Personalized Medicine Will Grow At Highest Pace Owing To Increasing Demand For Targeted Treatment
Personalized medicine, also known as precision medicine, involves tailoring medical treatment to the individual characteristics of each patient. Personalized medicine is enabled by various technologies like genetic testing, next-generation sequencing, companion diagnostics and other advanced techniques. These technologies help determine which treatments and procedures will work best for each patient. Personalized medicine enables doctors to select treatments that work best for their patient based on their genetic makeup, lifestyle, and other molecular or biological characteristics. It helps avoid trial-and-error used in finding medications or treatments that are most effective for a particular patient with a specific medical condition.
The Global Personalized Medicine Market is estimated to be valued at US$ 81.33 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Personalized Medicine Market are Precision Biologics, Danaher Corporation, Abbott, Illumina, Inc., Exact Sciences Corporation, ASURAGEN, INC., Exagen Inc., Genentech, Inc., Berg Health, Omada Health, Natera, Invitae, Myriad Genetics, Celcuity, InsightRX, and Axial3D. Key players are focusing on launching new technologies that help in genetic profiling and pharmacogenomics. For instance, in 2023, Illumina launched its TruSight Oncology 500 genomic profiling assay which provides deeper coverage across 500 cancer-associated gene.
Fastest Growing Region in the Personalized Medicine Market
Asia Pacific region is poised to offer the most lucrative growth opportunities for personalized medicine market stakeholders over the forecast period. This can be accredited to rising healthcare expenditure, growing public awareness about personalized care benefits, increasing collaborations between regional and international market players. In addition, improving diagnostic infrastructure and efforts by governments to strengthen health systems are encouraging adoption of precision medicine approaches. Some of the fastest growing personalized medicine markets in Asia Pacific include that of China, India, Japan, South Korea and Australia. The regional market will be further driven by expanding patient pool affected with chronic non-communicable diseases requiring tailored treatment options.
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