Dublin, May 24, 2024 (GLOBE NEWSWIRE) -- The "Global Personalized Medicine Market Report by Product, Application, End-Users, Region and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global personalized medicine market was worth US$ 511.09 billion in 2023 and is expected to grow at a CAGR of 7.02% from 2024 to 2032, reaching US$ 941.20 billion by 2032.
Genomics plays a substantial function in this emerging field, allowing us to make individual predictions about disease risk and pick the proper drug and dose for the appropriate man or woman. This revolution in medicine drugs will transform healthcare and empower patients to make knowledgeable choices about their health.
Healthcare systems are searching for sustainable and evidence-based interventions to enhance provider delivery as continual diseases, ageing populations, and technological advancements continue to boom. Personalization is being explored to enhance care quality while reducing expenses, unlike the traditional one-length-fits-all method. Cancer triggered 10 million deaths in 2023, making it a huge cause of mortality globally. Roche released automated digital pathology algorithms for breast cancer diagnosis in January 2021, which is expected to enhance the non-public medicine market boom.
Governments worldwide are increasingly conscious of growing sustainable healthcare solutions to reduce expenses and enhance public health. Personalized Medicine is a top priority for the European Union and has gained significant attention in China. The US government is considering creating a Farmer Seed Liaison and a Federal working group to promote fair seed competition. In contrast, the Indian government has approved the PMKSY scheme to modernize food processing infrastructure and increase exports.
AI, machine learning, and computational biology present lucrative opportunities for precise diagnosis and treatment. Developing bioinformatics software will support market growth. Gene therapy is gaining acceptance due to R&D on effective treatments based on preclinical studies and molecular analysis. Pharmacogenomics aids in drug development, and biopharmaceutical companies focus on specific medicines to cure diseases like cancer, driving business growth. Google Cloud launched two AI solutions for drug discovery and precision medicine in May 2023.
Asia Pacific Personalized Medicine Market
The Asia-Pacific region is experiencing growth in the healthcare market due to increased awareness and advanced diagnosis methods. China is emerging as a leader in precision medicine by utilizing genetic information to diagnose and treat various conditions. The government is also encouraging data sharing, which will create opportunities for AI companies in the healthcare sector. The Beijing Genomic Institute is one of the largest genetic material sequencers, providing precision diagnostics and treatments. In May 2023, HSBC introduced a Thailand-based pharma company as a potential business development opportunity.
Personalized Medicine Company News
- Renovaro Inc. launched GEDi Cube in February 2024. GEDi Cube is a platform that offers gene and cell therapy biotech capabilities to advance personalized medicines.
- Roche and Janssen Biotech Inc. joined forces in February 2023 to create revolutionary personalized and targeted therapies in combination with companion diagnostics.
- Fujitsu Limited and the Barcelona Supercomputing Center signed a partnership agreement in April 2023.
- Denmark's National Genome Center has chosen Qiagen's 'QCI Interpret' software to extract oncology results from whole-genome sequencing data for cancer patients.
- BGI Genomics and the University of Pecs are establishing a joint laboratory in Hungary in November 2022 to accelerate the development of genomic sequencing and clinical diagnostic services.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $511.09 Billion |
| Forecasted Market Value (USD) by 2032 | $941.2 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Abbott Laboratories
- GE Healthcare, Inc.
- Aadi Bioscience, Inc.
- Illumina, Inc.
- QIAGEN
- Eli Lilly and Company
- Takeda Pharmaceutical Company Ltd
- AbbVie Inc.
- F. Hoffmann-La Roche Ltd.
Product - Global Personalized Medicine Market breakup in 4 viewpoints:
- Personalized Medicine Therapeutics
- Personalized Medicine Diagnostics
- Personalized Medical Care
- Personalized Nutrition and Wellness
Application - Global Personalized Medicine Market breakup in 5 viewpoints:
- Oncology
- Infectious disease
- Neurology or Psychiatry
- Cardiovascular
- Others
End-User - Global Personalized Medicine Market breakup in 4 viewpoints:
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
Country - Global Personalized Medicine Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/1z2j70
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