Richmond, Feb. 08, 2024 (GLOBE NEWSWIRE) -- According to a research report "Personalized Medicine Market”, by Product Type (Personalized Medicine Diagnostics {Genetic Testing, Direct-To-Consumer (DTC), Diagnostics, Esoteric Lab Services, Esoteric Lab Tests}, Personalized Medicine Therapeutics {Pharmaceutical, Genomic Medicine, Medical Devices}, Personalized Medical Care {Telemedicine, Health Information Technology}, Personalized Nutrition & Wellness {Retail Nutrition, Complementary & Alternative Medicine}), Indication (Oncology, Infectious disease, Neurology or Psychiatry, Cardiovascular, Others), End User (Hospitals and Clinics, Diagnostic Centers, Research & Academic Institutes Other) and Region - Global Forecast to 2030.
Global Personalized Medicine Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 300.13 Billion |
| Market size value in 2030 | USD 615.8 Billion |
| CAGR (2023-2030) | 9.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Indication, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Personalized Medicine Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The personalized medicine market has experienced significant growth, driven by advancements in genomics, molecular biology, and technology. Personalized medicine, also known as precision medicine, involves customizing medical treatments based on individual patient characteristics such as genetics, lifestyle, and environmental factors. This approach enhances the effectiveness of therapies while minimizing potential adverse effects. Several factors contribute to the market's expansion, including an increased understanding of the genetic roots of diseases, the emergence of companion diagnostics, and progress in bioinformatics and data analytics. The accessibility and cost-effectiveness of genomic sequencing technologies have facilitated a more intense exploration of individual genetic profiles. The development of targeted therapies and immunotherapies, coupled with the integration of artificial intelligence for data analysis, has further accelerated the personalized medicine market. Collaborations among pharmaceutical companies, diagnostic firms, and research institutions are prevalent, raising the rapid development and commercialization of personalized therapies. Regulatory frameworks are adapting to accommodate the unique challenges and opportunities presented by personalized medicine, marking its integration into mainstream healthcare practices. With ongoing technological innovations and research breakthroughs, the personalized medicine market is dignified for sustained growth, offering more precise and personalized healthcare solutions.
Major vendors in the global Personalized Medicine Market are
- AbbVie Inc.
- AstraZeneca
- Eli Lilly and Company.
- F. Hoffmann-La Roche Ltd
- GE HealthCare.
- Genentech Inc.
- Illumina Inc
- Infosys Limited
- IQVIA Inc
- Johnson & Johnson Services Inc
- L.E.K.
- Merck KGaA
- Personalized Medicine Diagnostics Laboratory
- Siemens Healthcare Private Limited
- and others
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Advancements In Genomic Sequencing Technologies
Advances in genomic sequencing technologies had given a transformative impact on personalized medicine, reshaping the healthcare area by modifying treatments to the specific genetic characteristics of each individual. The personalized medicine market has observed remarkable expansion, primarily driven by the continuous evolution of sequencing methodologies. The shift from conventional Sanger sequencing to next-generation sequencing (NGS) has been pivotal, enabling swift and cost-effective analysis of extensive genomic datasets. The technologies, allowing for direct real-time reading of DNA and RNA sequences, offer advantages such as extended read lengths and reduced error rates. Portable sequencing devices have also emerged, enabling point-of-care applications and bringing genomic analysis closer to patients.
Market Dynamics
Drivers:
- Growing investment in research and development
- Expansion of companion diagnostics, supporting in patient stratification for targeted treatments
- Rising prevalence of chronic diseases
Opportunities:
- Expanding genomic research and advancements
- Increasing patient awareness and demand for personalized healthcare solutions
- Collaborative efforts between pharmaceutical companies and diagnostic firms
- Integration of artificial intelligence in data analytics
Increasing Patient Awareness And Demand For Personalized Healthcare Solutions
The growing awareness among patients and their increasing demand for personalized healthcare signifies a significant opportunity within the personalized medicine market. With a heightened understanding of the potential advantages associated with modifying medical interventions to individual genetic profiles, patients are increasingly taking an active role in their healthcare decisions. This shift is evident in the preference for treatments designed to address specific genetic susceptibilities, optimize drug responses, and minimize potential adverse effects. The dissemination of information through online platforms, health forums, and social media has played a crucial role in empowering individuals to comprehend the concept of personalized medicine and its potential impact on enhancing health outcomes. The rising demand for personalized healthcare reflects a transformative move towards a patient-centric approach in medicine, creating a conducive environment for the continued expansion of the Personalized Medicine Market. As patients actively advocate for personalized and precision medicine, there is a substantial opportunity for investors in the healthcare industry to meet this demand, develop innovation, and support a collaborative and personalized healthcare market.
North America dominates the market for Personalized Medicine.
North America stands out as the dominating region in the global personalized medicine market, driven by advanced healthcare infrastructure, increased research and development activities, and favorable reimbursement policies. The region's well-established regulatory framework and early adoption of genomic technologies have played crucial roles in driving market expansion, with the United States serving as a major contributor due to its strong emphasis on precision medicine initiatives and substantial investments in biotechnology.
Asia-Pacific region, the personalized medicine market is undergoing a developing phase, driven by heightened healthcare awareness, a growing prevalence of chronic diseases, and expanding healthcare infrastructure. Key players, including China, Japan, and India, are actively contributing to the region's market growth, with significant initiatives in genomics research and the adoption of personalized treatment approaches. The diverse and large population in the region presents unique opportunities for personalized medicine development. Government initiatives and collaborations with global pharmaceutical and biotech companies are further accelerating the integration of personalized medicine into the healthcare market, despite challenges such as varying regulatory landscapes and healthcare accessibility differences. Overall, Asia-Pacific emerges as a dynamic and promising market for personalized medicine.
The Personalized Medicine Diagnostics Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global personalized medicine market, the product segment comprises various categories such as Personalized Medicine Diagnostics {Genetic Testing, Direct-To-Consumer (DTC), Diagnostics, Esoteric Lab Services, Esoteric Lab Tests}. The Personalized Medicine Diagnostics segment stands as an essential and dynamic component within the expanding landscape of the Personalized Medicine Market, playing a crucial role in the era of precision healthcare. This sector encompasses a diverse range of diagnostic tools and technologies designed to precisely analyze an individual's genetic composition, biomarkers, and other molecular attributes. Propelled by advancements in genomic sequencing technologies, sophisticated diagnostic assays have emerged, allowing for the precise identification of specific genetic variations linked to diseases, drug responses, and treatment efficacy. Diagnostic tests within this segment offer valuable insights into an individual's distinctive biological profile, enabling the modification of medical interventions for optimized therapeutic outcomes. Whether guiding drug selection and dosage through pharmacogenomic tests or informing cancer treatment decisions via molecular profiling, the Personalized Medicine Diagnostics segment empowers healthcare providers with precise information for customizing interventions based on an individual's genetic and molecular characteristics.
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