Personalized Medicine Market Size, Share, Opportunities, And Trends By Therapeutic Area (Oncology, Neurology, Cardiology, Infectious Diseases, Immunology, Respiratory Disorders, Others), By Application (Diagnostics, Pharmacogenomics, Drug Development, Wellness And Prevention), By End-User (Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Research Institutes And Academic Centers, Diagnostic Laboratories, Others), And By Geography - Forecasts From 2023 To 2028

The personalised medicine market is evaluated at US$60.102 billion for the year 2021 growing at a CAGR of 11.01% reaching the market size of US$124.822 billion by the year 2028.

Personalised medicine market has a revolutionary strategy in the healthcare business that tailors medical treatments to individual patients based on their genetic composition, lifestyle, and environmental circumstances. Personalised medicine provides more precise and effective medications by using modern technologies such as genetics, proteomics, and data analytics, minimising the risk of adverse effects and optimising treatment outcomes. This game-changing strategy has enormous potential for treating a wide range of ailments, including cancer, cardiovascular disease, and uncommon genetic abnormalities. The personalised medicine market is revolutionising in healthcare practises, providing physicians with individualised treatment options, and ultimately enhancing patient care and quality of life.

Advancements in Genomics and Omics Technologies Enhances the Personalized Medicine Market Growth.

Technological advances in genomics and omics have transformed the area of personalised medicine. With the development of high-throughput sequencing and omics technologies like as proteomics, metabolomics, and transcriptomics, it is now feasible to thoroughly examine an individual's genetic and molecular profile. These technologies provide unparalleled insights into disease genetic variants and molecular features, allowing particular biomarkers and treatment targets to be identified. With a better knowledge, physicians may personalise treatment strategies based on a patient's particular genetic composition, resulting in more effective and accurate medicines. The advancement of genomes and omics technology is propelling the emergence of personalised medicine, which has the potential to change healthcare by delivering individualised and targeted treatment options.

Growing Adoption of Pharmacogenomics in Personalized Medicine Market.

Pharmacogenomics is becoming increasingly popular in the field of personalised medicine. Research published in the journal Clinical Pharmacology & Therapeutics found that implementing pharmacogenomic testing resulted in a 45% reduction in hospitalisations and a 60% reduction in emergency department visits due to adverse medication responses. Using genetic information to optimise medicine selection and dose for individual individuals improves treatment efficacy while lowering the likelihood of adverse responses. The expanding body of data supporting pharmacogenomics' clinical value is propelling its adoption into healthcare systems throughout the world. As more healthcare providers recognise its benefits, pharmacogenomics usage is likely to increase, propelling the personalised medicine market forward.

Expansion of Personalized Diagnostics and Biomarker Development Boosts the Personalized Medicine Market Size.

The development of personalised diagnostics and biomarkers is a key driver in the advancement of personalised medicine. According to a study published in the journal Nature Reviews Drug Discovery, personalised biomarker-guided medicines outperform non-personalized methods in clinical trials by 63%. Personalised diagnostics are gaining significance in adapting treatment methods based on unique patient features as technological and data analytics breakthroughs enable the discovery of particular biomarkers. These biomarkers help in illness diagnosis, prognosis, and therapy response prediction, improving treatment results and lowering healthcare costs. With an increasing emphasis on precision medicine, the development of personalised diagnostics and biomarkers is expected to continue, revolutionising healthcare practises.

North America is the Market Leader in the Personalized Medicine Market.

North America has emerged as the market leader in personalised medicine market. The region's supremacy may be linked to modern healthcare infrastructure, large investments in R&D, and a high prevalence of chronic conditions. Furthermore, North America has a well-established regulatory framework as well as significant support for precision medicine projects. The presence of major pharmaceutical and biotechnology businesses, as well as an increasing emphasis on genetic testing and personalised medicines, has improved the region's embrace of personalised medicine. North America is likely to continue its leadership position in the global personalised medicine market as awareness and acceptance grow.

Collaborations between Pharmaceutical Companies and Diagnostic Service Providers in Personalized Medicine Market.

Collaborations between pharmaceutical firms and diagnostic service providers are critical to the advancement of personalised medicine. These alliances promote the development of targeted medicines by combining pharmaceutical firms' experience in drug development with diagnostic service providers' competence in biomarker discovery and testing. The synergy improves patient classification, allowing for more precise therapy selection based on individual features. Such collaborations hasten the translation of genomic and biomarker research into clinical applications, improving treatment results and speeding medication approval processes. Finally, these agreements help to accelerate the rise of personalised medicine, which revolutionises healthcare by providing personalised medicines and enhancing patient care and illness management.

Key Developments:

• In July 2023, Pillar Biosciences Inc., the pioneers of Decision Medicine, and Illumina Inc., a global leader in DNA sequencing and array-based technologies, established a collaborative alliance to commercialise Pillar's suite of cancer tests as part of the Illumina line of oncology solutions. The agreement will result in an unprecedented offering of complementary next-generation sequencing solutions, which will improve the efficiency, accuracy, and cost-effectiveness of oncology testing through advanced sequencing techniques, allowing patients for the first time to access personalised cancer treatment options.
• In July 2023, Thermo Fisher Scientific Inc. ("Thermo Fisher"), the world leader in science service, announced today that it has entered into a definitive agreement to buy CorEvitas, LLC ("CorEvitas"), Audax Private Equity ("Audax") acquired a prominent source of regulatory-grade, real-world evidence for licenced medical treatments and therapies for $912.5 million in cash.
• In July 2023, Roche announced a new collaboration with Alnylam to develop and commercialise zilebesiran, a Phase 2 investigational RNAi therapy for the treatment of hypertension. Hypertension affects over 1.2 billion adults worldwide and is the most independent, avoidable cause of death and disability, with roughly 80% of hypertensive individuals globally unable to successfully regulate their blood pressure.

Company Products:

• Molecular Diagnostics: Abbott's molecular diagnostic tests detect particular genetic markers and biomarkers linked to illnesses, aiding with disease diagnosis, prognosis, and therapy selection.
• Companion Diagnostics: Roche is a key player in the development of companion diagnostics, which are tests that aid in the identification of patients who are most likely to benefit from certain targeted medicines. These tests are critical for personalising therapy to specific patients depending on their genetic profile.
• Genetic Testing Solutions: Thermo Fisher Scientific provides a comprehensive range of genetic testing products, such as next-generation sequencing (NGS) systems, PCR-based tests, and genetic analysis tools. These techniques allow for the discovery of genetic variations linked to illnesses as well as patient classification for personalised treatment strategies.
• DNA Sequencing Platforms: Illumina offers sophisticated DNA sequencing technology that allow for the high-throughput and precise sequencing of the whole human genome. These platforms are crucial in detecting genetic variants and mutations linked to illnesses, hence enabling personalised medical applications.

Key Segment:

• By Therapeutic Area
  • Oncology
  • Neurology
  • Cardiology
  • Infectious Diseases
  • Immunology
  • Respiratory Disorders
  • Others 
• By Application
  • Diagnostics
  • Pharmacogenomics
  • Drug Development
  • Wellness And Prevention   
• By End-User
  • Hospitals And Clinics
  • Pharmaceutical And Biotechnology Companies
  • Research Institutes And Academic Centers
  • Diagnostic Laboratories
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain   
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others