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Global Personalized Medicine Market Report 2023: A $922.72 Billion Industry by 2030 – NGS Technologies Pave the Way for Personalized Medical Breakthroughs

DUBLIN, Sept. 6, 2023 /PRNewswire/ — The “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 has been added to ResearchAndMarkets.com’s offering.

The global personalized medicine market is projected to exhibit remarkable growth, with an estimated size of USD 922.72 billion by 2030 and a compelling CAGR of 7.20% from 2023 to 2030.

This surge is attributed to the escalating prevalence of diseases and the escalating demand for innovative therapeutic drugs. The landscape of personalized medicine is continually evolving, driven by extensive research endeavors. An illustration of this progress is the microorganism-based personalized medicine model system developed by UMass Chan Medical School in July 2022.

This system aims to comprehend metabolic variations and their connections to an individual’s genome, diet, microbiota, and environmental factors. The precision in treating conditions like cancer is underscored by insights into specific genomic traits. Qiagen’s launch of the QIAseq pan-cancer multi-modal panel in May 2020 exemplifies this, enabling comprehensive genomic analysis for precise cancer treatment.

The surge in the market is energized by advancements in NGS technologies and robust research into the human genome, with a spotlight on leveraging NGS for personalized medicine outcomes, particularly for cancer and rare genetic disorders. Illumina’s declaration of presenting oncology research at ESMO underscores personalized cancer care through genomic profiling. Telemedicine, increasingly prominent post-COVID-19, garners attention for its convenience.

Notably, the National Cancer Institute’s USD 23 million grant aims to elevate telehealth delivery for cancer care. Molecular imaging and medical devices play a pivotal role in personalized medicine strides.

GE Healthcare’s high-end molecular imaging for prostate cancer diagnosis underscores precision health’s access. The personalized medicine market’s growth phase is buoyed by technological advancements, collaborative initiatives, and expansions.

Key Attributes:

Report Attribute

Details

No. of Pages

180

Forecast Period

2022 – 2030

Estimated Market Value (USD) in 2022

$538.93 Billion

Forecasted Market Value (USD) by 2030

$922.72 Billion

Compound Annual Growth Rate

7.2 %

Regions Covered

Global

Personalized Medicine Market Report Highlights

  • The overall growth of the market is attributed to the rising need for novel therapeutic drugs coupled with leveraged genetic level understanding of diseases and the rising incidence of cancers and genetic disorders across the globe
  • The personalized medicine therapeutics segment is anticipated to witness high growth over the forecast period owing to the extensive usage of pharmacogenomics for developing biopharmaceuticals. Further, the genomic medicine therapeutics segment is anticipated to grow substantially during the forecast period owing to significantly lowered costs of whole-genome sequencing
  • North America dominated the market in 2022 due to the presence of key players and their intensive research for the development of novel therapies to find out curative solutions for various diseases

Competitive Landscape

  • 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
  • IBM
  • Genentech, Inc.
  • 23andMe, Inc.

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segment Snapshot
2.3. Competitive Landscape Snapshot

Chapter 3. Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Utility Of Human Genome Data For Clinical Research
3.2.1.1.1. Targeted And Personalized Healthcare
3.2.1.2. Technological Advancements To Facilitate R&D For Personalized Medicine
3.2.1.2.1. Emergence Of Advanced Genome Editing Techniques
3.2.1.2.2. Utility Of Novel Databases For Research
3.2.2. Market Restraint Analysis
3.2.2.1. Ethical Issues And Protection Of Individual’s Genomic Data
3.2.2.2. Limited Access To Human Genome Data And Databases
3.2.3. Market Opportunity Analysis
3.3. Industry Analysis Tools
3.3.1. Porter’s Five Forces Analysis
3.3.2. PESTEL Analysis
3.3.3. COVID-19 Impact Analysis

Chapter 4. Product Business Analysis
4.1. Personalized Medicine Market: Product Movement Analysis
4.2. Personalized Medicine Diagnostics
4.2.1. Personalized Medicine Diagnostics Market, 2018 – 2030 (USD Billion)
4.2.2. Genetic Testing
4.2.3. Direct-To-Consumer (DTC) Diagnostics
4.2.4. Esoteric Lab Services
4.2.5. Esoteric Lab Tests
4.3. Personalized Medicine Therapeutics
4.3.1. Personalized Medicine Therapeutics Market, 2018 – 2030 (USD Billion)
4.3.2. Pharmaceutical
4.3.3. Genomic Medicine
4.3.4. Medical Devices
4.4. Personalized Medical Care
4.4.1. Personlaized Medical Care Market, 2018 – 2030 (USD Billion)
4.4.2. Telemedicine
4.4.3. Health Information Technology
4.5. Personalized Nutrition & Wellness
4.5.2. Retail Nutrition
4.5.3. Complementary & Alternative Medicine

Chapter 5. Regional Business Analysis
5.1. Personalized Medicine Market Share By Region, 2022 & 2030

For more information about this report visit https://www.researchandmarkets.com/r/5uh646

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Originally published at https://www.prnewswire.com/news-releases/global-personalized-medicine-market-report-2023-a-922-72-billion-industry-by-2030—ngs-technologies-pave-the-way-for-personalized-medical-breakthroughs-301919297.html
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