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Personalized Medicines Market Size, Share, Trends, Competitive Scenario Forecast 2023-2031
Personalized Medicines Market
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By 2030, it is anticipated that the global market for personalized medicines would have grown at a CAGR of 11.6%, reaching a market value of US$ 5.7 trillion. The increased use of personalized medicines in the treatment of chronic and rare diseases, as well as growing public knowledge of the advantages of personalized medicine, are the main drivers of this expansion. The availability of government efforts and support for personalized medicine as well as pharmaceutical firms' investments in research and development are also anticipated to help the expansion of this industry.
Due to rising research and development activities for personalized therapeutics, the emergence of precision medicines, the rising prevalence of chronic diseases, and rising investments in R&D for drug discovery, the therapeutics segment is anticipated to experience the highest growth rate in the global personalized medicine market over the forecast period. The market for customized medicines is expanding as a result of an increase in government efforts and pharmaceutical companies' spending on R&D.
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Due to increasing investments by pharmaceutical and biotechnology companies in oncology medication development, oncology is anticipated to experience the greatest growth rate in the global market for personalized medicine over the forecast period. Additionally, the personalized medicine market for oncology is expanding due to the rising incidence of cancer and the quickening development of genetic and molecular testing.
Owing to the increasing number of hospitals and the expansion of existing facilities around the world, the hospital pharmacy category is anticipated to grow at the highest CAGR. The market for personalized medicine has expanded as a result of the increased incidence of cancer and the rising need for personalized therapies. Additionally, the market for personalized medicine is anticipated to increase rapidly with the advent of cutting-edge gene therapies and customized treatments like cancer immunotherapies.
Because of factors like technology development and high healthcare spending, the North American market is anticipated to lead the personalized medicine market over the forecast period. In addition, the region's extensive key player presence and well-established healthcare infrastructure are anticipated to support the market's expansion. Additionally, the North American market is likely to grow as a result of the high prevalence of cancer, expanding government initiatives to support personalized medicine and the introduction of cutting-edge gene therapies.
The US Food and Drug Administration (FDA) is anticipated to approve the first gene therapy in the nation in March 2022, with more approvals anticipated soon after. This will probably create a lot of opportunities for cutting-edge therapies and accelerate the adoption of personalized medicine in North America.
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https://www.globenewswire.com/en/news-release/2022/09/29/2525086/0/en/Drone-Mapping-Software-Market-Size-to-Grow-Worth-USD-21-96-Billion-at-a-CAGR-of-14-08-by-2031-Emerging-Technical-Advancements-Key-Business-Strategies-Market-Projections-Roadmap-Com.html
https://www.globenewswire.com/en/news-release/2022/10/10/2530889/0/en/Polyethylene-Glycol-Market-is-Expected-to-Reach-USD-6-811-8-million-at-a-CAGR-of-4-9-by-2030-Top-Players-Upcoming-Trends-Geography-Growth-Prospects-Forecast-Adroit-Market-Research.html
https://www.globenewswire.com/en/news-release/2022/10/11/2531683/0/en/Management-Consulting-Services-Market-Size-to-Grow-Worth-USD-814-6-billion-at-a-CAGR-of-10-6-by-2031-Growth-Insights-Technology-Trends-and-Business-Opportunities-Adroit-Market-Rese.html
https://www.globenewswire.com/en/news-release/2022/10/06/2529510/0/en/Ceramic-Fiber-Market-Size-to-Grow-Worth-USD-4-98-billion-at-a-CAGR-of-9-7-by-2030-Challenges-Key-Driving-Factors-Production-Revenue-Business-Overview-and-Statistical-Forecast-Adroi.html
https://www.globenewswire.com/en/news-release/2022/09/30/2525961/0/en/Solenoid-Valves-Market-Size-to-Hit-USD-6-72-Billion-by-2030-Exhibit-a-CAGR-of-5-25-Adroit-Market-Research.html
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Adroit Market Research is an India-based business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a markets size, key trends, participants and future outlook of an industry. We intend to become our clients knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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