The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development. Researchers are focusing on the identification and monitoring of different biomarkers that can be later used for developing efficient personalized medicine and pharmacogenomics.
For instance, based on a recent study published in July 2020, researchers are developing a multi-analyte test strip that is used for monitoring even the slightest deviations in the biomarker profile. The technology will combine big-data analysis along with advanced technologies such as wearables for ensuring continuous precise data acquisition. Hence, such advancements in biomarker analysis will promote the development of personalized medicines.
In addition, the growing number of companion diagnostics can be further attributed to the market growth. Companion diagnostic tests (CDx) are designed for determining whether a patient is a viable candidate for a specific treatment and/or is responding to the treatment. Precision medicines are specific treatments based on environment, patient’s unique biological makeup, and lifestyle hence, companion diagnostics play an essential role in developing successful precision medicine.
Companies are focusing on launching new companion diagnostics for different cancers. For instance, in October 2020, Roche received U.S. FDA authorization for expanded claims of the cobas EGFR Mutation Test v2 as a (CDx) for the treatment of non-small cell lung cancer (NSCLC). Hence, the approval of such a new and innovative approach by the FDA can pave the way for identifying patients for personalized medicine.
Moreover, the ongoing situation of the COVID-19 pandemic has propelled the demand for personalized medicine (PM) approaches, particularly in researcher applications. These approaches are useful in understanding variations in an individual’s susceptibility and immune response against COVID-19. For instance, based on a study conducted in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosome 9 (9q34.2), 1 ApoE e4 genotype, 2, chromosome 3 (3p21.31), and loss of variants present on X-chromosomal TLR7.3.
The application of personalized solutions has the scope in developing specific treatment solutions for different patients based on the specific immunophenotype of the patient. Hence, PM approaches hold a promising solution for identifying genetic, biological, and environmental variables that could affect the vaccine response and also suggest the alternative dosage required by a certain population group.
The personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share of 60.8% in 2020. The growth in the segment is owing to high usage rates and market penetration. In addition, the high over the counter nature of the sale of these products further enhance the availability of these products to the consumers and reduces regulatory implications from them as well. Making them relatively more easily accessible to the consumer.
Moreover, companies are launching new personalized nutrition products, thereby driving the segment growth. For instance, in April 2020, Nestlé launched nesQino, a personalized healthy superfood drink made from natural ingredients. The new product is a customizable drink made from ingredients such as vegetables, fruits, nuts, microalgae, and seeds.
The personalized medicine therapeutics segment is expected to witness a lucrative growth rate over the forecast period. The increasing development of genomic medicines and biopharmaceuticals based on specific sequencing data can be primarily attributed to the segment growth. In addition, the development of high-capacity advanced sequencing platforms will reduce the cost of genome sequencing, hence, facilitating the development of personalized medicines.
North America dominated the personalized medicine market and accounted for the largest revenue share of 48.6% in 2020. The region is expected to continue its dominance during the forecast period. This growth can be attributed to the high adoption rate of healthcare IT systems in clinical workflows and next-generation sequencing technologies, which help generate personalized and pharmacogenomic data easily and efficiently.
In addition, the rising approval granted to personalized medicine companies for their novel therapeutics can be further attributed to the market growth in the region. Based on the 2020 Scope and Significance of Progress report, personalized medicines accounted for around 39 percent of the total FDA-approved new drugs in the year. For instance, in January 2020, the U.S. FDA approved avapritinib for treating patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST). It is the first therapy approved for patients with GIST having PDGFRA exon 18 mutation.
In Asia Pacific, the market is expected to grow fast over the forecast period. This is primarily owing to the low cost associated with conducting clinical trials of newly developed precision medicines and diagnostics in this region, which attracts foreign investments in this region.
In addition, favorable government initiatives to adopt personalized healthcare solutions are further contributing to market growth in the region. For instance, in Singapore, the National Precision Medicine program and the Three Beyonds program were launched for promoting the uptake of new technologies and digital infrastructure for supporting personalized healthcare.
The growing number of personalized medicine coalitions between companies and organizations is promoting the development of new therapeutic solutions. For instance, in February 2021, Illumina, Inc. signed an agreement with the Belgian Society of Medical Oncology (BSMO) for a national-level pilot program aimed at evaluating Comprehensive Genomic Profiling (CGP) in advanced metastatic cancer patients.
The company provided NextSeq and NovaSeq 6000 sequencing platforms for analyzing genes and biomarkers. Hence, such endeavors will promote the development of effective novel therapies. Additionally, entities are initiating strong partnerships to gain a competitive edge. One such example is Tempus, a technology company that has initiated data partnerships with prominent oncology centers in the U.S., working towards personalizing oncology care. Some of the prominent players in the personalized medicine market include:
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.
Report Attribute |
Details |
Market size value in 2021 |
USD 512.3 billion |
Revenue forecast in 2028 |
USD 796.8 billion |
Growth rate |
CAGR of 6.2% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; Germany; U.K.; Italy, France, China; Japan, India, South Korea, Brazil; Mexico; South Africa; Saudi Arabia |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global personalized medicine market report based on product and region:
Product Outlook (Revenue, USD Billion, 2017 - 2028)
Personalized Medicine Diagnostics
Genetic Testing
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, 2017 - 2028)
North America
U.S.
Canada
Europe
Germany
U.K.
Italy
France
Asia Pacific
China
Japan
India
South Korea
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
Saudi Arabia
b. The global personalized medicine market size was estimated at USD 493.12 billion in 2020 and is expected to reach USD 512.3 billion in 2021.
b. The global personalized medicine market is expected to grow at a compound annual growth rate of 6.2% from 2021 to 2028 to reach USD 796.8 billion by 2028.
b. North America dominated the personalized medicine market with a share of 48.59% in 2020. This is attributable to the increasing adoption of NGS methods and healthcare IT systems in clinical workflow along with supportive government policies and funding.
b. Some key players operating in the personalized medicine market include GE Healthcare; Illumina, Inc.; Asuragen, Inc.; Abbott Laboratories; Dako A/S; Exact Science Corporation; Danaher Corporation (Cepheid, Inc.); Decode Genetics, Inc.; Genelex Corporation; Exagen Diagnostics, Inc.; Precision Biologics, Inc.; QIAGEN; Celera Diagnostics LLC; and Biogen, Inc.
b. Key factors that are driving the personalized medicine market growth include the advancement of next-generation sequencing, a growing number of companion/associated diagnostics, an increasing number of retail clinics across the developed regions of North America and Europe, increasing prevalence of cancer, and increasing usage of biomarkers for PM cancer therapy.
b. The personalized nutrition and wellness product segment dominated the market and accounted for the largest revenue share of 60.8% in 2020.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
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