Personalized Medicine Market Size and Forecast 2024 to 2033
The global personalized medicine market size was valued at USD 530.11 billion in 2023 and is anticipated to reach around USD 1,176.66 billion by 2033, growing at a CAGR of 8.30% from 2024 to 2033.
The personalized medicine market is driven majorly by the growing demand for novel drug discovery to combat the rising incidence of cancers and other diseases across the globe. Moreover, numerous collaborations among researchers and market players are also anticipated to have a positive impact on the personalized medicine market growth.
For instance, in February 2023, Roche extended its partnership with Janssen Biotech Inc., intensifying efforts in the development of companion diagnostics for targeted therapies. This expanded collaboration encompasses various precision technologies, such as immunohistochemistry, digital pathology, next-generation sequencing, polymerase chain reaction, and immunoassays, fostering advancements in research and innovation.
One of the most important factors expected to have a significant impact on the market is how much and to what extent the growth of Next-Generation Sequencing (NGS) will affect the adoption of personalized medicine(PM) in the coming seven years. The exponentially decreasing cost of sequencing whole genomes and technological advancements in NGS in a way with Moore’s law for semiconductors in the field of life sciences. For instance, as per the Medical Device Network article published in 2023, sequencing costs have significantly decreased over time as a result of increased competition and advancements in technology.
The increasing prevalence of rare diseases is also anticipated to boost the demand for growth of the market. The increasing level of understanding and correlation of characteristics of the human genome paved the way for efforts in devising various precision medicine and therapeutic exercises. For instance, in September 2022, a research study carried out at the University of California at Irvine, proposed a novel technique for the management of inherited retinal diseases (IRDs) by using precision genome editing that is very specific to an individual’s requirements.
Companion diagnostics are tests or assays that are specifically designed to identify biomarkers for patient stratification, ensuring that the right patients receive the right therapies at the right time. Many companies are embracing this approach to tailor treatments based on individual patient characteristics, optimizing therapeutic outcomes while minimizing potential adverse effects. For instance, in November 2023, Foundation Medicine announced a partnership with Pierre Fabre Laboratories aimed at advancing the development of FoundationOneCDx and FoundationOneLiquidCDx, which are high-quality genomic tests. The goal is to establish these tests as companion diagnostics for novel targeted therapies designed to treat individuals diagnosed with Non-Small Cell Lung Cancer (NSCLC).
Personalized medicine is poised to reshape the healthcare landscape in the coming years, fueled by four prominent trends. This evolution is driven by decision support techniques utilizing the potential of the human genome, the integration of big data analytics and machine learning in healthcare practices, reimbursement strategies promoting preventative care within health systems, and the introduction of advanced tools facilitating increased data accessibility and interoperability. For instance, in June 2023, Dartmouth inaugurated its Center for Precision Health and Artificial Intelligence (CPHAI) propelled by an initial USD 2 million funding. CPHAI is dedicated to advancing interdisciplinary research exploring the application of artificial intelligence and biomedical data in enhancing personalized medicine and health outcomes. Emphasizing the importance of maintaining ethical standards in health AI, the center aims to leverage AI's transformative potential in addressing real-world clinical challenges, improving patient outcomes, and ensuring equitable healthcare access.
The U.S. personalized medicine market size was valued at USD 170.14 billion in 2023 and is expected to reach around USD 387.40 billion by 2033, growing at a CAGR of 8.6% from 2024 to 2033.
North America personalized medicine market accounted for the largest share of 45.85% in 2023. This is attributed to the support of research institutes and pharmaceutical giants. Personalized medicine is now preferred for all kinds of diseases and therefore is part of research on any given disease and drug discovery. There are emerging advancements in precision diagnostics in the region. For instance, in January 2021, Illumina, Inc. developed the TruSight Oncology 500 (TSO 500) assay that uses nucleic acids from tumor regions and capably identifies as many as 523 cancer biomarkers.
U.S. Personalized Medicine Market Trends
The U.S. personalized medicine market is expected to grow from 2024 to 2033 attributed to the presence of key players such as GE Healthcare; Illumina, Inc.; ASURAGEN, Inc.; Danaher; Abbott Laboratories, and 23andMe, Inc. Key companies are increasingly entering into partnerships, collaborations, and agreements to enhance access to personalized medicine.
Europe Personalised Medicine Market Trends
Europe personalized medicine market is expected to grow at a significant CAGR from 2024 to 2033. Furthermore, current levels of development in Germany, the UK, and France are expected to provide lucrative opportunities for market growth over the forecast period.
The personalized medicine market in the UK is expected to grow along with the overall Europe market owing to the growing development of companion diagnostics (CDxs) and the subsequent establishment of molecular diagnostics by the prominent market participants.The France personalized medicine market is expected to grow at a notable CAGR from 2024 to 2030 due to various funding initiatives undertaken by public & private organizations focusing on developing and commercializing novel precision diagnostic & therapeutic solutions. Human Precision MEDicine (Hu-PreciMED) project was launched by Intersystems & Oncodesign and is aimed at structuring the precision medicine industry in France. It includes over 45 medical and digital companies.
