Pune, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Personalized Medicine Market Growth Analysis:
“According to SNS Insider Research, The Personalized Medicine Market size was valued at USD 530.01 Billion in 2023 and is expected to reach USD 1,078.17 Billion by 2032, growing at a CAGR of 8.21% over the forecast period from 2024 to 2032.”
Overcoming Obstacles to Realize the Promise of Personalized Medicine
Driven by a growing demand for tailored treatments, patients are seeking healthcare solutions that align with their unique biological makeup. The prevalence of chronic conditions like diabetes and cancer underscores the need for individualized care, but developing these therapies requires substantial investment. While challenges persist in ensuring equitable access, advancements in technology and ongoing research promise a future where personalized medicine becomes a cornerstone of healthcare delivery.
The era of one-size-fits-all medicine is waning. Patients are increasingly aware of the impact their genetic makeup has on their health and are demanding treatments customized to their specific needs. This shift towards personalized care is being driven by a desire for more effective and efficient healthcare outcomes. However, realizing the full potential of personalized medicine requires addressing challenges related to cost, accessibility, and data privacy.
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Major Players Analysis Listed in this Report are:
- GE Healthcare
- Illumina, Inc.
- ASURAGEN, INC.
- Abbott
- Dako A/S
- Exact Sciences Corporation
- Danaher Corporation (Cepheid, Inc.)
- Decode Genetics, Inc.
- QIAGEN
- Exagen Inc.
- Precision Biologics
- Celera Diagnostics LLC.
- Biogen
- Genelex
- Genentech, Inc.
- 23andMe, Inc.
- Other Players
Personalized Medicine Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 530.01 Bn |
| Market Size by 2032 | US$ 1078.17 Bn |
| CAGR | CAGR of 8.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The Convergence of Genomics, AI, and Patient-Centric Care in the Personalized Medicine Market |
Genomics and Technology: The Cornerstones of Personalized Medicine
Personalized medicine is being propelled by a convergence of scientific breakthroughs and evolving healthcare priorities. Advances in genomics and biotechnology are allowing the development of targeted therapies personalized to individual patients. Coupled with the rising prevalence of chronic diseases and a growing emphasis on patient-centric care, personalized medicine offers the potential to revolutionize healthcare by optimizing treatment plans and improving patient outcomes.
Technology and supportive policies are accelerating the adoption of personalized medicine. Artificial intelligence, big data analytics, and digital health tools are empowering healthcare providers to analyze vast amounts of patient data and deliver tailored interventions. Government investments and regulatory frameworks are essential to foster innovation and ensure equitable access to personalized therapies, ultimately driving a future where healthcare is more precise, effective, and patient-centered.
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“Nutrition Dominates While Therapeutics Fastest Growing, with Hospitals Revolutionary Adoption”
Personalized nutrition and wellness are the dominated segment in the personalized medicine market, driven by consumer interest in tailored health solutions. However, the fastest growth is anticipated in personalized medicine therapeutics, fueled by advancements in genomics. Hospitals are leading the adoption of personalized medicine, serving as both consumers and innovators in this field. Their increasing integration of genomic diagnostics is shaping the future of this transformative market.
Personalized Medicine Market Key Segmentation:
By Product
- Personalized Medicine Diagnostics
- Genetic Testing
- Direct-To-Consumer (DTC) Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Personalized Medicine Therapeutics
- Pharmaceutical
- Genomic Medicine
- Medical Devices
- Personalized Medical Care
- Telemedicine
- Health Information Technology
- Personalized Nutrition & Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
By End-Use
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
North America's Dominance in the Personalized Medicine Landscape
North America leads the personalized medicine market, capturing 43.02% of the global share in 2023. Significant investments from pharmaceutical companies and research institutions in the region have fueled its dominance. Advanced diagnostic capabilities, exemplified by innovations like Illumina's TruSight Oncology 500 assay, are driving market expansion. This robust research ecosystem and technological prowess position North America as a global frontrunner in personalized medicine.
Europe is a fastest growing region in the personalized medicine market, with Germany, the UK, and France leading the charge. These countries are experiencing significant growth driven by robust research initiatives, government support, and the development of companion diagnostics.
Recent Developments in the Personalized Medicine Market:
In November 2023, Viome Life Sciences made a strategic move by acquiring Naring Health, significantly bolstering its position in the personalized nutrition and wellness sector. This acquisition enables Viome to integrate advanced health monitoring capabilities, further enhancing its personalized health solutions.
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Key Takeaways from the Personalized Medicine Market Study:
- Gain insights into the current market dynamics and future growth prospects of the personalized medicine market.
- Understand the impact of technological advancements in genomics, AI, and digital health on personalized medicine.
- Analyze the key drivers, restraints, and opportunities shaping the market landscape.
- Explore the leading segments and their growth potential in the personalized medicine market.
- Examine regional trends and their influence on the global market.
- Access detailed information on recent developments and strategic initiatives by key players in the market.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Personalized Medicine Market Segmentation, by Product
8. Personalized Medicine Market Segmentation, by End-use
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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