Personalized Medicine's Magnitude: US$ 690.9 Billion Market Forecast by 2033

According to Future Market Insights' newly released analytical study on the trends in the personalised medicine market, global revenues of this industry are expected to reach US$ 326.7 billion by 2022. It is projected that the country's market would reach US$ 690.9 billion by 2033, growing at a compound annual growth rate of 7.8% between 2023 and 2033. Perceived to have the highest compound annual growth rate (CAGR) between 2023 and 2033, customised nutrition and wellbeing will be the most lucrative.

In recent years, a significant focus is on how to employ advanced analytics, customized drugs, patient data, and other tools to better identify and treat illnesses. People are becoming more aware of the benefits of personalized treatment, and more genetic databases are being developed. These factors have been driving the global market for personalized medicine.

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More patients using personalized medication might help neurology, lung medicine, antiviral medicine, and psychiatry. This would broaden the global market for personalized treatment. The global personalized medicine market is also faltering as a result of increased research and development costs and poor side effects.

Over the forecast period, the personalized medicine market is expected to grow as more people develop chronic illnesses such as diabetes and cancer, more people receive combination pharmacological therapy, the global population ages, and more clinical studies for personalized medicine are conducted in neurology departments.

However, the exorbitant cost of customized drugs is stifling business growth. Due to the favorable government reimbursement criteria and low medical defect and side effect concerns, the market is expected to grow.

The growing number of cancer types and the low cost of personalized medicine therapy in cancer medications are expected to boost the global personalized medicine market. Cancer killed more than 9 million people in 2018, according to the World Health Organization. It kills almost one out of every six people worldwide.

North America was the prominent market for personalized medicines. The development of next-generation sequencing technologies and the implementation of health information technology systems are assisting in the expansion of the personalized medicine industry in North America. These technologies make it simple to get customized pharmaco-genomic information in a timely and convenient manner.

Competitive Analysis:

The precision medicine industry is moderately competitive, with several large corporations as well as a slew of smaller businesses vying for clients’ attention. Because of technological advancements and product improvements, the introduction of new technologies at low cost is assisting mid-size to small businesses in expanding their market presence. Among the firms with a strong presence in the sector are Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals.

Recent developments by leading providers are as follows:

In February 2021, Illumina, Inc. entered into a study agreement with the Belgian Society of Medical Oncology to investigate Comprehensive Genomic Profiling in advanced metastatic cancer patients.
In January 2019, Metagenics, Inc. announced that it has introduced a clinical research laboratory and patient clinic named Personalized Lifestyle Medicine Center in Washington.

Key Players:

GE Healthcare
Illumina, Inc.
ASURAGEN, INC.
Abbott
Dako A/S
Exact Sciences Corporation
Cepheid, Inc.
Decode Genetics, Inc.
QIAGEN
Exagen Inc.
Precision Biologics
Celera Diagnostics LLC
Biogen

More Insights Available:

Future Market Insights, in its new offering, presents an unbiased analysis of the Personalized Medicine Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023 to 2033.

The study reveals essential insights by Type (Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition Wellness) across five regions (North America, Latin America, Europe, APAC and Middle East Africa).

Market Segments Covered:

By Type: