PERSONALIZED MEDICINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global personalized medicine market is estimated to be valued at USD 81.33 Bn in 2024 and is expected to reach USD 152.40 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.
Discover market dynamics shaping the industry request sample copy
Personalized medicine, also known as precision medicine, is a medical model that proposes the customization of healthcare - with medical decisions, practices, interventions, and products being tailored to the individual patient. It relies on the understanding that individuals vary in their genetic makeup, environments, and lifestyles, which can affect how they respond to treatments. The goal of personalized medicine is to move away from the traditional "one size fits all" approach to treatment and towards one that allows for more individualized, targeted interventions. This has the potential to not only increase the efficacy of treatments but also to decrease the risk of adverse effects and improve overall patient care.
Growing demand for personalized treatment options
The boom in biomedical science in recent years is rapidly expanding the understanding of human genetics and molecular biology. Personalized medicine, which involves tailoring medical treatment and prevention strategies to an individual based on their genetic profile and molecular biomarkers, has begun shifting healthcare from a one-size-fits-all model to one that considers individual variability in genes, environments, and lifestyles. This transition promises to revolutionize how diseases are diagnosed and treated. Already sophisticated genetic tests can identify mutations that influence disease risk or drug response, enabling more targeted interventions and avoiding adverse reactions. As genetic sequencing technologies become cheaper and insights into disease etiology continue advancing, personalized medicine is positioned to play an increasingly important role in shaping clinical decision making. Its proponents argue that this shifting paradigm will not only improve outcomes but curb unnecessary healthcare spending by eliminating ineffective treatments. The coming decade is likely to witness substantial progress toward the aspiration of achieving right treatment for the right patient at the right time.
Get actionable strategies to beat competition: Get instant access to report
Evolving diagnostic and therapeutic technologiesAccompanying the explosion in biomedical knowledge is the evolution of laboratory tools, informatics, and therapeutics that are fueling the advancement of personalized medicine. A plethora of innovative molecular diagnostic tests have entered the market in the past few years, from DNA microarrays capable of analyzing hundreds of thousands of genetic markers in a single test to next-generation sequencing platforms capable of decoding a person's entire genome at unprecedented speed and affordability. Meanwhile, technologies like liquid biopsies offer less invasive means of detecting cancer by analyzing fragments of tumor DNA in blood samples. These diagnostic capabilities are powering the discovery of novel biomarkers with potential clinical utility. Therapeutically, the fields of genomic medicine, pharmacogenomics, and precision therapeutics are also progressing rapidly owing to advancements in areas like targeted drug design, cell and gene therapy, and immunotherapy. Promising new personalized treatment approaches are demonstrating success against various cancers, offering hope that precision medicine may one day revolutionize how to prevent and cure many intractable illnesses. Although regulatory and clinical adoption challenges remain, the evolving toolbox of diagnostic platforms and targeted drugs will continue enabling and accelerating the translation of research insights into practical benefits for patients.
To learn more about this report, request sample copy
Market Challenges: Obtaining patient specific molecular data is tedious and expensiveThe personalized medicine market faces several challenges. One major challenge is obtaining comprehensive molecular profiles of patients and their diseases. Generating these genetic and molecular profiles requires analyzing large amounts of complex biological data which is technically difficult and expensive. Another challenge is developing safe, effective personalized treatment options based on these profiles. It can be difficult to determine which genetic variations or molecular traits should be targeted. Regulatory approval of personalized treatments may also be challenging due to smaller targeted patient populations.
Market Opportunities: Emergence of nanotechnology and advanced diagnostics
The emergence of nanotechnology and advanced diagnostics provides a great opportunity for the personalized medicine market to grow substantially in the coming years. Nanotechnology allows the development of nano-sized devices such as nanobots, nanochips, and nanoparticles that can be introduced into the human body to detect diseases at an early stage by precisely targeting affected cells and tissues. This enables the accurate diagnostics and monitoring of medical conditions at the molecular level within cells and also facilitates precise drug delivery.
Discover high revenue pocket segments and roadmap to it: Get instant access to report
Insights, By Application: Increasing demand for personalized diagnostic solutionsApplication segment is sub-segmented into therapeutics and diagnostics. Diagnostics segment is anticipated to hold 64.1% of the market share in 2024. Diagnostic tests that analyze an individual's DNA, RNA, proteins, or other biomarkers are seeing increasing adoption in routine healthcare. Genetic testing allows for more precise disease screening, diagnosis, and treatment selection. It is commonly used for hereditary cancer risk assessment and screening for mutations associated with various conditions. Meanwhile, companion diagnostics that stratify patients for targeted therapies have become central to precision oncology. Their use ensures patients receive treatments that are tailored to the expression of specific biomarkers in their tumor. Within diagnostics, genetic testing continues expanding into new therapeutic areas. Carrier screening and non-invasive prenatal testing are revolutionizing preventative care and prenatal planning. Pharmacogenomic tests inform medication selection and dosing based on an individual's genetic variations.
