New York, USA, May 10, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global hyper-personalized medicine market is anticipated to garner a revenue of $5,886.50 billion and rise at a CAGR of 11.7% during the analysis timeframe from 2022 to 2031.
As per our analysts, the increasing integration of advanced technologies in the development of hyper-personalized medicine to develop patient-specific, customized, and targeted treatments for individuals is predicted to amplify the growth of the hyper-personalized medicine market over the forecast period. Besides, the advancements in genomic technology for the development of predictive models that can identify the risk of certain crucial diseases for people are expected to fortify the growth of the market over the analysis period. Moreover, the increasing demand for hyper-personalized medicine to accelerate the drug development process is expected to create wide growth opportunities for the hyper-personalized medicine market over the forecast period. However, the high cost of hyper-personalized medicines may hinder the growth of the market during the estimated timeframe.
Segments of the Hyper-Personalized Medicine Market
The report has divided the market into segments based on product, application, end-user, and region.
Product: Hyper-Personalized Medicine Therapeutics Sub-Segment to be Most Productive
The hyper-personalized medicine and therapeutics sub-segment is expected to have the fastest growth over the analysis period. This is mainly due to the increasing demand for targeted and precise treatments based on individual genetic, molecular, and clinical characteristics. Moreover, the increasing prevalence of chronic diseases and the growing need for sustainable healthcare solutions are expected to bolster the growth of the hyper-personalized medicine market’s sub-segment over the estimated period.
Application: Oncology Sub-Segment to be Most Profitable
The oncology sub-segment generated the highest share of the market in 2021. This is mainly due to the increasing prevalence of cancer and the growing need for more effective treatments. Moreover, the rising prevalence of cancer among people has increased the demand for tailored treatments that can satisfy the need of individual patients which is expected to propel the growth of the hyper-personalized medicine market’s sub-segment over the analysis timeframe.
End-User: Hospitals Sub-Segment to be Most Beneficial
The hospitals sub-segment registered the greatest revenue in 2021. This is mainly due to the rising demand for personalized medicine to treat chronic diseases such as cancer, cardiovascular diseases, and diabetes. Moreover, the increasing collaboration between hospitals and diagnostic companies to develop targeted therapies and the growing investments in precision medicine initiatives by governments and private organizations are expected to augment the growth of the market sub-segment over the forecast period.
North America Region Held the Largest Market Share in 2021
The North America region of the hyper-personalized medicine market accounted for the greatest market share in 2021 and is expected to continue a steady growth during the forecast period. This is mainly due to the strong existence of leading biotechnology and pharmaceutical companies investing highly in the R&D activities of personalized medicines in the region. The growing prevalence of chronic diseases such as cancer, and many more and the increasing awareness among patients and healthcare providers about the benefits of personalized medicine across the region are expected to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Hyper-Personalized Medicine Market
Though the outbreak of the Covid-19 pandemic has caused severe uncertainties across various businesses, it has had a moderate impact on the hyper-personalized medicine market. This is mainly because of the increased demand for personalized medicine solutions among patients and healthcare providers for targeted treatments and diagnostics. Furthermore, the increased use of personalized medicine approaches for the development of vaccines to boost the immune systems of individuals has created numerous growth opportunities for the market. However, the disruptions in the supply chain, reduced healthcare budgets, and slowed down clinical trials have hampered the market growth over the crisis.
Key Players of the Hyper-Personalized Medicine Market
The major players of the hyper-personalized medicine market include
- Illumina Inc
- GE Healthcare
- ASURAGEN INC
- Dako A/S
- Exact Sciences Corporation
- Abbott
- Danaher Corporation (Cepheid Inc.)
- Exagen Inc
- Decode Genetics Inc
- QIAGEN
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in December 2021, Biogen Inc., a leading global biotechnology company, announced its collaboration with TheraPanacea, an award-winning medical technology company. With this collaboration, the companies aimed to develop innovative machine learning and artificial intelligence solutions for personalized and advanced treatment in neurology.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic developments.
More about Hyper-Personalized Medicine Market:
- How is Predictive Analytics Changing the Landscape of Hyper-Personalized Medicine?
- Global Hyper-Personalized Medicine Market to Generate $5,886.50 Billion by 2031, Owing to Rise in the Prevalence of Chronic Diseases Across the Globe
