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

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.