London, Jan. 25, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global personalized medicine market size was valued at US$ 1.9 trillion in 2020. Personalized medicine is the tailoring of a treatment to a specific patient, i.e., designing medicine treatment based on diagnosis, disease condition, patient history, body physics, and other patient and disease factors. Precision medicine, stratified medicine, and P4 medicine are all terms for personalized medicine. Diagnostic analysis is frequently used in personalized medicine to select the best treatments for a patient based on genetic content or other molecular or cellular analysis. Personalized medicine has the best response and the highest safety margin to ensure improved patient care by allowing each patient to receive an earlier diagnosis, risk assessment, and best treatment. Personalized medicine also has the potential to improve health care by lowering overall treatment costs.
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The factors driving the global personalized medicine market include an increase in the prevalence of various types of cancer, the affordability of personalized medicine therapy in cancer drugs and other disease indications, fewer side effects of personalized medicine therapy, high adoption in developed markets, and the development of innovative drugs. However, high competition among existing market players, stringent government regulations governing product approval, and a lack of awareness among the rural population in developing economies are expected to stymie the market in the coming years.
Report Highlights
Based on the product, the personalized nutrition and wellness segment dominated the global personalized medicine market in 2020 with highest market share. As a result of the growing demand for functional food products, enterprises are concentrating their efforts on extending their manufacturing capacity for the functional food product line.
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Report Scope of the Personalized Medicine Market
| Report Highlights | Details | |
| Market Size in 2020 | USD 1.9 Trillion | |
| CAGR from 2021 to 2030 | 11.6 | % |
| Fastest Growing Region | Asia Pacific | |
| Base Year | 2021 | |
| Companies Covered | Illumina Inc., GE Healthcare, Precision Biologics, Danaher Corporation, Celera Diagnostics LLC, IBM Corporation, Decode Genetics Inc., Exact Sciences Corporation, Exagen Inc., Biogen | |
Regional Snapshot
North America is the largest segment for personalized medicine market in terms of region. The dominance of North America in the global market can be attributed to an increasing number of regulatory approvals for customized medicine in the U.S., as well as increased acceptance of personalized medicine as diagnostic and therapeutic agents.
Asia-Pacific region is the fastest growing region in the personalized medicine market, owing to ongoing research and development activities in the healthcare industry. Due to rapidly ageing population, increased consumer awareness, modernization of healthcare infrastructure, and the rising medical tourism business in developing countries, Asia-Pacific is expected to have the highest development rate.
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Market Dynamics
Drivers
Increasing prevalence in various types of cancer
Cancer is caused by the transformation of normal cells into tumor cells over the course of a multi-stage process that typically begins with a precancerous lesion and progresses to a malignant tumor. These changes are caused by the interaction of a person's hereditary factors. Cancer is the leading cause of death worldwide, accounting for roughly 10 million deaths by 2020. Because each type of cancer requires a unique treatment plan, a correct cancer diagnosis is critical for appropriate and effective treatment. On a large scale, cancer patients benefit from personalized medicines. As a result, the rising prevalence of cancer is propelling the growth of the personalized medicine market growth during the forecast period.
Restraints
Stringent government regulations
The rules and laws for the packaging and labeling of personalized medicine is ascribed by the government authorities. Such government regulatory agency is Food and Drug Administration (FDA). The market players need to follow those guidelines while manufacturing of the personalized medicine. If these guidelines are not followed, then government agencies have authority to take legal actions against them. Thus, the stringent government regulations are restricting the growth of the personalized medicine market during the forecast period.
Opportunities
Growing geriatric population
The elderly, also known as senior citizens, are rapidly growing in number. The World Health Organization (WHO) predicts that the number of people aged 65 and up will increase by around 1.5 billion by 2050. The figure is expected to rise in developing countries such as China, Japan, India, and South Korea. Cancer, diabetes, high blood pressure, and blood sugar levels are just a few of the health problems that the elderly face. They should be more concerned about their health. As a result, they must take medications on a regular basis. As a result, the growing geriatric population is creating lucrative opportunities for the growth of the global personalized medicine market during the forecast period.
Challenges
Lack of consumer awareness
The people are still not familiar with the concept and benefits of the personalized medicine. The government of underdeveloped nations is also not taking enough steps to promote the application of the personalized medicine among the people. Thus, lack of consumer awareness is major challenge for the growth of the personalized medicine market during the forecast period.
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Segments Covered in the Report
By Product
- 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 and Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
By Application
- Oncology
- CNS
- Immunology
- Respiratory
- Others
By End-use
- Hospitals
- Diagnostic Centers
- Research & Academic Institutes
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- MEA
- Latin America
- Rest of the World
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