Personalized Medicine Market Size to Reach USD 1,176
According to Nova One Advisor, the global personalized medicine market size was USD 530.11 billion in 2023, calculated at USD 574.11 billion in 2024 and is expected to reach around USD 1,176.66 billion by 2033, expanding at a CAGR of 8.30% from 2024 to 2033.
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The market growth is enhanced by the increasing demand for novel drug discovery to combat the increasing prevalence of cancers and other diseases across the world. In addition, various collaborations between market players and researchers are also expected to have a positive impact on the market for personalized medicine.
Personalized medicine market deals with the application of biomarker, genomic, and other clinical data to personalized medical treatments according to the needs of patients. This approach enables healthcare providers to tailor preventive measures, dosage levels, and therapies based on a patient’s unique genetic environmental factors, lifestyle, and makeup. Personalized medicine aims to optimize healthcare resources, reduce adverse effects, and improve treatment outcomes by delivering targeted interventions that are most effective for every patient. The rising development of developments in molecular genomics and diagnostics contributed to propel the growth of the personalized medicine market.
In addition, increasing regulatory support and reimbursement policies, rising digital health solutions and technological innovations, the increasing demand for personalized care and patient empowerment, growing investment in pharmacogenomics, value-based healthcare models, and increasing prevalence of chronic diseases are further anticipated to drive the market growth during the forecast period.
- For instance, In November 2022, Maryland-based precision medicine and MedStar Health technology company, ZephyrAI, Inc. announced a partnership focused on developing artificial intelligence (AI)-enabled precision medicine devices. The aim behind this launch was to improve outcomes for chronic diseases, starting with type 2 diabetes (T2D).
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U.S. Personalized Medicine Market Size, Industry Report, 2033
The U.S personalized medicine Market size was estimated at USD 170.14 billion in 2023, USD 184.73 billion in 2024, and is expected to grow at a CAGR of 8.6% to reach USD 387.40 billion by 2033.
North America dominated the personalized medicine market in 2023. This is attributed to the support of pharmaceuticalgiants and research institutes. Personalized medicine is now adopted for all types of disorders and hence is part of research on any given drug and disease discovery. In the region, there are developing advancements in personalized diagnostics. The U.S. and Canada are the major countries in the market.
U.S. personalized medicine market trends
In the U.S., the market for personalized medicine is expected to grow in 2023 contributing to the prevalence of major key players such as 23andMe, Inc., Abbott Laboratories, Danaher, ASURAGEN, Inc., Illumina, Inc., And GE Healthcare are the major companies are increasingly entering into agreements, collaborations, and partnerships to improve access to personalized medicine.
- For instance, in January 2024, to set up a precision medicine center in the US state, BIOS Health announced a partnership with the city of bakersfield in the Kern Venture Group, California and Kern Country.
Europe Personalised Medicine Market Trends
Europe personalized medicine market is expected to grow at a significant CAGR from 2024 to 2033. Furthermore, current levels of development in Germany, the UK, and France are expected to provide lucrative opportunities for market growth over the forecast period.
The personalized medicine market in the UK is expected to grow along with the overall Europe market owing to the growing development of companion diagnostics (CDxs) and the subsequent establishment of molecular diagnostics by the prominent market participants.
The France personalized medicine market is expected to grow at a notable CAGR from 2024 to 2033 due to various funding initiatives undertaken by public & private organizations focusing on developing and commercializing novel precision diagnostic & therapeutic solutions. Human Precision MEDicine (Hu-PreciMED) project was launched by Intersystems & Oncodesign and is aimed at structuring the precision medicine industry in France. It includes over 45 medical and digital companies.
The personalized medicine market in Germany is expected to grow at a lucrative CAGR from 2024 to 2033 owing to the ongoing developments in the advancement of personalized medicine in Germany by public and private organizations, such as EuroBioForum, the German Center for Infection Research, and the Personalized Medicine Coalition (PMC).
Asia Pacific is expected to grow fastest during the forecast period.
The rising healthcare expenditure in developing countries and developing healthcare infrastructure contribute to the enhanced growth of the market in the region. Numerous market players are entering the region, which is estimated to positively affect the market growth. China, India, Japan, and South Korea are the major countries in the market.
China Personalized Medicine Market Trends
In China, the market is growing significantly attributed to government involvement and support in cross-border international collaborations for personalized and preventive medicine. The growing adoption of Western medicine and expected developments in Chinese insurance policies are also anticipated to drive the market.
- For instance, In October 2023, CurifyLabs, a Finnish health tech announced the launch of a 3D printing solution for personalized medicine in China. To produce customized drugs there was a significant need for practical and scalable methods that precisely match a patient’s needs.
The Japan personalized medicine market is expected to grow at a notable CAGR from 2024 to 2033. This share is due to the outcome of an active expansion strategy under execution by several market participants to strengthen their position in the Asia Pacific region. For instance, in October 2023, NTT Corporation (Japan) entered into an agreement with BC Platforms AG, PRIME-R, and Bioxcellerator to develop the Japan Precision Medicine Platform (JPP).
Latin America Personalized Medicine Market Trends
Latin America personalized medicine market is primarily driven by continuous advancements in cancer treatments, such as the expansion of less-toxic targeted therapies, improve patients’ quality of life. Several events and conferences in Latin America to raise awareness about personalized and advanced therapies also drive the market.
The personalized medicine market in Brazil is expected to grow from 2024 to 2033 owing to increasing number of industrial developments such as expansion policies, mergers & acquisitions, and joint ventures.
