Personalized Medicine Global Market is Projected to Increase Revenues Growth, Business Insights, Future Demand and Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Personalized Medicine Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Technological advancements are a key trend gaining popularity in the personalized medicine market. Major companies operating in the personalized medicine market are adopting new technologies to sustain their position in the market. For instance, in April 2023, OM1, a US-based healthcare company that utilizes real-world data and artificial intelligence (AI) to assist healthcare providers, patented an AI-powered platform to accelerate personalized medicine. This technology employs large-scale data analysis to generate meaningful insights into diagnoses, progression, and treatment responses. Its significance lies in offering tailored healthcare inputs, enhancing informed decision-making for healthcare providers, and expediting clinical trials by identifying suitable candidates efficiently, contributing to the advancement of personalized medicine in the market.

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Major Key Players of the Market:

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.

Personalized Medicine Market 2024 Key Insights:

• 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%.
• Rare Diseases Drive Personalized Medicine Growth
• Technology Adoption By Major Companies In Personalized Medicine
• North America was the largest region in the personalized medicine market in 2023

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