Product Code: 978-1-68038-443-7
Personalized Medicine Market Growth & Trends:
The global personalized medicine market size is expected to reach USD 909.80 billion by 2030, expanding at a CAGR of 8.20% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.20% from 2023 to 2030 owing to the increasing incidence of diseases and the rising demand for novel therapeutic drugs. The emerging applications of personalized medicine are consistently enhanced by immense research efforts. For instance, in July 2022, researchers at the UMass Chan Medical School developed a microorganism-based personalized medicine model system to aid the understanding of variation in metabolism to gauge the connection between an individual's genome, diet, microbiota, and associative environmental factors.
Most cancer conditions are usually caused by an underlying genetic discrepancy and can cause fatalities with progression. The cancer condition can be effectively and precisely treated by understanding specific genomic characteristics. For instance, in May 2020, Qiagen launched QIAseq pan-cancer multi-modal panel to enable robust analysis of genomic characteristics of cancer subjects to derive a broad spectrum of applications in precision medicine for the profiling of solid tumors and heme malignancies.
The market is positively driven by advancements in NGS technologies and extensive research on the human genome. There has been an increasing focus on utilizing NGS to derive personalized medicine outcomes that could potentially be used for the treatment of cancer and rare genetic disorders. For instance, Illumina declared that it will present its multiple oncology research abstracts at the European Society of Medical Oncology (ESMO) annual meeting in Paris. Their research enables personalized cancer care using comprehensive genomic profiling of biopsies to match subjects to the potential drugs and immunotherapies.
Telemedicine facilitates virtual or telephonic clinical advice to aid physical convenience. Telemedicine is increasingly trending, especially after the COVID-19 pandemic. Government and research institutes are taking substantial efforts to enhance the applications of personalized telemedicine. For instance, in August 2022, the National Cancer Institute declared a grant of USD 23 million for five years to aid the launch of Telehealth Research Centers of Excellence (TRACE) across the U.S. The program was launched with the support of the White House Cancer Moonshot to seek development and advancements in telehealth delivery for cancer care with a mission to leverage health equity.
Molecular imaging systems and medical devices are playing a primary role in emerging advancements in personalized medicine. They effectively leverage the applications of personalized medicine in the treatment of different types of cancers. For instance, in June 2022, GE Healthcare declared the release of high-end molecular imaging by using gallium-68 radioisotope for the diagnosis and monitoring of prostate cancer so as to leverage access to precision health and theranostics for personalized prostate cancer treatment at an early stage of cancer progression.
The market is in the growth phase due to emerging technological advancements along with consistent industrial efforts such as collaborations and expansions. For instance, in December 2021, Biogen Inc., and TheraPanacea declared that they have signed a collaboration that focuses on advancing digital health for personalized medicine in neuroscience.
Personalized Medicine Market Report Highlights:
- The overall growth of the market is attributed to the rising need for novel therapeutic drugs coupled with leveraged genetic level understanding of diseases and the rising incidence of cancers and genetic disorders across the globe
- The personalized medicine therapeutics segment is anticipated to witness high growth over the forecast period owing to the extensive usage of pharmacogenomics for developing biopharmaceuticals. Further, the genomic medicine therapeutics segment is anticipated to grow substantially during the forecast period owing to significantly lowered costs of whole-genome sequencing
- North America dominated the market in 2023 due to the presence of key players and their intensive research for the development of novel therapies to find out curative solutions for various diseases
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Product
- 1.2.2. End-use
