Personalized Medicine Market Size, Share & Trends Report

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 ID: 978-1-68038-443-7
  • Number of Pages: 125
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the personalized medicine market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for personalized medicine market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of personalized medicine market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Personalized Medicine Market Categorization:

The personalized medicine market was categorized into two segments, namely product (Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness) and regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The personalized medicine market was segmented into product and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The personalized medicine market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Personalized medicine market companies & financials:

The personalized medicine market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • GE Healthcare - GE Healthcare operates as a subsidiary of General Electric (GE) Company. It offers medical technologies and solutions to healthcare entities worldwide. Its specialties include cardiology, orthopedics, and ambulatory surgery centers. It offers products for bone health, EP recording, clinical parameters & accessories, Computed Tomography (CT), advanced visualization, diagnostic cardiology, hemodynamic recording, metabolic health, patient monitoring, healthcare IT, mammography, interventional image-guided systems, life sciences, perioperative care, radiography & fluoroscopy, magnetic resonance imaging, molecular imaging, nuclear imaging agents, perinatal care, respiratory care, surgical imaging, and ultrasound. Its FlexFactory platform is a bioprocess platform that uses single-use technology for mAbs production. The company was formerly known as GE Medical Systems and changed its name to GE Healthcare Limited in October 2003.

  • Illumina, Inc. - Illumina, Inc. develops, manufactures, & distributes integrated platforms and systems for sequencing. It is also involved in analyzing and investigating genomic & proteomic information, determining biological function, and gene sequence expression. The company provides NGS genotyping, sequencing, and gene expression analysis platforms. It operates mainly in North America and Europe. It is engaged in developing novel sequencing technologies to reduce the cost of sequencing whole genomes. It offers genomic and molecular diagnostic products & services to cater to the fields of oncology, molecular epidemiology, drug development, microbial genomics, agri-genomics, infectious diseases surveillance, forensic genomics, and translational research involving HLA sequencing & associated applications.

  • Bio-Techne (ASURAGEN, INC.) - The company is engaged in molecular diagnosis that drives patient management in oncology and genetic disorders through clinical testing solutions. It discovers, develops, & commercializes diagnostic products used in clinical laboratories and serves pharmaceutical diagnostic needs. Asuragen’s lines of innovative diagnostic systems are expected to help transform medicine by enhancing clinical outcomes. The products, services, and technologies drive patient management decisions across genetic disease, oncology, & other molecular tests.

  • Abbott - Abbott Laboratories is involved in discovering, developing, manufacturing, and marketing a wide range of healthcare products. The company operates its business through four reportable segments—diagnostic products, established pharmaceutical products, nutritional products, and cardiovascular & neuromodulation products. The diagnostic products segment includes various diagnostic systems and tests. The company markets & sells its products directly to hospitals, clinics, physicians’ offices, commercial laboratories, blood banks, government agencies, and therapeutic companies through its distribution centers, public warehouses, & third-party distributors.

  • Agilent Technologie s (Dako A/S) - The company offers immunohistochemistry products, including antibodies & controls, visualization systems, and ancillaries for immunohistochemistry. It also provides pharmacodiagnostic kits that allow doctors to find the right treatment for the right patient at the right time and molecular pathology products comprising CISH & FISH kits, FISH probes, labeled probes & detection systems, and blotting detection systems, which aid in deciphering the invisible features of cancer at a molecular level to provide diagnosis. The company has collaboration agreements with Bristol-Myers Squibb for the development of pharmDx tests and with Genentech for the regulatory submissions of HercepTest & HER2 FISH pharmDx as companion diagnostics for pertuzumab, as well as a strategic alliance with Epitomics to establish a portfolio of rabbit monoclonal antibodies. Dako A/S has operated as a subsidiary of Agilent Technologies, Inc. since June 2012.

  • Exact Sciences Corporation - Exact Sciences Corporation is a publicly traded organization dealing in molecular diagnostics specifically to provide solutions to the early detection and prevent colorectal cancer. This company is also involved in the development of noninvasive screening tests. It is known for Cologuard test, which is based on stool-based DNA & antibody-based immunochemical test (FIT) for the detection of polyps or precancerous lesions and the four phases of colorectal cancer. It also focuses on the treatment of inflammatory bowel disease.

  • Danaher Corporation (Cepheid, Inc.) - Danaher designs manufactures, and commercializes products and services catering to medical, professional, & commercial applications. The company operates through four segments: diagnostics, life sciences, environmental & applied solutions, and dental solutions. Danaher’s diagnostics segment offers reagents, analytical instruments, software, consumables, and services for physicians’ offices, hospitals, reference laboratories, & other critical care settings to diagnose various diseases. North America generated 38% of diagnostics share in 2016. Danaher’s facilities are in more than 60 countries. Danaher acquired Leica Biosystems Nussloch GmbH in 2005. The company offers products across immunohistochemistry, digital pathology, surgery, clinical microscopy, in situ hybridization, radiology, FISH, and histology equipment & consumables.

  • AMGEN INC (Decode Genetics, Inc.) - Amgen, Inc. was established as Applied Molecular Genetics and later renamed as Amgen. It is a biotechnology company that develops medicines for various conditions. The company relies on genetic tools to understand a disease for the development of medicines for various diseases. It has a presence in nearly 100 countries, and it focuses on six therapeutic fields: cardiovascular disease, nephrology, oncology/hematology, bone health, inflammation, and neuroscience.

  • QIAGEN - QIAGEN is a publicly held biotechnological company operating in over 25 countries, including the U.S., the U.K., Germany, the Netherlands, France, and China. The company has a key business in assay technologies for molecular diagnostics, pharmaceuticals, academics, and applied testing. Its product portfolio includes NGS, molecular diagnostics, animal & veterinary testing, bioinformatics, food & safety testing, human ID & forensics, and life science research. QIAGEN’s commercial partners and importers include Tecnolab, UniMed Ltd, Global Pharmaceutical Solution, and Suyog Diagnostics.

  • Exagen, Inc. - Exagen, Inc. is a privately held diagnostics company. It develops and markets products for diagnostic & prognostic procedures for physicians. In addition, it manufactures products for chronic diseases, organ-related disorders, and therapeutic procedures, especially for arthritis.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Personalized Medicine Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Personalized Medicine Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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