespread acceptance of personalized medicine diagnostics for cancer treatment in developed economies is expected to fuel the demand for this segment.
The genetic testing products segment is expected to witness higher growth during the forecast period. Personalized medicines are widely suggested and accepted in the case of diagnosis and treatment of rare diseases. The number of detected rare disease and cases of each rare disease is on the rise yet the healthcare professionals are yet to unearth actual causes and treatment of large number of rare diseases. Hence the use of genome study and gene technology for the study of rare diseases is substantially high. A large number of government organizations are collaborating with pharmaceutical companies to expand the horizon of genetic testing.
Analysis by End-use
In terms of end-use, the demand for personalized medicine is segmented into hospitals, diagnostic centers, research & academic institutes, and others. The demand for personalized medicine is largest for hospital end-use. Growth in the network of hospitals globally in the past few decades has boosted demand. Higher footfall of patients in hospitals and availability of better infrastructure in hospitals in comparison to other medical facilities has resulted in significant high demand for this segment. More than 50% of the reported cases of rare and critical diseases are treated in hospitals hence the demand for alternate medicine including personalized medicine is significantly high in hospitals.
The demand for personalized medicines is expected to grow the fastest for diagnostic center end-use during the forecast period. The diagnostic industry has been growing exponentially, witnessing an almost double-digit growth rate in the past few years. The diagnostic industry has adopted well to the implementation of technology such as artificial intelligence and genetic technology. The growing number of multi-specialty diagnostic centers in developing regions fueled by high degree of competition is expected to boost the technology adoption among diagnostic industry. This will directly increase the demand for personalized medicines and the diagnostic center end-user is expected to be the fastest growing segment across all regions.
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Personalized Medicines Market Regional Insights
North America is dominating the personalized medicines market due to higher healthcare expenditure and developed healthcare service offerings. In 2022, per capital healthcare expenditure in the US was more than USD 13,000 which is one of the highest globally. In addition, government healthcare expenditure is also significantly high in North America. In 2022, the US spent most of the country’s GDP on the healthcare sector. Due to the higher expenditure coupled with the ease of availability the demand for personalized medicine is the highest in North America and this trend is expected to continue during the forecast period. These factors are increasing the growth of personalized medicines market in the region.
Demand for personalized medicines is expected to grow the fastest in the Asia Pacific region. Improving healthcare infrastructure coupled with the expansion of major pharmaceutical and healthcare companies in the region is expected to fuel the growth in the region. A large number of pharmaceutical companies are expanding their operations and manufacturing hubs to Asia Pacific due to rising end use demand and low cost of production including lower cost of clinical trial. The median cost incurred by pharmaceutical companies to develop a drug, conduct clinic trials and get FDA approval in the US is in the range of USD 50 million. This is significantly high in comparison to its Asian counterparts. Thus, the demand for personalized medicine will witness a significant uptick in demand in the region.
Global Personalized Medicine Market Market By Geography
- Largest
- Fastest
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Personalized Medicines Market Dynamics
Drivers
- Advancement in Genetic Technology
Genetic technology is evolving exponentially and is shaping the healthcare and pharmaceutical sectors. Demand for genetic technology and its application is valued at more than US 5 billion and is expecting more investments every passing year. The demand is expected to growth with a CAGR of more than 20% during the forecast period. Growth of genetic technology is expected to increase the availability, outreach and demand for personalized medicines.
- Growing Prevalence of Rare Disease
Definition of rare disease is a medical condition which exists in a small percentage of the population but the number of detected rare disease is on the rise. As per reports published by WHO, more than 300 million people suffer from any type of rare disease every year globally as of 2023. Rare diseases patients need specialized treatment and demand for personalized medicines is significantly high. Growing prevalence of rare diseases is expected to push the demand for the market.
Restraints
- Expensive Healthcare
Healthcare infrastructure is improving across geographies, however the cost associated with it is also on the rise and the cost is mostly passed down to the end user. The cost of healthcare has been increasing above inflation rates in most economies which is impacting the demand for more expensive personalized medicines negatively.
- Poor Technology Implementation
The healthcare industry is one of the slowest sectors to adopt new and upcoming technologies. Regulations are strict in terms of technology, such as AI and genetic engineering, adoption for healthcare application. Unless the authorities are absolutely sure in terms of the safety and application of a technology, they are reluctant about its adoption.
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Personalized Medicines Market Competitive Landscape
There is a high entry barrier in the personalized medicine market due to regulations and high capital investment. Global players are more inclined towards the development and implementation of cutting-edge technology-based products and solutions. While the emerging players are regionally restricted and focus on launching their products in a specific country. There is a high degree of collaboration in the market not only between the players but also between the private enterprise and government agencies. We expect a higher degree of merger and acquisition activities during the forecast period.
Top Player’s Company Profile
- Roche Holding AG (Switzerland)
- Bristol-Myers Squibb Company (USA)
- AstraZeneca PLC (United Kingdom)
- Gilead Sciences, Inc. (USA)
- Amgen Inc. (USA)
- Siemens Healthineers (Germany)
- Guardant Health, Inc. (USA)
- Exact Sciences Corporation (USA)
- EMD Serono, Inc. (USA)
- Bio-Rad Laboratories, Inc. (USA)
- QIAGEN N.V. (Netherlands)
- Myriad Genetics, Inc. (USA)
- AbbVie Inc. (USA)
- Takeda Pharmaceutical Company (Japan)
- Caris Life Sciences, Inc. (US)
- MDxHealth SA (Belgium)
- Personalis, Inc. (US)
- Freenome Holdings, Inc. (US)
- Haplogen, Inc. (US)
- Molecular Partners AG (Switzerland)
- SOPHiA GENETICS SA (Switzerland)
- NantHealth, Inc. (US)
- Zymeworks Inc. (Canada)
- Celerion (US)
Recent Developments
- In 2023, Advanced Cell Therapy and Research Institute entered into a research collaboration with Agilent Technology to work on the advancement of cell and gene therapy in Singapore in the subsequent three years.
- In June 2023, DePuy announced that they have entered into an agreement with GE Healthcare. The objective was to distribute its OEC 3D Imaging System in the US.
- In February 2021, Illumina Inc and Belgian Society of Medical Oncology announced their join collaboration for the investigation of comprehensive genomic profiling of patients suffering from advanced metastatic cancer.
Personalized Medicines Key Market Trends
- Better Insurance Coverage: The insurance sector has been growing significantly over the past decade, especially in developing economies. Demand for the health insurance market is expected to grow at almost double digit CAGR over the next couple of years. With the increase in the demand and outreach the coverage of insurance policies have also improved significantly. A higher number of insurance companies are expected to provide personalized medicine as part of their insurance coverage during the forecast period.
- Increasing Healthcare Budget: Stagnant healthcare budget has been a topic of debate across borders in the past decade. However, post-pandemic both developed and developing economies have increased their healthcare budget significantly. This is fuelling the R&D budget for alternate treatment and personalized medicines. Access to personalized medicines in turn is increasing for patients with the requirement and disposable income.
Personalized Medicines Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global personalized medicines market is extremely opportunistic and competitive due to higher growth potential in terms of technology and product development. It is an extensive capital market with major players investing significant resources in R&D, and as a result we expect more product and service diversity during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 512 billion |
| Market size value in 2031 | USD 1352.81 billion |
| Growth Rate | 11.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Personalized Medicines Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Personalized Medicines Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Personalized Medicines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Personalized Medicines Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Personalized Medicines Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Personalized Medicines Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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