- 1.2.3. Regional scope
- 1.2.4. Estimates and forecasts timeline
- 1.3. Research Methodology
- 1.4. Information Procurement
- 1.4.1. Purchased database
- 1.4.2. GVR's internal database
- 1.4.3. Secondary sources
- 1.4.4. Primary research
- 1.4.5. Details of primary research
- 1.4.5.1. Data for primary interviews in North America
- 1.4.5.2. Data for primary interviews in Europe
- 1.4.5.3. Data for primary interviews in Asia Pacific
- 1.4.5.4. Data for primary interviews in Latin America
- 1.4.5.5. Data for Primary interviews in MEA
- 1.5. Information or Data Analysis
- 1.5.1. Data analysis models
- 1.6. Market Formulation & Validation
- 1.7. Model Details
- 1.7.1. Commodity flow analysis (Model 1)
- 1.7.2. Approach 1: Commodity flow approach
- 1.7.3. Volume price analysis (Model 2)
- 1.7.4. Approach 2: Volume price analysis
- 1.8. List of Secondary Sources
- 1.9. List of Primary Sources
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.2.1. Product outlook
- 2.2.2. End-use outlook
- 2.2.3. Regional outlook
- 2.3. Competitive Insights
Chapter 3. Personalized Medicine Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent market outlook
- 3.1.2. Related/ancillary market outlook
- 3.2. Market Dynamics
- 3.2.1. Market driver analysis
- 3.2.1.1. Advancements in next-generation sequencing technology
- 3.2.1.2. Expanding portfolio of companion/associated diagnostics
- 3.2.1.3. Increasing prevalence of cancer & usage of biomarkers for personalized medicine cancer therapy
- 3.2.1.4. Technological advancements to facilitate R&D for personalized medicine
- 3.2.2. Market restraint analysis
- 3.2.2.1. Presence of nonvalue-based personalized medicine diagnostics reimbursement policy
- 3.2.2.2. Lack of proper intellectual property regulations for personalized medical technologies
- 3.3. Personalized Medicine Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Technological landscape
- 3.3.2.3. Economic landscape
Chapter 4. Personalized Medicine Market: Product Estimates & Trend Analysis
- 4.1. Product Market Share, 2023 & 2030
- 4.2. Segment Dashboard
- 4.3. Global Personalized Medicine Market by Product Outlook
- 4.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 4.4.1. Personalized Medicine Diagnostics
- 4.4.1.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.1.2. Genetic Testing
- 4.4.1.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.1.3. DTC Diagnostics
- 4.4.1.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.1.4. Esoteric Lab Services
- 4.4.1.4.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.1.5. Esoteric Lab Tests
- 4.4.1.5.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.2. Personalized Medicine Therapeutics
- 4.4.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.2.2. Pharmaceutical
- 4.4.2.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.2.3. Genomic Medicine
- 4.4.2.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.2.4. Medical Devices
- 4.4.2.4.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.3. Personalized Medical Care
- 4.4.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.3.2. Telemedicine
- 4.4.3.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.3.3. Health Information Technology
- 4.4.3.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.4. Personalized Nutrition & Wellness
- 4.4.4.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.4.2. Retail Nutrition
- 4.4.4.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 4.4.4.3. Complementary & Alternative Medicine
- 4.4.4.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
Chapter 5. Personalized Medicine Market: End-use Estimates & Trend Analysis
- 5.1. Method Market Share, 2023 & 2030
- 5.2. Segment Dashboard
- 5.3. Global Personalized Medicine Market by End-use Outlook
- 5.4. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
- 5.4.1. Hospitals
- 5.4.1.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 5.4.2. Academic & Research Institutes
- 5.4.2.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 5.4.3. Diagnostic Centers
- 5.4.3.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
- 5.4.4. Others
- 5.4.4.1. Market estimates and forecasts 2018 to 2030 (USD Billion)
Chapter 6. Personalized Medicine Market: Regional Estimates & Trend Analysis
- 6.1. Regional Market Share Analysis, 2023 & 2030
- 6.2. Regional Market Dashboard
- 6.3. Global Regional Market Snapshot
- 6.4. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 6.5. North America
- 6.5.1. U.S.
