by Personalized medicine involves tailoring medical treatment to the individual characteristics of each patient. It allows doctors and healthcare providers to select treatments that are most likely to help patients based on their genetic content or other molecular or cellular analysis. By considering the patient’s lifestyle and genetic profile, personalized medicine aims to develop prevention or treatment plans that work best for that specific individual.
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. Key players like Precision Biologics and Danaher Corporation are investing heavily in R&D to develop advanced diagnostic tools and personalized treatment options.
The growing demand for targeted therapies and non-invasive disease screening options is fueling the personalized medicine market. Advancements in genomics and emergence of big data analytics have enabled deeper understanding of diseases at the molecular level and development of tailored treatment regimens. This is expected to significantly improve treatment outcomes.
Global expansion of key players into emerging markets and growing investments by pharmaceutical players into personalized medicine startups are helping the market gain widespread momentum. Favorable regulatory environment and increasing awareness is also supporting the adoption of personalized diagnostics and treatment monitoring solutions globally.
Market key trends
One of the major trends in the personalized medicine market is growing adoption of pharmacogenetics. Pharmacogenetics examines how genes affect individual responses to drugs in order to develop effective personalized treatment plans. It helps physicians determine appropriate dosage or select suitable drugs for patients based on their genetic makeup. This is expected to revolutionize disease management and treatment monitoring.
Porter’s Analysis
Threat of new entrants: The emerging technologies, research collaborations and growing partnership opportunities in the personalized medicine market are reducing the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several therapeutic products for targeted disease conditions.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the differentiated nature of raw materials and technologies required for developing personalized medicine products.
Threat of new substitutes: Threat of new substitutes is low due to limited availability of alternative personalized treatment options.
Competitive rivalry: Competition in the personalized medicine market is high owing to the presence of multiple local and regional companies offering technologically advanced products.
Geographical Regions
North America accounted for the largest share of the global personalized medicine market in terms of value owing to the rising prevalence of chronic diseases, increasing adoption of personalized medicine approaches, and significant reimbursement coverage for personalized therapies.
Asia Pacific is expected to witness the fastest growth over the forecast period in the personalized medicine market driven by the rising healthcare expenditure, surge in generics market, presence of less stringent regulations, and growing penetration of advanced technologies for clinical trials.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
