Personalized Medicine Market Will Grow at Highest Pace Owing To Growing Demand for Targeted Therapies

 

Personalized Medicine Market

Personalized medicine involves tailoring medical treatment to an individual based on their predicted response. It uses molecular diagnostic tools to classify individuals into distinct risk categories or other classifications that determine disease predisposition or likely response to a specific treatment. Personalized medicine aims to improve the safety and efficacy of pharmaceutical drugs by targeting specific patient populations who are most likely to benefit. The increasing adoption of targeted therapies and companion diagnostics driven by advances in molecular technologies is driving the growth of the personalized medicine market. The Global Personalized Medicine Market is estimated to be valued at US$ 81.33 Billion in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period from 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.
The demand for personalized medicine is growing owing to increasing incidence of cancer and rising demand for targeted therapies. According to WHO, cancer burden is expected to grow to 27 million new cases per year by 2040. Growing application of targeted therapies such as immunotherapies is fueling the demand for companion diagnostics to identify patients most likely to respond well.

Technological advancement in the field of genomics and molecular diagnostic tools such as next generation sequencing, polymerase chain reaction, immunohistochemistry, and in situ hybridization are enabling more accurate diagnosis and development of targeted therapies. Declining costs of sequencing is further facilitating adoption of personalized medicine approach.

Market Trends
Advances in liquid biopsy techniques help enable early cancer detection through a simple blood draw. Liquid biopsies analyze fragments of tumor DNA circulating in blood to detect cancer recurrence or resistance to therapy without invasive tissue biopsy.
Artificial intelligence is aiding the discovery of new disease subtypes and drug targets by analyzing huge amounts of multi-omics data. AI also helps leverage real world evidence for developing risk prediction models and treatment selection in personalized medicine approach.

Market Opportunities
Emerging economies in Asia Pacific and Latin America represent lucrative opportunities for players as healthcare infrastructure and adoption of advanced technologies improves in these regions.
Personalized nutrition based on an individual’s genetics, biomarkers, lifestyle and microbiome is an emerging area which can help tailor dietary and supplement advice for improved health and disease management.

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 initial months of the pandemic, elective surgeries and non-essential medical appointments were postponed to avoid overburdening the healthcare systems. This led to a decline in the demand for personalized medicines which require genetic testing and biomarker analysis. However, with the pandemic continuing for over a year, personalized medicines play an important role in disease management.
Several biopharmaceutical companies are conducting research to develop personalized vaccines and therapeutics against COVID-19. Genetic factors influence COVID-19 severity and outcomes. Understanding this relationship can help identify high-risk patients and develop targeted prevention and treatment strategies. Researchers are investigating host genetic traits that may impact viral entry, disease progression, and immune response to the virus. Some clinical trials are evaluating repurposed drugs based on a patient's genetic profile to expedite COVID-19 treatment.

The pandemic has accelerated the adoption of telehealth and home healthcare services. This facilitates remote monitoring of chronic patients and genetic testing sample collection without physical visits. It ensures continuity of care while reducing infection risk. The increased focus on vaccine development, virus genetics, and precision public health post-COVID will drive greater investments in personalized medicine capabilities. While the market experienced initial slowdown, focus on COVID-19 precision solutions and leveraging telehealth are likely to boost long-term personalized medicine demand.

Fastest Growing Region for Personalized Medicine Market
Asia Pacific is expected to be the fastest growing region in the personalized medicine market during the forecast period. This is attributed to increasing healthcare expenditures, large patient pools, rising incidence of chronic diseases, and growing awareness regarding personalized therapies. Countries like China, Japan and India offer high growth opportunities due to improving infrastructure, favorable public and private investments, and expanding medical tourism industry.

Growing genomics research in Asia is generating vast molecular data to advance personalized diagnostics and treatment approaches. Partnerships between regional and global pharmaceutical players also help enhance access to novel diagnostic tests and personalized medicines. Favorable regulatory guidelines in several Asia Pacific nations promote precision medicine adoption. Additionally, rising disposable incomes enable affordable healthcare access spurring regional market demand. Asia Pacific represents one of the largest untapped opportunities for personalized medicine market participants globally.

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