The Personalized Medicine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Personalized Medicine Global Market Report 2024, The personalized medicine market size has grown rapidly in recent years. It will grow from $352.73 billion in 2023 to $390.65 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to rise of companion diagnostics, patient-centric healthcare, drug development paradigm shift, healthcare cost containment, increasing prevalence of chronic diseases.
The personalized medicine market size is expected to see rapid growth in the next few years. It will grow to $590.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continued genomic advancements, expansion of biomarker discovery, growing adoption of telemedicine, regulatory support and frameworks, collaboration and data sharing. Major trends in the forecast period include integration of artificial intelligence (AI), advancements in genomic sequencing, data integration and analytics, immunotherapy and targeted therapies, patient empowerment and informed decision-making, collaborations and partnerships.
The increasing prevalence of rare diseases is expected to propel the growth of the personalized medicine market going forward. The increasing prevalence of rare diseases refers to the growing number of people who are diagnosed with rare diseases such as Klinefelter Syndrome, Aarskog Syndrome, Abetalipoproteinemia, and others. Personalized medicine approaches help to provide more tailored treatment options for individuals with rare diseases which are on the rise. For instance, in March 2021, according to the Journal of the European Academy of Dermatology and Venereology, the population prevalence of rare diseases was estimated at 3.5%-5.9%. this is equal to 260-440 million individuals affected across the world at a time. Moreover, according to an article published by Global Genes, a US-based non-profit advocacy organization, Globally 400 million people are suffering from a rare disease. Therefore, the increase in the prevalence of rare diseases is driving the growth of the personalized medicine market.
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The personalized medicine market covered in this report is segmented –
1) By Product: Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition and Wellness
2) By Application: Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology, Other Applications
3) By End-use: Hospitals, Diagnostic Centers, Research and Academic Institutes, Other End-Users
Major companies operating in the personalized medicine market are focusing on product launches, such as real-world data programs aimed at powering precision medicine solutions using real-world data for mental health. A real-world data program involves the systematic collection and analysis of information from everyday clinical practice and patient experiences to inform healthcare decisions and outcomes. For instance, in May 2022, Tempus, a US-based technology company that uses artificial intelligence to advance precision medicine, launched Tempus N+, a psychiatric real-world data program. The features include collaboration with academic medical institutions, an integrated operating system for mental health, secure data pipelines, access to real-world data, and an expansion of psychiatric care through EMR integration and pharmacogenomic testing. This launch significantly contributes to the personalized medicine market by advancing precision medicine solutions for mental health, utilizing real-world data, artificial intelligence, and academic collaborations to enhance treatment plans, improve patient outcomes, and empower data-driven decisions in mental health care.
The personalized medicine market report table of contents includes:
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