Insights, By Indication: Rise in research and development activities for cancer
Indication segment is sub-segmented into oncology, immunology, neurology, cardiology, autoimmune diseases, and others. Oncology segment is estimated to contribute the highest share of the personalized medicine market and is projected to hold 34.8% of the market share in 2024. A growing understanding of cancer biology at the molecular level has revealed numerous biomarkers that can be leveraged for treatment stratification. Drugs targeting abnormalities in growth factor signaling pathways, DNA damage response, angiogenesis, and other processes have gained prominence. Monoclonal antibody therapies and immune checkpoint inhibitors have revolutionized care for various hematological and solid tumor malignancies. Companion diagnostics have been integral to the success of many contemporary oncology drugs. Tests detecting mutations, gene amplifications, or protein expression help identify patients most likely to benefit from a particular therapy. This optimizes treatment outcomes while sparing potential non-responders from ineffective therapies. Many pharmaceutical firms now co-develop biomarkers alongside new molecular entity drugs to support a 'companion' approach. This has established precision oncology as the standard of care for an increasing number of tumor types and mutation subgroups.
Insights, By End User: Partnership between diagnostic laboratories and pharmaceutical companies
End user segment is sub-segmented into hospital & clinics, diagnostic laboratories, academic & research institutes, and others. Diagnostic laboratories segment is estimated to contribute the highest share of the personalized medicine market and is projected to hold 38.1% of the market share in 2024. Laboratories perform the vast majority of molecular diagnostic analyses to identify disease-associated biomarkers, predict drug responses, and monitor clinical progress. They offer testing options across therapeutic areas to serve the needs of healthcare providers, hospitals, and research organizations. Leading commercial and academic diagnostic laboratories have invested heavily in expanding their test portfolios. Automating workflow processes and procuring high-throughput sequencing platforms have enabled economies of scale. This has significantly reduced costs for individual tests while making comprehensive genomic and multi-analyte testing practical. Large reference labs now provide hundreds of single-gene, gene panel, and whole exome/genome sequencing options. They are continually licensing and validating new tests using the latest research findings. Partnerships have also proliferated between diagnostic laboratories and pharmaceutical companies developing companion diagnostics.
To learn more about this report, request sample copy
North America has emerged as the dominant region in the personalized medicine market and is anticipated to hold 43.9% of the market share in 2024. The strong presence of leading pharmaceutical and biotechnology companies in the U.S. and Canada and their significant investment in R&D activities related to personalized medicine have propelled the region's market growth. These companies are continuously developing innovative targeted drugs and companion diagnostics in collaboration with research institutes and hospitals. Additionally, favorable regulations by regulatory bodies have created a conducive environment for expanding clinical trials. The region also has a highly developed healthcare infrastructure and higher healthcare spending that has enabled easy access to advanced diagnostic tests and personalized therapies.
The Asia Pacific region is poised to be the fastest growing market for personalized medicines. Countries, such as China, Japan, and India, provide immense opportunities owing to their large population bases and improving healthcare frameworks. There is a growing prevalence of chronic diseases mainly attributed to changing lifestyles and increasing life expectancy. This is stimulating research into personalized treatment regimens. Furthermore, these developing nations have emerged as global R&D hubs and manufacturing centers for pharmaceutical companies looking to reduce costs. Many international companies have established facilities or partnered with domestic firms for clinical trials and manufacturing of tests and drugs. The cost competitiveness coupled with the growing patient pool is attracting significant investments from global players wanting to tap into the high growth potential.
Personalized Medicine Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 81.33 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 9.4% | 2031 Value Projection: | US$ 152.4 Bn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
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 |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
*Definition: The personalized medicine market involves developing medical treatments and diagnostics tailored to the genetic characteristics of individual patients. It focuses on the classification of people into specific sub-groups that differ in their susceptibility to a particular disease or their response to a specific treatment. This approach allows doctors or researchers to better match patients with effective treatments based on their personal genetic/molecular testing results and expected response to certain drugs or therapies. The goal is to provide targeted medication and treatment with a higher likelihood of clinical benefit and less risk of adverse effects.
Share
About Author
Nikhilesh Ravindra Patel is a Senior Consultant with over 8 years of consulting experience. He excels in market estimations, market insights, and identifying trends and opportunities. His deep understanding of the market dynamics and ability to pinpoint growth areas make him an invaluable asset in guiding clients toward informed business decisions. He plays a instrumental role in providing market intelligence, business intelligence, and competitive intelligence services through the reports.
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Credibility and Certifications
860519526
9001:2015
27001:2022
Need a Custom Report?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
Customize NowSelect a License Type
Credibility and Certifications
860519526
9001:2015
27001:2022
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients
U.S.: 
U.K. : 
India : 
