Personalized Medicine Market Size to Garner US$ 5.7 Trillion by 2030

The global personalized medicine market is predicted to garner around US$ 5.7 trillion by 2030 and it is expected to reach at a registered CAGR of 11.6% over the forecast period 2022 to 2030.

The global personalized medicine market size was valued at US$ 2.36 trillion in 2022. Personalized medicine is a healthcare in which treatment is personalized per the patient’s needs. It is an emerging practice of medicine. It uses a person’s genetic profile to guide decisions made for disease prevention, diagnosis, and treatment. The proper knowledge of a person’s genetic profile can help doctors determine the appropriate medication or therapy for the treatment. It transforms a “one size fits all” approach and changes it into an individualized approach. It is also called precision medicine.

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The medicines are tailored to the individual patient based on their risk of disease. It gained popularity after the growth of new diagnostic and informatics approaches. Diagnostic testing is done to decide optimal therapies based on a patient’s genetic content. The use of genetic information plays a vital role in specific aspects of personalized medicine. The term was first used in the context of genetics. It encompasses the use of proteomics, imaging analysis, and nanoparticle-based theragnostic. It replaces the one‐drug‐fits‐all model. Tools used include molecular diagnostics, imaging, and analytics. It tailors medical treatment. It also includes creating unique medicine for each patient.

Report Highlights:

• By product, the personalized nutrition and wellness segment has accounted market share of 61% in 2021.
• North America has generated market share of around 48.9% in 2021.
• Based on the product, the personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share due to increasing demand for over-the-counter drugs and the rising sales of personalized medicine. Personalized medicine therapeutics is expected to witness a promising CAGR in the coming years due to the development of genomic medicines and significant growth in the biopharmaceutical industry.

Key Developments:

• In January 2022, Panaceutics Nutrition and Viocare collaborated to manufacture personalized nutrition for healthcare providers and their subjects using an advanced technology interface by incorporating Viocare’s nutrition assessment software with personalized nutrition supplementation for creating an end-to-end service platform.
• In February 2021, Illumina, Inc entered into a national-level pilot program agreement with the Belgian Society of Medical Oncology to evaluate Comprehensive Genomic Profiling in advanced metastatic cancer patients.
• In January 2019, Personalized Lifestyle Medicine Center opened Gig Harbor in Washington to test a tailored lifestyle medicine approach.
• In June 2018, Precision Therapeutics Inc. and Helomics Holding Corporation entered into a merger agreement to combine both companies’ precision diagnostic and integrated contract research organizations’ capabilities. The goal was to improve patient care and advance the development of new clinical products and technology for treating cancer and other diseases.

Growth factors

The global market is majorly driven by the increasing demand for novel drug discovery. In line with this, the rising incidence of cancers and other diseases across the globe significantly contributes to market growth. Furthermore, the collaborations among researchers and market players positively influence market growth.

Apart from this, the COVID-19 pandemic outbreak adversely affected the research for novel drug discovery. Telemedicine emerged due to the pandemic. The medical consultations were given online to avoid the spread of contagious infections and accelerate the patients’ convenience. The pandemic catalyzed the demand for personalized medicine to combat COVID-19 infection. The growing prevalence of rare diseases propels the market growth. The introduction of personalized medicine and therapeutic exercises strengthens market growth.

Personalized medicine is also used in companion diagnostics. Companion diagnostics devises efficient precision medicine. There are increasing FDA approvals for companion diagnostics. The market players are entering into collaborations and acquisitions and making huge capital investments. Personalized medicine is effective for cancer patients and patients suffering from rare genetic disorders. The production of new medicines for cancer patients catalyzes market growth. The Favorable policies of the governments and developments in pharmacogenomics offer numerous opportunities for market growth.

Regional Snapshots

• Based on the region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. This is due to the increasing prevalence of cancer and the rapid uptake of healthcare information technology systems in clinical workflows.
• Asia-Pacific, on the other hand, is expected to witness a promising CAGR in the coming years due to the low cost of clinical trials of new personalized medicines. The rising demand for novel therapeutic drugs favors market growth.

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Market Report Scope

Market Dynamics for Personalized Medicine:

Market Driver: Increasing Prevalence of Chronic Diseases

The increasing Prevalence of chronic diseases significantly contributes to market growth. In line with this, the rising number of patients suffering from cancer and rare diseases positively influences the market growth. The rapid onset of action treatment procedures demands and the growing geriatric population catalyze market growth. The usage of combined drug therapies and surging clinical trials for personalized medicine are the key factors that drive the growth of the market. The increasing adoption of highly advanced healthcare facilities propels the market growth. The advanced infrastructures and benefits and effectiveness of personalized medicine are creating a positive outlook for the market. The recent development in pharmacogenomics strengthens market growth.

Market Opportunity: Rising Investments in Research and Development Activities

The rising investments in research and development activities by biopharmaceutical companies to produce new personalized medicines offer numerous opportunities for market growth. The clinical efficiency of personalized medicine in oncology catalyzes market growth. The increasing number of clinical trials for personalized medicine in neurology propels the market growth. The usage of combined drug therapies and the growing demand for onset action treatment procedures favors market growth. The adoption of highly advanced healthcare facilities and the benefits & effectiveness associated with the use of personalized medicines are strengthening market growth.

Market Restraint: High costs

The high costs of production of new personalized medicine restrict the market growth. Furthermore, the heavy investments in research and development activities of personalized medicine hamper the market growth.

Market Challenge: Complex nature of the drugs

The complex nature of the drugs challenges the personalized medicine market growth. The stringent regulations and inter-patient variability of effects impede revenue growth of the personalized medicines market.

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