by Personalized medicine involves tailoring medical treatment and healthcare to the individual characteristics of each patient. It utilizes diagnostic tools to identify specific medical conditions to deliver targeted treatment to patients. Personalized medicine offers advantages like higher effectiveness, fewer side effects and lower healthcare costs. The growing prevalence of chronic diseases and increasing demand for customized therapeutics have accelerated the adoption of personalized medicine globally. Advancement in genomic sequencing technologies and large scale data analytics have expanded treatment options based on individual genetic and molecular profiles.
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. Precision Biologics, Danaher Corporation and Abbott hold a significant share of the market currently.
Key opportunities in the personalized medicine market include development of advanced genetic sequencing technologies and analytics to analyze large genomics data sets, expanding applications from cancer to other therapeutic areas like cardiology, neurology and development of combination diagnostic-therapeutic products. Advancement in genomics, large scale clinical trial data and artificial intelligence driven data analytics have enabled development of targeted treatment options based on individual patient profiles.
Market Drivers:
Rising prevalence of chronic diseases like cancer, cardiovascular diseases and diabetes is a key driver for personalized medicine market. Chronic diseases account for majority of healthcare spending globally. Personalized medicine offers advantages like higher effectiveness and reduced side effects in treatment of chronic conditions. Growing elderly population worldwide which is more susceptible to chronic diseases also contributes to the demand. Increasing government funding for research in genomics and targeted therapeutics is another factor driving innovations and clinical adoption of personalized medicine globally.
Current Challenges in Personalized Medicine Market
The personalized medicine market faces several challenges currently. One of the major challenges is the high cost associated with development and production of personalized medicine products. Developing products tailored to individual patients requires extensive R&D, clinical trials and analysis of genomic variations. This drives up costs significantly. Limited adoption and awareness among patients and healthcare providers is another challenge. Due to the complexity involved and customized nature, many are hesitant to adopt personalized medicine approaches in treatment. Lack of consensus on definitions, goals and policies pertaining to personalized medicine also poses difficulty. There are technological challenges as well around whole genome sequencing, data integration and analytics required to enable personalized treatment.
SWOT Analysis
Strengths: Ability to target treatment based on individual characteristics leading to improved efficacy. More effective management of chronic conditions. Weaknesses: High costs of development and production. Lack of consensus on frameworks. Opportunities: Growth in genomics market and sequencing. Increased focus on precision medicine by pharma companies. Threats: Stringent regulations. Data privacy and security issues. Reimbursement challenges.
The United States accounts for the major share in the personalized medicine market currently in terms of value. This is attributed to the presence of key players, growing genomics market and investments in precision medicine by government entities. North America holds more than 60% of the global market share currently.
In terms of growth rate, Asia Pacific region is emerging as the fastest growing market for personalized medicine. This is due to growing healthcare expenditures, increasing research activities in countries like China and India and rising adoption of advanced technologies. Increasing focus on biomarker-driven drug development by pharmaceutical companies is also fueling market growth in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
