Personalized Medicine Market Report by Product (Personalized Medicine Therapeutics, Personalized Medicine Diagnostics, Personalized Medical Care, and Personalized Nutrition and Wellness), Application (Oncology, Infectious disease, Neurology or Psychiatry, Cardiovascular, and Others), End-Users (Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others), Region and Company Analysis 2024-2032

Global Personalized Medicine Market Analysis

Global Personalized Medicine Market was worth US$ 511.09 Billion in 2023 and it is estimated to reach US$ 941.20 Billion by 2032. According to Renub Research Personalized Medicine Industry is expected to grow at a CAGR of 7.02% from 2024 to 2032.

The acknowledgment of personalized medication is increasing in healthcare due to its individualized approach to remedy. It includes adapting medical interventions consistent with a man or woman's genetic make-up, lifestyle, and environmental factors. Healthcare vendors improve remedies by studying developments like genetic markers, decreasing unfavourable results. This shift far from the one-size-fits-all technique gives custom designed remedies, improving healthcare effects.

Global Personalized Medicine Market Trends

•    Rise in Chronic Diseases

The upward thrust in persistent diseases globally propels the expansion of the personalized medication market. Conditions like diabetes, cardiovascular diseases, cancer, and autoimmune problems are increasingly widespread because of the elderly population and unhealthy life. Personalized medicinal drug tailors prevention, prognosis, and treatment based on genetic versions, molecular profiles, and lifestyle. For instance, the FDA approval of a brand new therapy for non-small cell lung cancer with a KRAS G12C mutation highlights personalized medicines efficacy. The purpose of precise interventions is to enhance patient results, reduce adverse effects, and control chronic conditions effectively. This is fostering a boom in the healthcare enterprise.

•    Technological Advancements

The advancement of efficient technology is a substantial driver in the global personalized medicine market. Innovations like genomics, proteomics, bioinformatics, and high-throughput screening enable speedy and correct analysis of organic information. These tools aid in identifying individual genetic versions and molecular markers crucial for disease prevention, analysis, and treatment. For instance, Illumina, Inc. developed the TruSight Oncology 500 assay to identify 523 cancer biomarkers. Medical imaging, wearable devices, and telemedicine also enhance patient monitoring and engagement, helping to deliver personalized healthcare.

•    Empowering Patients and the Increasing Desire for Tailored Healthcare

Patient empowerment and the demand for personalized care further drive the global personalized medicine market. An increasing number of patients seek treatments tailor-made to their wishes, promoting a more potent patient-provider relationship. Personalized medicine considers genetic makeup, lifestyle, and surroundings, presenting customized prevention, diagnosis, and remedy. This method empowers patients and boosts demand for personalized care, fueling the market increase.

•    Increase in the number of Medical Trials being Conducted

The growing number of medical trials in neurology departments specializing in personalized medication is essential in increasing the personalized medicine market. These trials aim to create custom-designed treatments and interventions for neurological issues by considering a person's genetic elements, biomarkers, and affected person-unique characteristics. For example, as the National Cancer Institute pronounced in 2024, a new clinical trial is testing precision medicine treatment for IDH-mutant brain tumors. As research advances and personalized procedures reveal effectiveness, they stimulate the adoption and enlargement of custom-designed remedy practices. This is ultimately fueling global personalized medicine market growth.

Asia-Pacific Personalized Medicine Market

The Asia-Pacific personalized medicine market is swiftly growing because of its extensive, diverse population, rising healthcare spending, and advancements in medical technology. Increasing incidences of chronic illnesses like cancer, diabetes, and cardiovascular disorders drive demand for personalized treatments. For example, new cancer instances surged from 4.9 million in 2002 to 9.5 million in 2020, with projections estimating 15.1 million cases yearly by 2040, as per the International Agency for Research on Cancer. This trend underscores the urgent need for tailor-made healthcare solutions.

Government projects helping precision medication and increased studies and development within the pharmaceutical and biotechnology sectors contribute notably to market growth. For instance, the "Integrating China inside the International Consortium for Personalized Medicine" (IC2PerMed) project, funded by the EU, seeks to integrate China into the "International Consortium for Personalized Medicine" (ICPerMed). This collaboration aligns research agendas among the EU and China to accelerate the development of personalized medicine strategies. Increasing recognition among healthcare experts and patients about the advantages of personalized medicine additionally drives its adoption at some stage in the area.

Worldwide Personalized Medicine Comapny News

The global personalized medicine market includes Abbott Laboratories, GE Healthcare, Inc., Aadi Bioscience, Inc., Illumina, Inc., QIAGEN, Eli Lilly and Company, Takeda Pharmaceutical Company Ltd, AbbVie Inc., and F. Hoffmann-La Roche Ltd.

• In February 2024 - Renovaro Inc. launched GEDi Cube, a platform with gene and cell therapy biotech capabilities to advance personalized medicines.
• In February 2023 - Roche and Janssen Biotech Inc. collaborated to develop personalized and targeted therapies with companion diagnostics.
• In April 2023 - Fujitsu Limited and the Barcelona Supercomputing Center signed a dual partnership agreement. The agreement aims to enhance quantum simulation technologies using tensor networks and promote personalized medicine through the exploitation of clinical data.
• In June 2023 - Denmark's National Genome Center selected Qiagen's 'QCI Interpret' software to extract oncology results from whole-genome sequencing data for cancer patients. This is part of Denmark's personalized medicine strategy for offering WGS as the standard of care for relevant patient groups.
• In November 2022 - BGI Genomics and the University of Pécs have announced a partnership to establish a joint laboratory in Hungary. The primary objective of this venture is to expedite the development of genomic sequencing and clinical diagnostic services. This collaboration aims to enhance the innovative precision medicine developments of both BGI Genomics and UP in Central and Eastern Europe.

Product – Market breakup in 4 viewpoints:

1.    Personalized Medicine Therapeutics
2.    Personalized Medicine Diagnostics
3.    Personalized Medical Care
4.    Personalized Nutrition and Wellness

Application – Market breakup in 5 viewpoints:

1.    Oncology
2.    Infectious disease
3.    Neurology or Psychiatry
4.    Cardiovascular
5.    Others

End-User – Market breakup in 4 viewpoints:

1.    Hospitals
2.    Diagnostic Centers
3.    Research & Academic Institutes
4.    Others

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Abbott Laboratories
2.    GE Healthcare, Inc.
3.    Aadi Bioscience, Inc.
4.    Illumina, Inc.
5.    QIAGEN
6.    Eli Lilly and Company
7.    Takeda Pharmaceutical Company Ltd
8.    AbbVie Inc.
9.    F. Hoffmann-La Roche Ltd.

Report Details: