Personalized Medicine Market Size, Share & Trends Analysis Report By Product (Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global personalized medicine market size was valued at USD 538.93 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.20% from 2023 to 2030. The growth of personalized medicine market is attributed to factors such as the growing demand for novel drug discovery to combat growing incidence of cancers and other diseases across the globe. Moreover, numerous collaborations among researchers and market players are also anticipated to have a positive impact on the market growth. For instance, in February 2022, Genomic Medicine Sweden (GMS) and the Centers for Personalized Medicine (ZPM) in Germany, collaborates for a strategic, structural, and content-specific efforts to implement precision medicine in healthcare.

The COVID-19 pandemic outbreak hindered the continuance of research for novel drug discovery. However, technology oriented outcomes in the market like tele medicine came into persistence after the incidence of pandemic situation. Many clinical consultations are facilitated online to increase subject convenience and to avoid spread of contagious infections. Moreover, the COVID-19 pandemic has propelled the demand for personalized medicine in gauging an individual’s immunity to combat COVID-19 infection. For instance, A research study published in Elsevier in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosomes and loss of variants present on the X-chromosome.

The increasing prevalence of rare diseases is also anticipated to boost the demand for growth of the market. The increasing level of understanding and correlation of characteristics of human genome have paved way for efforts on devising various personalized medicine and therapeutic exercises. For instance, in September 2022, a research study carried out at the University of California at Irvine, proposed a novel technique for management of inherited retinal diseases (IRDs) by using precision genome editing that is very specific to individual’s requirements.

Personalized medicine is also increasingly used for applications in companion diagnostics that are precisely designed for determination of viability of subjects to a specific treatment and to gauge the subject’s response to a therapeutic regime. Companion diagnostics play an essential role for devising efficient precision medicine considering micro environment, patient’s genome characteristics, ethnicity and lifestyle choices. There are increasing number of FDA approvals for companion diagnostics due to the rising demand. For instance, in October 2020, Roche achieves the U.S. FDA approval for its expansion of the cobas EGFR Mutation Test to be used for the treatment of non-small cell lung cancer.

The market players are extensively working towards collaborations and acquisitions along with huge capital investments to devise best personalized medicine strategy that could possibly cure a disease. For instance, in July 2022, Certara declares collaboration with Memorial Sloan Kettering Cancer Center (MSKCC) for development of a novel biosimualtion software development for leveraged CAR T-cell therapy dosing for subjects with multiple myeloma.

Product Insights

Personalized nutrition & wellness recorded a dominant market share of 57.82% in 2022. The growth of the segment is due to extensive consumption rate and market penetration. Further, the high rate of over the counter (OTC) sales of nutrition products boost the demand due to lowered regulatory implications. For instance, in March 2022, the American Heart Association features that the nutrition scientists are working towards precision nutrition to combat cardiovascular diseases based on the unique responses for specific foods and nutrients.

The personalized medicine therapeutics segment is projected to record the fastest CAGR of 10.71% over the forecast period. The rise in demand for genomics based therapeutics and the biopharmaceuticals based on specifically sequenced data is primarily attributed to the growth of the segment. Moreover, the emergence of high-end sequencing to effectively reduce the cost of genome sequencing, nurtures the growth of the market.

Regional Insights

North America accounted for the largest market share of 48.14% in 2022. This is attributive to the support by research institutes and the pharmaceutical giants. Personalized medicine is now preferred for all kinds of diseases and therefore is part of research on any given disease and drug discovery. There are emerging advancements in personalized medicine for diagnostics in the region. For instance, in January 2021, Illumina, Inc. develops the TruSight Oncology 500 (TSO 500) assay that uses nucleic acids from tumor region and capably identifies as many as 523 cancer biomarkers.

Asia Pacific is projected to grow at the fastest CAGR of 8.51% over the forecast period due to increased demand for personalized medicine in diagnostics and the growing demand for novel therapeutic drugs to fight increased incidence of diseases in the region.

Key Companies & Market Share Insights

Key players operating in the market are focused on strategic collaborations, new product launch and geographical expansions where needed in the emerging and favorable regions across the globe. For instance, in February 2023, Roche collaborated with Janssen Biotech Inc. for the creation of companion diagnostics for targeted and personalized therapies. The initiative is expected to strengthen research and innovation prospects in this domain. Some of the prominent key players operating in the global personalized medicine market include:

• GE Healthcare

• Illumina, Inc.

• ASURAGEN, INC.

• Abbott

• Dako A/S

• Exact Sciences Corporation

• Danaher Corporation (Cepheid, Inc.)

• Decode Genetics, Inc.

• QIAGEN

• Exagen Inc.

• Precision Biologics

• Celera Diagnostics LLC.

• Biogen

• Genelex

• International Business Machines Corporation (IBM)

• Genentech, Inc.

• 23andMe, Inc.

Personalized Medicine Market Report Scope

Global Personalized Medicine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global personalized medicine market report on the basis of product, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • 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

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Thailand

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait