Global Personalized Medicines Market

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.

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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.

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Global Personalized Medicines Market

Report ID: SQMIG35H2307

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