Personalized Medicine Market is expected to grow at a CAGR of 7.8% and reach USD 690.9 Billion by 2033 | FMI Study

The healthcare landscape is undergoing a transformative shift towards personalized medicine. According to a recent analysis, the global Personalized Medicine Market is poised for significant growth, valued at USD 315.7 billion in 2022 and projected to reach a staggering USD 690.9 billion by 2033. This translates to a remarkable Compound Annual Growth Rate (CAGR) of 7.8% over the next decade.

In recent years, a significant focus is on how to employ advanced analytics, customized drugs, patient data, and other tools to better identify and treat illnesses. People are becoming more aware of the benefits of personalized treatment, and more genetic databases are being developed. These factors have been driving the global market for personalized medicine.

More patients using personalized medication might help neurology, lung medicine, antiviral medicine, and psychiatry. This would broaden the global market for personalized treatment. The global personalized medicine market is also faltering as a result of increased research and development costs and poor side effects.

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Over the forecast period, the personalized medicine market is expected to grow as more people develop chronic illnesses such as diabetes and cancer, more people receive combination pharmacological therapy, the global population ages, and more clinical studies for personalized medicine are conducted in neurology departments.

However, the exorbitant cost of customized drugs is stifling business growth. Due to the favorable government reimbursement criteria and low medical defect and side effect concerns, the market is expected to grow.

The growing number of cancer types and the low cost of personalized medicine therapy in cancer medications are expected to boost the global personalized medicine market. Cancer killed more than 9 million people in 2018, according to the World Health Organization. It kills almost one out of every six people worldwide.

North America was the prominent market for personalized medicines. The development of next-generation sequencing technologies and the implementation of health information technology systems are assisting in the expansion of the personalized medicine industry in North America. These technologies make it simple to get customized pharmacogenomic information in a timely and convenient manner.

Personalized Medicine Market Competitive Analysis

The precision medicine industry is moderately competitive, with several large corporations as well as a slew of smaller businesses vying for clients’ attention. Because of technological advancements and product improvements, the introduction of new technologies at low cost is assisting mid-size to small businesses in expanding their market presence. Among the firms with a strong presence in the sector are Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals.

Some of the recent developments of key Personalized Medicine providers are as follows:

• In February 2021, Illumina, Inc. entered into a study agreement with the Belgian Society of Medical Oncology to investigate Comprehensive Genomic Profiling in advanced metastatic cancer patients.

• In January 2019, Metagenics, Inc. announced that it has introduced a clinical research laboratory and patient clinic named Personalized Lifestyle Medicine Center in Washington.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the Personalized Medicine Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights by Type (Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness) across five regions (North America, Latin America, Europe, APAC and Middle East & Africa).

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Segments Covered in Personalized Medicine Market Analysis

By Type:

• Personalized Medicine Diagnostics
  • Genetic Testing
  • DTC Diagnostics
  • Esoteric Lab Services
  • Esoteric Lab Tests
• Personalized Medicine Therapeutics
  • Pharmaceutical
  • Genomic Medicine
  • Medical Devices
• Personalized Medical Care
  • Telemedicine
  • Health Information Technology
• Personalized Nutrition & Wellness
  • Retail Nutrition
  • Complementary & Alternative Medicine

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10-years.

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