MEA Personalized Medicine Market Trends
MEA personalized medicine market was identified as a lucrative region in this industry with the emergence of various national genome projects in the UAE, Saudi Arabia, Kuwait, and Qatar. The Saudi Human Genome Program (SHGP), the UAE Human Genome Project, the Qatar Genome Programme (QGP), and the Kuwait Genome Project are among the few genomic projects.
The personalized medicine market in Saudi Arabia is expected to grow from 2024 to 2033 attributed to the increasing awareness and prevalence of infectious diseases, including HIV, and other conditions requiring blood diagnostics.
Personalized Medicine Market Segment Insights
By product type
The personalized nutrition and wellness segment dominated the market in 2023. Due to the market penetration and extensive consumption rate, the segment growth is increasing significantly. In addition, due to lowered regulatory implications, the high rate of over-the-counter sales of nutrition products accelerates the demand. For instance, In November 2023, a longevity company committed to translating scientific advancements into individualized and actionable health solutions, Viome Life Sciences announced the acquisition of Naring Health, which included gaining ownership of DiscernDX.
A company made personalized care a reality, early disease detection, and regular health monitoring. To provide more accurate supplements and food recommendations, this strategic move positions Viome to drive its personalized health solutions.
- For instance, In April 2023, to provide personalized information on clinical trials, use, risk, treatment, and diagnosis, OM1 launched its new artificial intelligence-driven platform. The platform Dubbed PhenOM has been calibrated using OM1’s longitudinal health history database that included data from over 300 million patients.
By end-use type
The hospital end-use segment led the market with significant market share in 2023. Hospitals play an important role in the market for personalized medicine, both as influencers and end-users. The increasing integration of targeted therapies and genomic diagnostics in the hospital sector is a significant trend. This reflects a preference towards personalized medicine, where hospitals support genetic insights to customize treatments for patients.
The demand for personalized medicine across hospitals is a notable market benefit, rising advancements in therapeutics approaches and diagnostic tools. As hospitals improve genomics, they contribute to the market growth by positioning themselves, improving patient outcomes, and fostering innovation of transformative healthcare practices, ultimately revolutionizing the future of personalized medicine.
- For instance, In July 2023, Precision Medicine Institute was launched by Children’s Hospital Colorado. The aim behind this launch was to advance neurodegenerative disease, treatment of cancer and other conditions.
Initiatives for Personalized Medicine
Personalized Medicine Market Ecosystem
Some of the major players operating in the market for personalized medicine such as 23andMe, Inc., Quest Diagnostics Incorporated, Illumina, Inc., Janssen Global Services, LLC, F. Hoffmann-La Roche Ltd., And others. These companies help to grow the market with their personalized treatment solutions and advanced genomic technologies.
- Roche leverages its extensive pharmaceuticals and diagnostics portfolio to offer integrated personalized medicine approaches. Illumina is essential for personalized therapies and dominates the genomic sequencing market. Novartis focuses on targeted gene treatments and cancer therapies. Thermo Fisher Scientific provides comprehensive devices for genetic analysis.
- In February 2023, to create companion diagnostics for targeted therapies, Roche announced that it has expanded its collaboration with Janssen Biotech Inc. Roche also helps to strengthen innovation and research activities.
- In November 2023, a leading genetic health and biopharmaceutical company, 23andMe launched its new, comprehensive prevention-based health membership, 23andMe+ Total Health that provided unprecedented access, biannual blood testing, and clinical grade exome sequencing.
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Personalized Medicine Market Top Key Companies:
The following are the leading companies in the personalized medicine market. These companies collectively hold the largest market share and dictate industry trends.
- 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 Recent Developments
- In January 2023, the Indian Institute of Science (IISc) and Siemens Healthineers introduced the Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory for AI in Precision Medicine at IISc Bangalore.
- In June 2024, in St. Louis, Washington University School of Medicine announced the launch of an innovative joint effort of the university and the Center for Translational Bioinformatics, the Institute for Informatics, Data Science, and Biostatistics. The center will bring together experts from diverse fields to improve patient care and accelerate precision medicine research by integrating expansive genomic datasets and comprehensive patient data
- In September 2023, A Memorandum of Understanding (MOU) was signed by Agilent Technologies & Advanced Cell Therapy and Research Institute, Singapore (ACTRIS) to advance in gene and cell therapy over the next 3 years.
- In July 2023, As a part of Illumina’s oncology product portfolio, Pillar Biosciences and Illumina formed a strategic partnership to commercialize Pillar’s suite of oncology assays worldwide. Completing the agreement will lead to an unparalleled offering of additional Next-Generation Sequencing (NGS) solutions, improving patient access to personalized cancer treatment solutions.
- In June 2023, GE Healthcare and DePuy Synthes signed a distribution agreement to expand the reach of OEC 3D Imaging System and product offerings of DePuy Synthes to more surgeons & patients in the U.S.
- In June 2023, Exact Sciences Corp. collaborated independently with two distinguished healthcare institutions at the forefront of cancer research. The agreements seek to increase access to genomic information in order to enhance patient care.
Personalized Medicine Market Report Segmentation
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Personalized Medicine market.
By Product
- Personalized Medicine Diagnostics
- Genetic Testing
- Direct-To-Consumer (DTC) Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Retail Nutrition
- Complementary & Alternative Medicine
By Application
- Oncology
- CNS
- Immunology
- Respiratory
- Liver
- Rhematology
- Others
By Technology
- Big Data Analytics
- Artificial Intelligence
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Genetics
- Liquid Biopsy
- Others (Predictive Modelling, Imaging, etc.)
By End-use
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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