Global personalized medicine market was valued at USD 493.1 million in 2020. It is expected to grow at a 6.2% compound annual growth rate (CAGR), between 2021 and 2028. The market's growth can be attributed to growing interest in recognition for therapy, diagnosis and prognosis. Research is focusing on the identification, monitoring and use of biomarkers for personalized medicine and pharmaceuticalogenomics.
Based on a July 2020 study, researchers have developed a multi-analyte testing strip that can be used to monitor even the smallest deviations in biomarker profiles. This technology will use big-data analysis in conjunction with wearable technologies to ensure continuous data acquisition. These advances in biomarker analysis will help to develop personalized medicines.
The market growth can also be attributed to an increase in companion diagnostics. Companion diagnostic tests (CDx), are used to determine if a patient is a suitable candidate for a particular treatment. Precision medicine is a specific treatment that is based on the environment, unique biology, and lifestyle of a patient. Companion diagnostics are essential in developing effective precision medicine.
New companion diagnostics are being developed by companies for different types of cancers. In October 2020, Roche was granted FDA approval for expanded claims for cobas EGFR mutation Test v2 (CDx), for the treatment non-small cell lung carcinoma (NSCLC). The FDA approval of this innovative and new approach can open the door to personalized medicine by identifying patients.
The ongoing COVID-19 pandemic has prompted the demand for personalized medicine approaches (PM), especially in research applications. These methods are helpful in understanding differences in an individual's susceptibility to COVID-19 and their immune response. Based on a 2020 study, COVID-19 infection was linked to gene variants on chromosome 9, 9q34.2, 1 ApoE e4 genetice, 2, chromosome 3, 3p21.31, and the loss of variants on X-chromosomal TR7.3.
Personalized solutions can be used to develop specific treatment options for patients depending on their immunophenotype. PM approaches are a promising way to identify genetic, biological, or environmental factors that may affect vaccine response, and suggest alternative doses for certain populations.
In 2020, the personalized nutrition and wellness market dominated and represented 60.8% of the total revenue. This segment has seen a high usage rate and increased market penetration. These products are also more readily available to consumers due to their high availability. This reduces the regulatory implications. This makes them more accessible to consumers.
Companies are also launching personalized nutrition products to drive segment growth. Nestle, for example, launched nesQino in April 2020. This is a customized superfood drink that's healthy and made with natural ingredients. This new drink is customizable and made with ingredients such as fruits, vegetables, nuts, microalgae, seeds, and other natural ingredients.
Over the forecast period, personalized medicine therapeutics will experience a significant growth rate. Segment growth can be attributed primarily to the development of biopharmaceuticals and genomic medicines based on specific sequence data. The development of high-capacity, advanced sequencing platforms will also reduce the cost of genome sequences, thus facilitating the creation of personalized medicines.
North America was the dominant market for personalized medicine and held the largest revenue share at 48.6% in 2020. It is expected that the region will continue to dominate during the forecast period. This is due to the rapid adoption of healthcare IT systems in clinical workflows, and next-generation sequencing technology. These technologies allow for easy and efficient generation of personalized and pharmacogenomic information.
The market growth in the region can also be attributed to the increasing approvals granted to personalized medicine firms for their innovative therapeutics. According to the 2020 Scope and Significance of Progress Report, personalized medicines made up around 39% of all FDA-approved drugs for the year. In January 2020, for example, avapritinib was approved by the FDA to treat patients with unresectable, metastatic Gastrointestinal Stromal Tumor (GIST). This is the first treatment approved for patients suffering from GIST with PDGFRA exon 18.
The market for Asia Pacific is expected to grow rapidly over the forecast period. This is due to the low cost of conducting clinical trials for newly developed precision medicines in this region. It also attracts foreign investment.
Market growth is further supported by favorable government initiatives that encourage personalized healthcare solutions. Singapore's National Precision Medicine Program and Three Beyonds program, for example, were launched to promote the adoption of new technologies and digital infrastructure that can support personalized healthcare.
The development of new therapies is being encouraged by the increasing number of personalized medicine alliances between companies. Illumina, Inc., for instance, signed a partnership with the Belgian Society of Medical Oncology in February 2021 to develop a pilot program at national level that aims to evaluate Comprehensive Genomic Profiling in advanced metastatic patients.
NovaSeq 6000 and NextSeq 6000 were provided by the company for analysis of genes and biomarkers. These partnerships will help to develop novel therapies. To gain an edge, entities also form strong partnerships. Tempus is an example of such a company. It has formed data partnerships with top U.S. oncology centers to personalize oncology care. These are some of the most prominent players in personalized medicine:
Illumina, Inc.
GE Healthcare
Danaher Corporation (Cepheid, Inc.)
Abbott
QIAGEN
Exact Sciences Corporation
ASURAGEN, INC.
Biogen
Dako A/S
Exagen Inc.
Precision Biologics
Celera Diagnostics LLC
Decode Genetics, Inc.
Genelex
IBM
Genentech, Inc.
23andME, Inc.
Up Market Research published a new report titled “Personalized Medicine Market research report which is segmented by Product (Telemedicine, Complementary Medicine, Personalized Nutrition & Wellness, Personalized Medical Care, DTC Diagnostics), By Players/Companies Exact Sciences Corporation, Genelex, IBM, Celera Diagnostics LLC, GE Healthcare, Decode Genetics Inc, Precision Biologics, ASURAGEN INC, 23andME Inc, Genentech Inc, Biogen, Danaher Corporation (Cepheid Inc), Illumina Inc, Dako A/S, QIAGEN, Abbott, Exagen Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Personalized Medicine Market Research Report |
By Product | Telemedicine, Complementary Medicine, Personalized Nutrition & Wellness, Personalized Medical Care, DTC Diagnostics |
By Companies | Exact Sciences Corporation, Genelex, IBM, Celera Diagnostics LLC, GE Healthcare, Decode Genetics Inc, Precision Biologics, ASURAGEN INC, 23andME Inc, Genentech Inc, Biogen, Danaher Corporation (Cepheid Inc), Illumina Inc, Dako A/S, QIAGEN, Abbott, Exagen Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 216 |
Number of Tables & Figures | 152 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Telemedicine, Complementary Medicine, Personalized Nutrition & Wellness, Personalized Medical Care, DTC Diagnostics).
Personalized Medicine Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Personalized Medicine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Personalized Medicine Market Report:
Some other reports from this category!