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

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.