Personalized Medicine Market to Reach $976.3B by 2031 Driven by Genomics & Precision Diagnostics

According to DataM Intelligence, the global personalized medicine market reached US$ 538.25 billion in 2023 and is expected to reach US$ 976.30 billion by 2031, growing at a CAGR of 7.8% from 2024 to 2031. Growth is driven by rising prevalence of chronic diseases, advancements in genomic technologies and pharmacogenomics, increasing adoption of precision diagnostics, and expanding applications in oncology and personalized nutrition & wellness.

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North America Key Industry Developments
✅ August 2024: Exact Sciences enrolled the first patient in its Multi-Cancer Early Detection (MCED) Falcon Registry study.
✅ July 2024: Danaher Corporation established two new CLIA- and CAP-certified laboratories to accelerate Companion Diagnostics development.
✅ June 2024: GE HealthCare introduced precision care tools in collaboration at the SNMMI annual meeting.

Asia-Pacific Key Industry Developments
✅ April 2024: The CMHE conference at AIIMS in New Delhi explored integrating traditional practices with personalized nutrition for metabolic disorders.
✅ Ongoing: Increasing investments in genomic research and precision medicine initiatives in China, India, and Japan.
✅ Expanding clinical trials and partnerships for cost-effective personalized diagnostics and therapies.

Key Mergers and Acquisitions (Recent)
✅ Strategic Partnerships: Ongoing collaborations in genomics and AI to enhance precision diagnostics and therapeutic development.
✅ Laboratory Expansions: Investments in certified labs for companion and complementary diagnostics to support personalized treatment pipelines.

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Market Segmentation Analysis
By Product Type: Personalized nutrition & wellness dominates with approximately 48.6% market share. Other segments include therapeutics (pharmaceuticals, genomic medicine, medical devices) and medical care (telemedicine, health IT).
By Application: Oncology leads, followed by neurology, cardiology, immunology, and others.
By End-User: Hospitals & specialty care, diagnostic centers, research & academic institutes.

Regional Insights
North America leads with over 43.9% market share due to advanced healthcare infrastructure, high chronic disease incidence, key player presence, and strong R&D investments. Asia-Pacific is the fastest-growing region, driven by rising healthcare demands, government support, and increasing access to genomic technologies.

Growth Drivers
Rising prevalence of chronic diseases and demand for tailored treatments
Advancements in next-generation sequencing, AI, and pharmacogenomics
Growing focus on preventive healthcare and personalized nutrition
Increasing product launches and regulatory approvals for precision diagnostics
Strategic collaborations and investments in companion diagnostics

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Key Players
The market includes leading companies such as Abbott, GE HealthCare, Danaher Corporation (Cepheid, Inc.), ASURAGEN, INC., Exact Sciences Corporation, Illumina, Inc., QIAGEN, Genentech, Inc., Biogen, and IBM.

Key Highlights (Top 5 Key Players)
Illumina, Inc. - Pioneering AI algorithms like PrimateAI-3D for genomic predictions.
Exact Sciences Corporation - Advancing multi-cancer early detection tests and registries.
GE HealthCare - Developing precision care tools for molecular imaging.
Danaher Corporation - Expanding laboratory capabilities for companion diagnostics.
Abbott - Extending personalized medicine applications into infectious diseases.

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