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Personalized Medicine Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Personalized Medicine Market
The escalating incidence of infrequent illnesses is projected to propel the growth of the personalized medicine market. This refers to the escalating count of individuals diagnosed with conditions such as Klinefelter Syndrome, Aarskog Syndrome, and Abetalipoproteinemia. Personalized medicine provides customized treatment methods, catering to the specific requirements of patients with rare diseases. For instance, recent data from February 2024, presented by the Genetic Alliance UK, a charity at the national level in the UK advocating for people living with genetic, rare, and undiagnosed conditions, suggests that 3.5 million people in the UK live with a rare condition and 1 in every 17 individuals will experience a rare condition at some point in their lives. Hence, as the rising frequency of rare diseases continues to escalate, it is advancing the growth of the personalized medicine market.
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How will the growth rate of the personalized medicine market shape industry trends by 2034?
The market size for personalized medicine has seen fast-paced expansion in the recent times. It's projected to escalate from $386.27 billion in 2024 to roughly $426.82 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.5%. This significant growth during the historic phase is linked to the emergence of companion diagnostics, a shift towards patient-focused healthcare, alterations in drug development, efforts to contain healthcare costs, and a rising incidence of chronic diseases.
The market size for personalized medicine is projected to expand rapidly in the forthcoming years, reaching a value of $662.67 billion in 2029 with a compound annual growth rate (CAGR) of 11.6%. The surge in the forecasted period is due to ongoing progress in genomics, increased discovery of biomarkers, the rising use of telemedicine, supportive regulations and frameworks, and cooperation and data exchange. The future trends expected within this period include the incorporation of artificial intelligence (AI), advancements in genomic sequencing, integration and analysis of data, immunotherapy and targeted treatments, empowering of patients and informed choice-making, as well as collaborations and affiliations.
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What are the emerging trends shaping the future of the personalized medicine market?
The trend of technological innovation is increasingly popular in the personalized medicine market. Notable companies in this market employ cutting-edge technology to maintain their competitive edge. For example, in April 2023, OM1, an American healthcare firm that uses real-world data and AI to support healthcare providers, acquired a patent for an AI-driven platform designed to hasten the advancement of personalized medicine. By utilizing extensive data analysis, the technology is able to provide in-depth insights into diagnoses, disease progression, and treatment responses. The importance of this technology is evident in its capacity to provide bespoke healthcare insights, facilitate knowledgeable choices for healthcare providers and hasten clinical trials by efficiently identifying appropriate participants, thus driving the growth of personalized medicine in the market.
Which growth-oriented segments of the personalized medicine market are leading the industry's development?
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
Subsegments:
1) By Personalized Medicine Diagnostics: Genetic Testing, Biomarker Testing, Companion Diagnostics, Molecular Imaging
2) By Personalized Medicine Therapeutics: Targeted Therapies, Gene Therapies, Monoclonal Antibodies, Cell and Gene Therapy Products
3) By Personalized Medical Care: Tailored Treatment Plans, Patient-Centric Care Models, Digital Health Solutions, Remote Patient Monitoring
4) By Personalized Nutrition And Wellness: Nutrigenomics, Customized Diet Plans, Supplement Personalization, Lifestyle Modification Programs
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What regions are leading the charge in the personalized medicine market?
North America was the largest region in the personalized medicine market in 2024. Asia-pacific is expected to be the fastest-growing region in the global personalized medicine market during the forecast period. The regions covered in the personalized medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the personalized medicine market?
Major companies operating in the personalized medicine market include 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, 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.
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What Is Covered In The Personalized Medicine Global Market Report?
•Market Size Forecast: Examine the personalized medicine market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the personalized medicine market for a structured understanding.
•Key Players Overview: Analyze major players in the personalized medicine market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the personalized medicine market.
•Segment Contributions: Evaluate how different segments drive overall growth in the personalized medicine market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the personalized medicine market.
•Industry Challenges: Identify potential risks and obstacles affecting the personalized medicine market.
•Competitive Landscape: Review strategic developments in the personalized medicine market, including expansions, agreements, and new product launches.
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