Personalized Medicine is anticipated to Witness High Growth Owing to Increased Focus on Preventive H
Author : Vedant B | Published On : 23 Apr 2024
Personalized medicine involves tailoring medical treatment to the individual characteristics of each patient. It allows doctors and patients to select medical treatments that are most likely to help patients based on their genetic contents, lifestyle and environmental exposures. The personalized medicine market is continuously evolving and growing with technological advancements in precision therapeutics which consider individual variability in genes, environment, and lifestyle for each person. Personalized medicine helps in disease risk assessment, diagnosis and therapeutic assistance which allows selection of appropriate treatment option for patients leading to better clinical outcomes.
The Global Personalized Medicine Market is estimated to be valued at US$ 81.33 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Personalized Medicine Market are Precision Biologics, Danaher Corporation, Abbott, Illumina, Inc., Exact Sciences Corporation, ASURAGEN, INC., Exagen Inc., Genentech, Inc., Berg Health, Omada Health, Natera, Invitae, Myriad Genetics, Celcuity, InsightRX, and Axial3D. These players are increasingly investing in development of novel diagnostics tools and therapies for disease risk assessment and targeted treatment.
There is a huge potential for growth of personalized medicine market owing to key opportunities like increasing application of pharmacogenomics for drug discovery and development, rise in funding for R&D activities, growing application of big data analytics in precision medicine. Established as well as emerging players are collaborating with healthcare providers, payers and researchers to develop tailored treatment options.
Globally, companies operating in this market are focused on expanding their presence in high potential emerging markets like Asia Pacific, Latin America, and Middle East & Africa through strategies like partnerships, joint ventures and acquisitions. These markets provide huge patient population and growing healthcare infrastructure which is expected to boost adoption of personalized treatment over the forecast period.
Market Drivers
Increasing prevalence of chronic diseases like cancer, cardiac disorders and diabetes across the globe is a major factor anticipated to drive growth of the personalized medicine market. Rising healthcare expenditure and growing number of genomic research activities are also supporting market growth.
Market Restrains
High cost associated with development of personalized diagnostics and therapies is one of the major challenges restraining widespread adoption. Lack of infrastructure and skilled workforce in developing nations also hampers market growth. Complex regulatory processes and data privacy concerns further limits full potential of personalized medicine market.
Segment Analysis
The personalized medicine market is dominated by the precision medicine segment which accounted for over 45% market share in 2024. Precision medicine involves the use of genetic or genomic profiling to customize medical treatment to a patient's genetic makeup and molecular diagnosis. It aims to classify individuals into subpopulations that differ in their susceptibility to a particular disease, in the biology and/or prognosis of those diseases they may develop, or in their response to a specific treatment. This approach can optimize disease prevention strategies as well as therapeutic interventions for individual patient care. With advancements in genome sequencing technologies and big data analytics, precision medicine has emerged as the future of healthcare as it provides a more comprehensive analysis of a person's genetic makeup to determine the best treatment options.
Regional Analysis
North America dominated the personalized medicine market in 2024 and accounted for over 40% of the global revenue. Rapid adoption of advanced healthcare technologies, presence of prominent market players, and increasing funding for precision medicine research are some major factors driving market growth in North America. The Asia Pacific region is expected to exhibit the highest growth during the forecast period attributed to increasing healthcare expenditure, large patient pools, and growing awareness about personalized medicines. China, India, and Japan are expected to offer lucrative opportunities for major market players in the coming years due to rising per capita incomes and improving healthcare infrastructure in these countries.
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