by The personalized medicine market is gaining traction due to technological advancement. Personalized medicine involves tailoring medical treatment to an individual’s specific needs based on their DNA and other molecular markers. Personalized medicines such as cancer medicines, infectious disease medicines, and neuromuscular medicines help deliver the right treatment to the right patient at the right time. They also help reduce side effects by not exposing patients to those treatments that may be inappropriate or less effective for their condition.
The Global Personalized Medicine Market is estimated to be valued at US$ 81.33 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Personalized Medicine Market are 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. Precision Biologics manufactures personalized medicines for cancer, while Danaher Corporation provides tools to analyze genomics and cellular functioning.
The growing demand for precision medicine is expected to drive the market during the forecast period. Precision medicine offers cost savings over traditional medicine by helping match patients with therapies most likely to provide benefit. It also reduces trial and error and improves health outcomes.
The market is also witnessing growth due to increasing global expansion. Key players are focusing on geographic expansion and product launches. For example, Exact Sciences Corporation launched an artificial intelligence-enabled cancer screening test in the UK in 2022. Myriad Genetics expanded its global footprint with the opening of laboratories in Germany and Switzerland in 2021.
Market Key Trends
One of the key trends in the personalized medicine market is the growing adoption of companion diagnostics. Companion diagnostics are used in tandem with therapeutic products to help determine if a patient will positively respond to a specific treatment. They aid in identifying patients who may benefit from a particular therapeutic product or minimize risk from a particular treatment. This helps improve patient care.
The growing focus on developing and adopting Pharmacogenomics is another trend witnessed in this market. Pharmacogenomics involves studying how genes affect a person’s response to drugs. It aims to develop safer and more effective medicines tailored to an individual’s genetic makeup. This will help reduce adverse drug reactions and foster a more individualized approach for patients, thereby positively impacting the market.
Porter’s Analysis
Threat of new entrants: There is moderate threat of new entrants as large investments are required to enter this market for R&D and clinical trials. However, opportunities exist for new players in innovative technologies and digital health segments.
Bargaining power of buyers: The buyer power is relatively low as the treatment options are limited and buyers seek most effective medicines. However, price points and availability affect buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power as a limited number of players offer core technologies, data analytics and genetic analysis services. Suppliers can exploit their differential offerings.
Threat of new substitutes: Threat of substitutes is low as personalized medicines target individual patient needs based on their genetic profiles. However, alternative treatment methods could emerge.
Competitive rivalry: The competition is high among major players offering comprehensive solutions across the value chain from analytics to drug discovery and delivery.
Geographical Regions
North America remains the most lucrative region for the personalized medicine market, accounting for over 40% share currently due to advanced healthcare systems and early adoption. Asia Pacific is expected to witness the fastest growth during the forecast period due to growing healthcare investments, increasing disposable incomes and spread of awareness.
Some of the fastest growing markets for personalized medicine include countries like China, India, South Korea and Japan. This is attributed to rising genome sequencing adoption, growing collaborations between global players and local pharmaceutical companies, and government initiatives to modernize healthcare through precision medicine approaches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
