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

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).

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. '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)'

Advancement in Genetic Technology

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.

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.