Personalized Medicine Global Market Opportunity, Size, Share, Growth, Driving Factors, Emerging Trends, Key Players And Forecast, 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Personalized Medicine Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The personalized medicine market size has grown rapidly in recent years. It will grow from $352.73 billion in 2023 to $390.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to rise of companion diagnostics, patient-centric healthcare, drug development paradigm shift, healthcare cost containment, increasing prevalence of chronic diseases.

The personalized medicine market size is expected to see rapid growth in the next few years. It will grow to $590.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continued genomic advancements, expansion of biomarker discovery, growing adoption of telemedicine, regulatory support and frameworks, collaboration and data sharing. Major trends in the forecast period include integration of artificial intelligence (AI), advancements in genomic sequencing, data integration and analytics, immunotherapy and targeted therapies, patient empowerment and informed decision-making, collaborations and partnerships.

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Key Market Players:

Major companies operating in the personalized medicine market report are Bayer AG, Novartis AG, Thermo Fisher Scientific Inc., GlaxoSmithKline plc, AstraZeneca plc, Abbott Laboratories, Danaher Corporation, Eli Lilly and Company, Decode Genetics Inc., GE HealthCare Technologies Inc., Roche Diagnostics, Genentech Inc., Biogen Inc., Illumina Inc., Qiagen N.V., Exact Sciences Corporation, Myriad Genetics Inc., Verily Life Sciences LLC, Guardant Health Inc., Tempus Labs, Oxford Nanopore Technologies, Foundation Medicine Inc., NanoString Technologies Inc., Exagen Inc., Asuragen Inc., Personal Genome Diagnostics, Precision Biologics Inc., Strata Oncology, Genelex Corp, Guardiome, Invitae Corporation, Color Genomics, Helix OpCo LLC, 10x Genomics Inc., Agena Bioscience Inc., Natera Inc., Becton Dickinson and Company, PerkinElmer Inc., Sophia Genetics, Genomic Vision, Personalis Inc.

Market Drivers:

The increasing prevalence of rare diseases is expected to propel the growth of the personalized medicine market going forward. The increasing prevalence of rare diseases refers to the growing number of people who are diagnosed with rare diseases such as Klinefelter Syndrome, Aarskog Syndrome, Abetalipoproteinemia, and others. Personalized medicine approaches help to provide more tailored treatment options for individuals with rare diseases which are on the rise. For instance, in March 2021, according to the Journal of the European Academy of Dermatology and Venereology, the population prevalence of rare diseases was estimated at 3.5%-5.9%. this is equal to 260-440 million individuals affected across the world at a time. Moreover, according to an article published by Global Genes, a US-based non-profit advocacy organization, Globally 400 million people are suffering from a rare disease. Therefore, the increase in the prevalence of rare diseases is driving the growth of the personalized medicine market.

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The personalized medicine market covered in this report is segmented -

1) By Product: Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition and Wellness
2) By Application: Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology, Other Applications
3) By End-use: Hospitals, Diagnostic Centers, Research and Academic Institutes, Other End-Users

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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