Personalized Medicine Will Grow At Highest Pace Owing To Increasing Demand For Targeted Treatment

 

Personalized Medicine Market

Personalized medicine, also known as precision medicine, involves tailoring medical treatment to the individual characteristics of each patient. Personalized medicine is enabled by various technologies like genetic testing, next-generation sequencing, companion diagnostics and other advanced techniques. These technologies help determine which treatments and procedures will work best for each patient. Personalized medicine enables doctors to select treatments that work best for their patient based on their genetic makeup, lifestyle, and other molecular or biological characteristics. It helps avoid trial-and-error used in finding medications or treatments that are most effective for a particular patient with a specific medical 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. Key players are focusing on launching new technologies that help in genetic profiling and pharmacogenomics. For instance, in 2023, Illumina launched its TruSight Oncology 500 genomic profiling assay which provides deeper coverage across 500 cancer-associated gene.

The demand for personalized medicine is increasing globally owing to rising prevalence of chronic diseases like cancer. As per World Health Organization (WHO), cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Personalized medicine aids in targeting specific mutations driving an individual's cancer and selecting treatments tailored for each patient.

Technological advancements are also fueling the personalized medicine market growth. Integration of artificial intelligence, machine learning and cloud computing has enabled analyzing large patient datasets and improving disease diagnosis. In addition, continuous advancements in genetic sequencing, biomarker identification and companion diagnostics have enhanced delivering targeted treatments to patients.

Market Trends

Combination of personalized medicine with advanced technologies like AI and IoT: Major players are investing in developing combination therapies that integrate personalized medicine with advanced technologies like artificial intelligence, internet of things for better disease management and care.
Growing adoption of companion diagnostics: Companion diagnostics helps identify whether a particular therapeutic product will be effective or safe for a particular patient. Their growing adoption ensures personalized treatment outcomes for patients.

Market Opportunities

Scope for enhancing genetic data analysis: There remains scope to improve genomic data analytics capabilities to gain further insights into disease mechanism and expedite drug development process.
Leveraging big data: Healthcare industry is sitting on petabytes of patient data. Leveraging it effectively can help discover new diagnostic and therapeutic strategies.

Impact of COVID-19 on Personalized Medicine Market Growth
The COVID-19 pandemic has significantly impacted the growth of the personalized medicine market. In the early stages of the pandemic, hospitals witnessed a surge of COVID-19 cases which led to postponement of non-emergency medical procedures and diagnostic testing. This had a negative impact on the adoption of personalized medicine approaches which rely on genomic and molecular diagnostic testing. However, with advancements in COVID-19 treatment approaches, there is growing focus on personalized patient care and targeted therapies. Researchers are investigating host genomic variations that can impact susceptibility and severity of COVID-19 infection. Several clinical trials are evaluating efficacy of existing drugs for specific patient groups based on biomarkers, aiming to develop more effective personalized treatment protocols. Going forward, stakeholders are expected to focus on integrating viral and human genome sequencing data to enable risk stratification and management of COVID-19 patients. Demand for molecular diagnostic testing and companion diagnostics is also expected to rise to facilitate rapid personalized care approaches for COVID-19 management.

Geographical Regions with Highest Value Concentration in Personalized Medicine Market
North America region currently accounts for the largest share of the global personalized medicine market in terms of value. This is attributed to rising healthcare expenditure, presence of advanced healthcare infrastructure and reimbursement policies supportive of personalized medicine approaches in countries like the US and Canada. Growing adoption of genomic profiling and companion diagnostics by pharmaceutical companies for drug development and commercialization has also boosted market growth. Besides North America, Western Europe is another major revenue generator for personalized medicine market players. Countries such as Germany, UK and France have witnessed increasing demand for personalized care options for conditions like cancer and rare diseases. Growing public-private collaborations for clinical research and digital health initiatives will further aid the Europe personalized medicine market expansion.

Fastest Growing Region in the Personalized Medicine Market
Asia Pacific region is poised to offer the most lucrative growth opportunities for personalized medicine market stakeholders over the forecast period. This can be accredited to rising healthcare expenditure, growing public awareness about personalized care benefits, increasing collaborations between regional and international market players. In addition, improving diagnostic infrastructure and efforts by governments to strengthen health systems are encouraging adoption of precision medicine approaches. Some of the fastest growing personalized medicine markets in Asia Pacific include that of China, India, Japan, South Korea and Australia. The regional market will be further driven by expanding patient pool affected with chronic non-communicable diseases requiring tailored treatment options.

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