The personalized medicine market in Germany is expected to grow at a lucrative CAGR from 2024 to 2033 owing to the ongoing developments in the advancement of personalized medicine in Germany by public and private organizations, such as EuroBioForum, the German Center for Infection Research, and the Personalized Medicine Coalition (PMC).
Asia Pacific Personalized Medicine Market Trends
Asia Pacific personalized medicine market is projected to grow at the fastest CAGR from 2024 to 2033. Developing healthcare infrastructure and rising healthcare expenditure in emerging economies contribute to the accelerated growth of the regional market.Various key players are entering Asia Pacific, which is expected to positively impact the growth of the market. For instance, in June 2022, MGI collaborated with MiRXES to expand the region's access to advanced spatial multiomics research capabilities. This agreement is expected to expand the reach of the companies.
The personalized medicine market in China is growing lucratively attributed to government support and involvement in cross-border international collaborations for preventive & personalized medicine.Expected developments in Chinese insurance policies and the growing adoption of Western medicine are also expected to contribute to the market growth.
The Japan personalized medicine market is expected to grow at a notable CAGR from 2024 to 2033. This share is due to the outcome of an active expansion strategy under execution by several market participants to strengthen their position in the Asia Pacific region. For instance, in October 2023, NTT Corporation (Japan) entered into an agreement with BC Platforms AG, PRIME-R, and Bioxcellerator to develop the Japan Precision Medicine Platform (JPP).
Latin America Personalized Medicine Market Trends
Latin America personalized medicine market is primarily driven by continuous advancements in cancer treatments, such as the expansion of less-toxic targeted therapies, improve patients' quality of life. Several events and conferences in Latin America to raise awareness about personalized and advanced therapies also drive the market.
The personalized medicine market in Brazil is expected to grow from 2024 to 2033 owing to increasing number of industrial developments such as expansion policies, mergers & acquisitions, and joint ventures.
MEA Personalized Medicien Market Trends
MEA personalized medicine market was identified as a lucrative region in this industry with the emergence of various national genome projects in the UAE, Saudi Arabia, Kuwait, and Qatar. The Saudi Human Genome Program (SHGP), the UAE Human Genome Project, the Qatar Genome Programme (QGP), and the Kuwait Genome Project are among the few genomic projects.
The personalized medicine market in Saudi Arabia is expected to grow from 2024 to 2030 attributed to the increasing awareness and prevalence of infectious diseases, including HIV, and other conditions requiring blood diagnostics.
| Report Attribute | Details |
| Market Size in 2024 | USD 574.11 Billion |
| Market Size by 2033 | USD 1,176.66 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 8.30% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product, Application, End Use, Technology, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | GE Healthcare, Illumina, Inc., ASURAGEN, INC., Abbott, Dako A/S, Exact Sciences Corporation, Danaher Corporation (Cepheid, Inc.), Decode Genetics, Inc., QIAGEN, Exagen Inc., Precision Biologics, Celera Diagnostics LLC, Biogen, Genelex, IBM, Genentech, Inc., 23andMe, Inc. |
Personalized nutrition & wellness recorded a dominant revenue share of 48.19% in 2023. The growth of the segment is due to the extensive consumption rate and market penetration. Further, the high rate of over-the-counter (OTC) sales of nutrition products boosts the demand due to lowered regulatory implications. For instance, in November 2023, Viome Life Sciences announced the acquisition of Naring Health, which includes gaining ownership of DiscernDX. The latter is recognized for enabling regular health monitoring, early disease detection, and personalized care. This strategic move positions Viome to augment its personalized health solutions, providing more accurate food and supplement recommendations. The acquisition marks a significant step in ushering in a new era of personalized nutrition, offering customers comprehensive insights into their body's status and personalized nutrition strategies to address issues at their root cause.
The personalized medicine therapeutics segment is projected to record the fastest CAGR from 2024 to 2033. Next-generation sequencing technology plays a major role in PM therapeutics. Due to the development of high-capacity rapid sequencing platforms, the cost of sequencing the whole human genome is expected to reduce significantly. Consequentially, this will translate into high market adoption and usage rates for precision medical therapies.
Hospital end-use segment led the market with a dominant revenue share in 2023. Hospitals play a pivotal role in the personalized medicine market, both as end-users and influencers. The increasing integration of genomic diagnostics and targeted therapies within hospital settings is a notable trend. This reflects a shift towards personalized medicine, where hospitals leverage genetic insights to tailor treatments for patients.
The demand for personalized medicine within hospitals is a significant market driver, prompting advancements in diagnostic tools and therapeutic approaches. As hospitals embrace genomics, they contribute to the market's growth by fostering innovation, improving patient outcomes, and positioning themselves at the forefront of transformative healthcare practices, ultimately shaping the future of personalized medicine.
The following are the leading companies in the personalized medicine market. These companies collectively hold the largest market share and dictate industry trends.
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Personalized Medicine market.
By Product
By Application
By Technology
By End-use
By Region
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