Portland, OR, April 05, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Personalized Medicine Market was valued at $300.0 billion in 2021, and is projected to reach $869.5 billion by 2031, registering a CAGR of 11.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $300.00 Billion |
| Market Size in 2031 | $869.5 Billion |
| CAGR | 11.2% |
| No. of Pages in Report | 286 |
| Segments Covered | Product, Application, End User and Region. |
| Drivers | Surge in demand for personalized medicines |
| Rise in the prevalence of cancer | |
| Increase in the incidence of chronic diseases among individuals | |
| Restraints | High cost of personalized medicines |
| Lack of awareness regarding personalized medicines | |
| Opportunities | Increase in healthcare expenditure with improvements in healthcare facilities |
| Technological advancements in personalized medicines |
Covid-19 scenario-
- The COVID-19 pandemic had a favorable impact on the expansion of the personalized medicine industry globally. This crisis provided an opportunity to leverage the potential of personalized medicines in preventing, diagnosing, treating, monitoring, and managing COVID-19 infections.
- As targeted therapies and vaccines are being developed to prevent similar outbreaks, the market is expected to grow in the future. For instance, mRNA technology has been utilized in developing some COVID-19 vaccines, which offers a more individualized approach to vaccination.
The global personalized medicine market is analyzed on the basis of product, application, end user, and region. The study utilizes tabular and graphical representation to offer a thorough study of the segments and their sub-segments. The segmentation can assist investors and market participants to build strategies based on the top revenue-generating and fastest-growing segments identified by the study.
By product, the personalized medicine diagnostics segment held the largest share in 2021, more than half of the global personalized medicine market revenue, and is expected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 11.6% during the forecast period.
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By application, the oncology segment contributed to more than half of the global personalized medicine market share in 2021, and is expected to retain its dominance by 2031. The cardiovascular segment, on the other hand, is projected to cite the fastest CAGR of 16.7%during the forecast period.
By end user, the hospital and clinics segment accounted for the highest share in 2021, generating more than half of the global personalized medicine market revenue. On the other hand, the others segment is anticipated to grow at the fastest CAGR of 11.7% during the forecast period.
By region, North America held the major share in 2021, generating more half of the global personalized medicine market revenue. Asia-Pacific, simultaneously, is anticipated to grow at the fastest CAGR of 15.2% from 2022 to 2031. The other provinces discussed through the report include Europe and LAMEA.
The key market players analyzed in the global personalized medicine market report include Aadi Bioscience, Inc., Abbott Laboratories, ARIEL Precision Medicine, Inc., Hoffmann-La Roche Ltd, GE Healthcare, Illumina, Inc., Takeda Pharmaceutical Company Ltd, Eli Lilly and Company, AbbVie Inc. and Qiagen. These market players have adopted several strategies including new product development, clinical trials, product approval, branding, partnership, new product upgrade/ development, acquisition, expansion, strategic alliance, product launch, geographical expansion, collaboration, and agreement to highlight their expertise in the market. The report is helpful in formulating the business performance and developments by the top players.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
