The personalized medicine market comprises medical products and therapies which are tailored to individual patients' genetic characteristics. Factors such as growing prevalence of chronic diseases such as cancer, diabetes and neurological disorders are driving the demand for personalized medicines which can provide more targeted treatments. Personalized medicines can analyze an individual's genetic information, medical history and lifestyle to design optimal treatment strategies. Key aspects of personalized medicines include precision diagnostics, targeted therapies and preventative medicine. The growing awareness about benefits of personalized treatment approaches is also boosting this market.
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 from 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.
The key opportunities in the personalized medicine market include growing demand for companion diagnostics, increasing adoption of personalized medicine approaches for cancer treatment and rising number of clinical trials for novel personalized therapies.
Fastest Growing Region
The Asia Pacific region is poised to be the fastest growing market for Personalized Medicine during the forecast period. This growth can be attributed to rising healthcare expenditure, increasing focus on genetic diagnostics for chronic diseases by regional pharmaceutical companies, and growing collaborations between regional players and international firms for development and commercialization of targeted therapies.
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