PERSONALIZED MEDICINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global personalized medicine market is estimated to be valued at USD 81.33 BN in 2024 and is expected to exhibit a CAGR of 9.4% during the forecast period (2024-2031). Personalized medicine aims to tailor healthcare to the individual characteristics of each patient, providing targeted treatment based on genetics, biomarkers, and clinical risk factors. It represents an evolution from a "one-size-fits-all" approach to treatment and disease prevention to a highly customized system that considers individual variability in patients' genes, environments, and lifestyles. Personalized medicine has the potential to reduce adverse drug reactions, enhance treatment efficacy, and improve health outcomes through better-informed medical decisions. With advancements in genetic testing, big data analytics and molecular diagnostics, it enables physicians to genetically profile patients' susceptibility to specific diseases and optimize therapies accordingly. This emerging field is transforming how diseases are diagnosed, treated, and prevented on an individual level.

Market Dynamics:

The personalized medicine market is driven by factors such as rising healthcare costs and drug development costs for pharmaceutical companies, increasing demand for targeted therapies, growing prominence of companion diagnostics, rising focus on precision medicine, and availability of genetic data for research. However, lack of awareness about this approach among patients and physicians, high upfront costs, and regulatory issues hinder the growth of this market. Developing healthcare infrastructure in emerging economies provides significant growth opportunities for market players. Market leaders are investing in big data analytics and collaborating with diagnostic testing companies to develop combination products for better patient outcomes. Continued research in pharmacogenomics and companion diagnostics will further expand the capabilities of personalized medicine over the next decade.

Key Features of the Study:

• This report provides an in-depth analysis of the global personalized medicine market, and provides market size (USD BN) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global personalized medicine market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study includes Precision Biologics, Danaher Corporation, Abbott, Illumina, Inc., Exact Sciences Corporation, ASURAGEN, INC., Exagen Inc., Genentech, Inc., Berg Health, Omada Health, Natera, Invitae, Myriad Genetics, Celcuity, InsightRX, and Axial3D 
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global personalized medicine market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global personalized medicine market

Detailed Segmentation-

• Application:
• • Therapeutics
  • Nutrition & Wellness
  • Diagnostics
  • Others
• Indication:
• • Oncology  
  • Immunology
  • Neurology
  • Cardiology
  • Autoimmune Diseases
  • Others
• End User:
• • Hospital & Clinics
  • Diagnostic Laboratories
  • Academic & Research Institutes
  • Others
• Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
• • Precision Biologics
  • Danaher Corporation
  • Abbott
  • Illumina, Inc.
  • Exact Sciences Corporation
  • ASURAGEN, INC.
  • Exagen Inc.
  • Genentech, Inc.
  • Berg Health
  • Omada Health
  • Natera
  • Invitae
  • Myriad Genetics
  • Celcuity
  • InsightRX 
  • Axial3D