- 6.5.1.1. Key country dynamics
- 6.5.1.2. Regulatory framework/ reimbursement structure
- 6.5.1.3. Competitive scenario
- 6.5.1.4. U.S. market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.5.2. Canada
- 6.5.2.1. Key country dynamics
- 6.5.2.2. Regulatory framework/ reimbursement structure
- 6.5.2.3. Competitive scenario
- 6.5.2.4. Canada market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6. Europe
- 6.6.1. UK
- 6.6.1.1. Key country dynamics
- 6.6.1.2. Regulatory framework/ reimbursement structure
- 6.6.1.3. Competitive scenario
- 6.6.1.4. UK market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.2. Germany
- 6.6.2.1. Key country dynamics
- 6.6.2.2. Regulatory framework/ reimbursement structure
- 6.6.2.3. Competitive scenario
- 6.6.2.4. Germany market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.3. France
- 6.6.3.1. Key country dynamics
- 6.6.3.2. Regulatory framework/ reimbursement structure
- 6.6.3.3. Competitive scenario
- 6.6.3.4. France market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.4. Italy
- 6.6.4.1. Key country dynamics
- 6.6.4.2. Regulatory framework/ reimbursement structure
- 6.6.4.3. Competitive scenario
- 6.6.4.4. Italy market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.5. Spain
- 6.6.5.1. Key country dynamics
- 6.6.5.2. Regulatory framework/ reimbursement structure
- 6.6.5.3. Competitive scenario
- 6.6.5.4. Spain market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.6. Norway
- 6.6.6.1. Key country dynamics
- 6.6.6.2. Regulatory framework/ reimbursement structure
- 6.6.6.3. Competitive scenario
- 6.6.6.4. Norway market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.7. Sweden
- 6.6.7.1. Key country dynamics
- 6.6.7.2. Regulatory framework/ reimbursement structure
- 6.6.7.3. Competitive scenario
- 6.6.7.4. Sweden market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.6.8. Denmark
- 6.6.8.1. Key country dynamics
- 6.6.8.2. Regulatory framework/ reimbursement structure
- 6.6.8.3. Competitive scenario
- 6.6.8.4. Denmark market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7. Asia Pacific
- 6.7.1. Japan
- 6.7.1.1. Key country dynamics
- 6.7.1.2. Regulatory framework/ reimbursement structure
- 6.7.1.3. Competitive scenario
- 6.7.1.4. Japan market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7.2. China
- 6.7.2.1. Key country dynamics
- 6.7.2.2. Regulatory framework/ reimbursement structure
- 6.7.2.3. Competitive scenario
- 6.7.2.4. China market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7.3. India
- 6.7.3.1. Key country dynamics
- 6.7.3.2. Regulatory framework/ reimbursement structure
- 6.7.3.3. Competitive scenario
- 6.7.3.4. India market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7.4. Australia
- 6.7.4.1. Key country dynamics
- 6.7.4.2. Regulatory framework/ reimbursement structure
- 6.7.4.3. Competitive scenario
- 6.7.4.4. Australia market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7.5. South Korea
- 6.7.5.1. Key country dynamics
- 6.7.5.2. Regulatory framework/ reimbursement structure
- 6.7.5.3. Competitive scenario
- 6.7.5.4. South Korea market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.7.6. Thailand
- 6.7.6.1. Key country dynamics
- 6.7.6.2. Regulatory framework/ reimbursement structure
- 6.7.6.3. Competitive scenario
- 6.7.6.4. Thailand market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.8. Latin America
- 6.8.1. Brazil
- 6.8.1.1. Key country dynamics
- 6.8.1.2. Regulatory framework/ reimbursement structure
- 6.8.1.3. Competitive scenario
- 6.8.1.4. Brazil market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.8.2. Mexico
- 6.8.2.1. Key country dynamics
- 6.8.2.2. Regulatory framework/ reimbursement structure
- 6.8.2.3. Competitive scenario
- 6.8.2.4. Mexico market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.8.3. Argentina
- 6.8.3.1. Key country dynamics
- 6.8.3.2. Regulatory framework/ reimbursement structure
- 6.8.3.3. Competitive scenario
- 6.8.3.4. Argentina market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.9. MEA
- 6.9.1. South Africa
- 6.9.1.1. Key country dynamics
- 6.9.1.2. Regulatory framework/ reimbursement structure
- 6.9.1.3. Competitive scenario
- 6.9.1.4. South Africa market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.9.2. Saudi Arabia
- 6.9.2.1. Key country dynamics
- 6.9.2.2. Regulatory framework/ reimbursement structure
- 6.9.2.3. Competitive scenario
- 6.9.2.4. Saudi Arabia market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.9.3. UAE
- 6.9.3.1. Key country dynamics
- 6.9.3.2. Regulatory framework/ reimbursement structure
- 6.9.3.3. Competitive scenario
- 6.9.3.4. UAE market estimates and forecasts 2018 to 2030 (USD Billion)
- 6.9.4. Kuwait
- 6.9.4.1. Key country dynamics
- 6.9.4.2. Regulatory framework/ reimbursement structure
- 6.9.4.3. Competitive scenario
- 6.9.4.4. Kuwait market estimates and forecasts 2018 to 2030 (USD Billion)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company/Competition Categorization
- 7.3. Vendor Landscape
- 7.3.1. List of key distributors and channel partners
- 7.3.2. Key customers
- 7.3.3. Key company market share analysis, 2023
- 7.3.4. GE Healthcare
- 7.3.4.1. Overview
- 7.3.4.2. Financial Performance
- 7.3.4.3. Product Benchmarking
- 7.3.4.4. Strategic Initiatives
- 7.3.5. Illumina, Inc.
