Personalized Medicine Market Expected to Reach $869.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Personalized Medicine Market," The personalized medicine market size was valued at $300.00 billion in 2021, and is estimated to reach $869.5 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.

Rise in prevalence of chronic diseases, rise in awareness about precision medicines among people, and increase in R&D activities to develop new personalized medicines, are the major personalized medicine market trends contributing to the growth of market. Rise in incidences of chronic conditions such as diabetes, respiratory disorders, kidney disorders, cardiovascular disorders among the population is the major driving factor for the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), in the U.S. in 2019, there were 1,752,735 new cancer cases were reported and 599,589 people died of cancer. This rise in number of cancer cases, led to the rise in demand for personalized therapies, which can assist in diagnosis and treatment of cancer. Also, as population in developed countries like U.S. and Canada have sufficient awareness regarding personalized medicines there is a huge demand for them in these countries.

Moreover, developing countries are becoming more aware about the new technologies in the healthcare system, this will lead to an increase in adoption of personalized diagnosis and treatment around the globe thereby leading to the expansion during personalized medicine market forecast. Furthermore, the new product launches and product approvals by the public and private players will provide a lucrative opportunity for the market. Also, many key market players are emphasizing on adopting various strategies which will lead to the expansion of business and boost the growth of personalized medicine market size.

Agreement, collaboration, partnership, acquisition, product launch, product approval, expansion and branding are few of the strategies adopted by the key market players. For instance, on May 2021, Hoffmann-La Roche Limited announce the collaboration with BC Cancer and the Canadian Personalized Healthcare Innovation Network (CPHIN) to co-create a real-world evidence (RWE) framework in PRecision Oncology Evidence Development in Cancer Treatment (PREDiCT). This PREDiCT initiative will generate real-world evidence (RWE), and facilitate cost-effective access to personalized treatment for cancer patients. Thus, such more strategies adopted by key players in the past few years have driven the market and is also anticipated to drive growth during the personalized medicine market analysis.

Increase in R&D activities is the major driving factor which is anticipated to drive the market in the forecast period. The researchers are developing new technologies in personalized medicine having potential to eliminate unnecessary treatments, reduce the incidence of adverse reactions, increase drug efficacy and, improve patient outcomes. For instance, the researchers in Indiana Institute for Personalized Medicine are mainly focused on developing precision therapies in cancer, pharmacogenomics, HIV, pregnancy, diagnosis and computational biology and bioinformatics field. Thus, increase in R&D activities is anticipated to drive the market during the forecast period. 3D printed personalized medications and rare disease treatments are some of the major precision medicine technologies developed in 2021, which resulted in treatments that can be highly personalized according to the patient.

By product, the market is segmented into personalized medicine diagnostics and personalized medicine therapeutics. The personalized medicine diagnostics segment was the largest revenue contributor to the market in 2021, and is anticipated to grow at a fastest rate during the personalized medicine market analysis, owing to the surge in demand for personalized diagnostic test and products for diagnosis of cancer and other rare diseases, rise in awareness among the population about personalized medicines in diagnosis of various disorders among people around the globe.

By application, the market is categorized into oncology, neurology/psychiatry, infectious disease, cardiovascular and others. In 2021, the oncology segment held the largest share of the global personalized medicine market, which is mainly driven by the high prevalence of cancer cases around the globe and also increasing demand for personalized medicines in cancer treatment. On the other hand, the cardiovascular segment is anticipated to grow at a fastest rate during the forecast period, which is attributed to the increase in prevalence of cardiovascular diseases among the population and rise in application of personalized medicine in treatment of cardiovascular diseases.

By end user, the market is segmented into hospitals & clinics, and others. The hospitals & clinics segments held the largest personalized medicine market share in 2021. This is attributed to the rise in number of patients receiving personalized treatment in hospitals as it owns advanced genomic and proteomic technologies that are needed to analyze patient data and identify disease biomarkers. On the other hand, others segment is anticipated to grow at a fastest rate during the forecast period, owing to increase in R&D activities in pharma and biotech companies regarding personalized medicines and in the diagnostic tool companies.

By region, North America acquires the major personalized medicine market share of the personalized medicine market in 2021, owing got the high purchasing power of people and rise in spending on healthcare, along with well-established healthcare facilities. Whereas Asia-Pacific is expected to register highest CAGR from 2022 to 2031, owing to the rapid increase in demand for personalized medicine in diagnostics sector and the growing demand for novel therapeutic drugs to fight against various diseases.

Key findings of the study
• By product, the personalized medicine diagnostics segment was the highest contributor to the personalized medicine industry in 2021.
• By application, the oncology segment was the highest contributor to the market in 2021, and cardiovascular segment is expected to drive the market during the forecast period.
• By end user, the hospitals & clinics segments were the highest revenue contributor to thepersonalized medicine industry in 2021.
• Region wise, North America garnered the largest revenue share in 2021, and Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.