Personalized Medicine Market Size, Share, Trends, Report 2023-2032
The global personalized medicine market was estimated at USD 550.23 billion in 2022 and it is expected to surpass around USD 1,080.36 billion by 2032, poised to grow at a CAGR of 6.98% from 2023 to 2032.
Key Pointers
| Report Coverage | Details |
| Market Size in 2022 | USD 550.23 billion |
| Revenue Forecast by 2032 | USD 1,080.36 billion |
| Growth rate from 2023 to 2032 | CAGR of 6.98% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | 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; IBM; Genentech, Inc.; 23andMe, Inc. |
The growth of the market is attributed to factors such as the growing demand for novel drug discovery to combat the growing incidence of cancers and other diseases across the globe. Moreover, numerous collaborations among researchers and market players are anticipated to have a positive impact on market growth. For instance, in February 2022, Genomic Medicine Sweden (GMS) and the Centers for Personalized Medicine (ZPM) in Germany collaborated for strategic, structural, and content-specific efforts to implement precision medicine in healthcare.
The COVID-19 pandemic outbreak hindered the continuance of research for novel drug discovery. However, technology-oriented outcomes in the market such as telemedicine came into persistence after the incidence of pandemic situation. Many clinical consultations are facilitated online to increase subject convenience and avoid the spread of contagious infections. Moreover, the COVID-19 pandemic has propelled the demand for personalized medicine in gauging an individual’s immunity to combat COVID-19 infection. For instance, a research study published in Elsevier in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosomes and loss of variants present on the X-chromosome.
The increasing prevalence of rare diseases is also anticipated to boost the growth of the market. The increasing level of understanding and correlation of characteristics of the human genome has paved the way for efforts on devising various personalized medicine and therapeutic exercises. For instance, in September 2022, a research study carried out at the University of California at Irvine proposed a novel technique for the management of inherited retinal diseases (IRDs) by using precision genome editing that is very specific to an individual’s requirements.
Personalized medicine is also increasingly used for applications in companion diagnostics that are precisely designed for the determination of the viability of subjects to a specific treatment and to gauge the subject’s response to a therapeutic regime. Companion diagnostics play an essential role in devising efficient precision medicine considering the micro environment, patient’s genome characteristics, ethnicity, and lifestyle choices. There are an increasing number of FDA approvals for companion diagnostics due to the rising demand. For instance, in October 2020, Roche achieved U.S. FDA approval for the expansion of the Cobas EGFR Mutation Test to be used for the treatment of non-small cell lung cancer.
The market players are extensively working towards collaborations and acquisitions along with huge capital investments to devise the best-personalized medicine strategy that could possibly cure a disease. For instance, in July 2022, Certara declared a collaboration with Memorial Sloan Kettering Cancer Center (MSKCC) for the development of a novel biosimulation software for leveraged CAR T-cell therapy dosing for subjects with multiple myeloma.
Product Insights
Personalized nutrition & wellness recorded a dominant market share of 58% in 2022. The growth of the segment is due to extensive consumption rate and market penetration. Further, the high rate of over the counter (OTC) sales of nutrition products boost the demand due to lowered regulatory implications. For instance, in March 2022, the American Heart Association features that the nutrition scientists are working towards precision nutrition to combat cardiovascular diseases based on the unique responses for specific foods and nutrients.
The personalized medicine therapeutics segment is projected to record the fastest CAGR of 10.71% over the forecast period. The rise in demand for genomics based therapeutics and the biopharmaceuticals based on specifically sequenced data is primarily attributed to the growth of the segment. Moreover, the emergence of high-end sequencing to effectively reduce the cost of genome sequencing, nurtures the growth of the market.
Regional Insights
North America accounted for the largest market share of 49% in 2022. This is attributive to the support by research institutes and the pharmaceutical giants. Personalized medicine is now preferred for all kinds of diseases and therefore is part of research on any given disease and drug discovery. There are emerging advancements in personalized medicine for diagnostics in the region. For instance, in January 2021, Illumina, Inc. develops the TruSight Oncology 500 (TSO 500) assay that uses nucleic acids from tumor region and capably identifies as many as 523 cancer biomarkers.
Asia Pacific is projected to grow at the fastest CAGR of 8.57% over the forecast period due to increased demand for personalized medicine in diagnostics and the growing demand for novel therapeutic drugs to fight increased incidence of diseases in the region.
Market Segmentation
By Product
By Regional
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Personalized Medicine Market
5.1. COVID-19 Landscape: Personalized Medicine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Personalized Medicine Market, By Product
8.1.Personalized Medicine Market, by Product Type, 2023-2032
8.1.1. Personalized Medicine Diagnostics
8.1.1.1.Market Revenue and Forecast (2019-2032)
8.1.2. Personalized Medicine Therapeutics
8.1.2.1.Market Revenue and Forecast (2019-2032)
8.1.3. Personalized Medical Care
8.1.3.1.Market Revenue and Forecast (2019-2032)
8.1.4. Personalized Nutrition & Wellness
8.1.4.1.Market Revenue and Forecast (2019-2032)
Chapter 9. Global Personalized Medicine Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2019-2032)
9.1.2. U.S.
9.1.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.1.3. Rest of North America
9.1.3.1. Market Revenue and Forecast, by Product (2019-2032)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.2.2. UK
9.2.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.2.3. Germany
9.2.3.1. Market Revenue and Forecast, by Product (2019-2032)
9.2.4. France
9.2.4.1. Market Revenue and Forecast, by Product (2019-2032)
9.2.5. Rest of Europe
9.2.5.1. Market Revenue and Forecast, by Product (2019-2032)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2019-2032)
9.3.2. India
9.3.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.3.3. China
9.3.3.1. Market Revenue and Forecast, by Product (2019-2032)
9.3.4. Japan
9.3.4.1. Market Revenue and Forecast, by Product (2019-2032)
9.3.5. Rest of APAC
9.3.5.1. Market Revenue and Forecast, by Product (2019-2032)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2019-2032)
9.4.2. GCC
9.4.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.4.3. North Africa
9.4.3.1. Market Revenue and Forecast, by Product (2019-2032)
9.4.4. South Africa
9.4.4.1. Market Revenue and Forecast, by Product (2019-2032)
9.4.5. Rest of MEA
9.4.5.1. Market Revenue and Forecast, by Product (2019-2032)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2019-2032)
9.5.2. Brazil
9.5.2.1. Market Revenue and Forecast, by Product (2019-2032)
9.5.3. Rest of LATAM
9.5.3.1. Market Revenue and Forecast, by Product (2019-2032)
Chapter 10.Company Profiles
10.1. GE Healthcare
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2. Illumina, Inc.
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3. ASURAGEN, INC.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4. Abbot
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5. Dako A/S
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6. Exact Sciences Corporation
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7. Danaher Corporation (Cepheid, Inc.)
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8. Decode Genetics, Inc.
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9. QIAGEN
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10. Exagen Inc.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1. About Us
12.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers