by The global personalized medicine market size is forecasted to reach from US$ 2.12 trillion in 2021 to US$ 5.7 trillion by 2030, growing at a CAGR of 11.6% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.
The personalized medicine market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
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Personalized medicine is the tailoring of a treatment to a specific patient, i.e., designing medicine treatment based on diagnosis, disease condition, patient history, body physics, and other patient and disease factors. Precision medicine, stratified medicine, and P4 medicine are all terms for personalized medicine.
Diagnostic analysis is frequently used in personalized medicine to select the best treatments for a patient based on genetic content or other molecular or cellular analysis. Personalized medicine has the best response and the highest safety margin to ensure improved patient care by allowing each patient to receive an earlier diagnosis, risk assessment, and best treatment. Personalized medicine also has the potential to improve health care by lowering overall treatment costs.
The factors driving the global personalized medicine market include an increase in the prevalence of various types of cancer, the affordability of personalized medicine therapy in cancer drugs and other disease indications, fewer side effects of personalized medicine therapy, high adoption in developed markets, and the development of innovative drugs. However, high competition among existing market players, stringent government regulations governing product approval, and a lack of awareness among the rural population in developing economies are expected to stymie the market in the coming years.
Market Dynamics
Drivers
Increasing prevalence in various types of cancer
Cancer is caused by the transformation of normal cells into tumor cells over the course of a multi-stage process that typically begins with a precancerous lesion and progresses to a malignant tumor. These changes are caused by the interaction of a person’s hereditary factors. Cancer is the leading cause of death worldwide, accounting for roughly 10 million deaths by 2020. Because each type of cancer requires a unique treatment plan, a correct cancer diagnosis is critical for appropriate and effective treatment. On a large scale, cancer patients benefit from personalized medicines. As a result, the rising prevalence of cancer is propelling the growth of the personalized medicine market growth during the forecast period.
Restraints
Stringent government regulations
The rules and laws for the packaging and labeling of personalized medicine is ascribed by the government authorities. Such government regulatory agency is Food and Drug Administration (FDA). The market players need to follow those guidelines while manufacturing of the personalized medicine. If these guidelines are not followed, then government agencies have authority to take legal actions against them. Thus, the stringent government regulations are restricting the growth of the personalized medicine market during the forecast period.
Opportunities
Growing geriatric population
The elderly, also known as senior citizens, are rapidly growing in number. The World Health Organization (WHO) predicts that the number of people aged 65 and up will increase by around 1.5 billion by 2050. The figure is expected to rise in developing countries such as China, Japan, India, and South Korea. Cancer, diabetes, high blood pressure, and blood sugar levels are just a few of the health problems that the elderly face. They should be more concerned about their health. As a result, they must take medications on a regular basis. As a result, the growing geriatric population is creating lucrative opportunities for the growth of the global personalized medicine market during the forecast period.
Challenges
Lack of consumer awareness
The people are still not familiar with the concept and benefits of the personalized medicine. The government of underdeveloped nations is also not taking enough steps to promote the application of the personalized medicine among the people. Thus, lack of consumer awareness is major challenge for the growth of the personalized medicine market during the forecast period.
Regional Snapshot
North America is the largest segment for personalized medicine market in terms of region. The dominance of North America in the global market can be attributed to an increasing number of regulatory approvals for customized medicine in the U.S., as well as increased acceptance of personalized medicine as diagnostic and therapeutic agents.
Asia-Pacific region is the fastest growing region in the personalized medicine market, owing to ongoing research and development activities in the healthcare industry. Due to rapidly ageing population, increased consumer awareness, modernization of healthcare infrastructure, and the rising medical tourism business in developing countries, Asia-Pacific is expected to have the highest development rate.
Competitive Intelligence
The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.
Some of the prominent players in the global personalized medicine market are listed as below:
- Illumina Inc.
- Precision Biologics
- Danaher Corporation
- GE Healthcare
- Celera Diagnostics LLC
- Decode Genetics Inc.
- Exact Sciences Corporation
- IBM Corporation
- Exagen Inc.
- Biogen
Based on the product, the personalized nutrition and wellness segment dominated the global personalized medicine market in 2020 with the highest market share. As a result of the growing demand for functional food products, enterprises are concentrating their efforts on extending their manufacturing capacity for the functional food product line.
Segments Covered in the Report
By Product
- 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 and Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
By Application
- Oncology
- CNS
- Immunology
- Respiratory
- Others
By End-use
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
Regional Segmentation
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Personalized Medicine Market
5.1. COVID-19 Landscape: Personalized Medicine Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Personalized Medicine Market, By Product
8.1. Personalized Medicine Market, by Product Type, 2021-2030
8.1.1. Personalized Medicine Diagnostics (Genetic Testing, DTC Diagnostics, Esoteric Lab Services, Esoteric Lab Tests)
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Personalized Medicine Therapeutics (Pharmaceutical, Genomic Medicine, Medical Devices)
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Personalized Medical Care (Telemedicine, Health Information Technology)
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Personalized Nutrition and Wellness (Retail Nutrition, Complementary & Alternative Medicine)
8.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Personalized Medicine Market, By Application
9.1. Personalized Medicine Market, by Application, 2021-2030
9.1.1. Oncology
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. CNS
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Immunology
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Respiratory
9.1.4.1. Market Revenue and Forecast (2019-2030)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Personalized Medicine Market, By End-use
10.1. Personalized Medicine Market, by End-use, 2021-2030
10.1.1. Hospitals
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Diagnostic Centers
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Research & Academic Institutes
10.1.3.1. Market Revenue and Forecast (2019-2030)
10.1.4. Others
10.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Personalized Medicine Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.3. Market Revenue and Forecast, by End-use (2019-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.5.3. Market Revenue and Forecast, by End-use (2019-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.3. Market Revenue and Forecast, by End-use (2019-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.5.3. Market Revenue and Forecast, by End-use (2019-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.6.3. Market Revenue and Forecast, by End-use (2019-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.7.3. Market Revenue and Forecast, by End-use (2019-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.3. Market Revenue and Forecast, by End-use (2019-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.5.3. Market Revenue and Forecast, by End-use (2019-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.6.3. Market Revenue and Forecast, by End-use (2019-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.7.3. Market Revenue and Forecast, by End-use (2019-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.5.3. Market Revenue and Forecast, by End-use (2019-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.6.3. Market Revenue and Forecast, by End-use (2019-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.7.3. Market Revenue and Forecast, by End-use (2019-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.3. Market Revenue and Forecast, by End-use (2019-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.4.3. Market Revenue and Forecast, by End-use (2019-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.5.3. Market Revenue and Forecast, by End-use (2019-2030)
Chapter 12. Company Profiles
12.1. Illumina Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Precision Biologics
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Danaher Corporation
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. GE Healthcare
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Celera Diagnostics LLC
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Decode Genetics Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Exact Sciences Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. IBM Corporation
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Exagen Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Biogen
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Why should you invest in this report?
If you are aiming to enter the global personalized medicine market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for personalized medicine are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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