- 7.3.5.1. Overview
- 7.3.5.2. Financial Performance
- 7.3.5.3. Product Benchmarking
- 7.3.5.4. Strategic Initiatives
- 7.3.6. ASURAGEN, INC.
- 7.3.6.1. Overview
- 7.3.6.2. Financial Performance
- 7.3.6.3. Product Benchmarking
- 7.3.6.4. Strategic Initiatives
- 7.3.7. Abbott
- 7.3.7.1. Overview
- 7.3.7.2. Financial Performance
- 7.3.7.3. Product Benchmarking
- 7.3.7.4. Strategic Initiatives
- 7.3.8. Dako A/S
- 7.3.8.1. Overview
- 7.3.8.2. Financial Performance
- 7.3.8.3. Product Benchmarking
- 7.3.8.4. Strategic Initiatives
- 7.3.9. Exact Sciences Corporation
- 7.3.9.1. Overview
- 7.3.9.2. Financial Performance
- 7.3.9.3. Product Benchmarking
- 7.3.9.4. Strategic Initiatives
- 7.3.10. Danaher Corporation (Cepheid, Inc.)
- 7.3.10.1. Overview
- 7.3.10.2. Financial Performance
- 7.3.10.3. Product Benchmarking
- 7.3.10.4. Strategic Initiatives
- 7.3.11. Decode Genetics, Inc.
- 7.3.11.1. Overview
- 7.3.11.2. Financial Performance
- 7.3.11.3. Product Benchmarking
- 7.3.11.4. Strategic Initiatives
- 7.3.12. QIAGEN
- 7.3.12.1. Overview
- 7.3.12.2. Financial Performance
- 7.3.12.3. Product Benchmarking
- 7.3.12.4. Strategic Initiatives
- 7.3.13. Exagen Inc.
- 7.3.13.1. Overview
- 7.3.13.2. Financial Performance
- 7.3.13.3. Product Benchmarking
- 7.3.13.4. Strategic Initiatives
- 7.3.14. Precision Biologics
- 7.3.14.1. Overview
- 7.3.14.2. Financial Performance
- 7.3.14.3. Product Benchmarking
- 7.3.14.4. Strategic Initiatives
- 7.3.15. Celera Diagnostics LLC
- 7.3.15.1. Overview
- 7.3.15.2. Financial Performance
- 7.3.15.3. Product Benchmarking
- 7.3.15.4. Strategic Initiatives
- 7.3.16. Biogen
- 7.3.16.1. Overview
- 7.3.16.2. Financial Performance
- 7.3.16.3. Product Benchmarking
- 7.3.16.4. Strategic Initiatives
- 7.3.17. Genelex
- 7.3.17.1. Overview
- 7.3.17.2. Financial Performance
- 7.3.17.3. Product Benchmarking
- 7.3.17.4. Strategic Initiatives
- 7.3.18. IBM
- 7.3.18.1. Overview
- 7.3.18.2. Financial Performance
- 7.3.18.3. Product Benchmarking
- 7.3.18.4. Strategic Initiatives
- 7.3.19. Genentech, Inc.
- 7.3.19.1. Overview
- 7.3.19.2. Financial Performance
- 7.3.19.3. Product Benchmarking
- 7.3.19.4. Strategic Initiatives
- 7.3.20. 23andMe, Inc.
- 7.3.20.1. Overview
- 7.3.20.2. Financial Performance
- 7.3.20.3. Product Benchmarking
- 7.3.20.4. Strategic Initiatives