Global Predictive & Personalized Medicine Market By Product (Personalized Medicine Therapeutics, Personalized Medicine Diagnostics, Personalized Medical Care, Personalized Nutrition & Wellness), By Application (Oncology, Infectious disease, Neurology or Psychiatry, Cardiovascular, Others), and By End User (Diagnostics Centers, Hospitals & Clinics, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 104483
- Number of Pages: 345
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Report Overview
The Global Predictive & Personalized Medicine Market size is expected to be worth around USD 692.0 Billion by 2032 from USD 347.2 Billion in 2023, growing at a CAGR of 8.2% during the forecast period from 2023 to 2032.
Personalized medicine and predictive medicine is a healthcare method that involves adapting medical action to the separate physical appearance of each patient. This method knows that each patient is unique, and the treatments differentiate for every patient.
Personalized medicine mainly uses a person’s specific genetic structures, lifestyle, and medical background to grow more actual and target specific treatments. In personalized medicine, healthcare providers use novel advanced diagnostic tests and specific tools to analyze the genetic variety. Due to this, the healthcare provider develops person-specific personalized treatments for the patient.
Additionally, personalized medicine is a fast-developing field with the potential to convert healthcare by raising the correctness and efficiency of various medical treatments. Novel nuclear-medicine-related devices’ disease treatment and diagnosis progress helps gain patients’ requirements.
Key Takeaways
- As per researchers, the use of biomarkers in clinical trials increased from 18% in 2000 to 61% in 2019.
- The oncology segment dominated the market with 40% share in the year 2022.
- The hospitals & clinics segment held the largest market share of 33% in 2022.
- North America dominated the market due to rise in clinical trials, R&D activities, and presence of key players in the US.
- Based on a Ludwig Cancer Research study, combination of adoptive T cell therapy with an under-developed personalized cancer vaccine can prove to be beneficial for late-stage, drug-resistant ovarian cancer patients.
Driving Factors
The Growing Prevalence of Uncommon Diseases Is Also Expected to Increase the Development of the Market.
The growing level of acceptance and connection of characteristics of human genetics has covered the way for numerous personalized medicine and therapeutic medicines. GE Healthcare said a new scanner with the latest innovative workflow feature would be available soon. This scanner gives doctors a great view of pathology and cardiac anatomy to help them choose the proper treatment for a patient.
New Item Launches of Therapeutic and Diagnostic Medicines Results in Driving the Market.
The keen attention of various industry competitors to launch new goods in this market is one of the crucial driving forces. The development of diagnostic solid medicines pipelines and the introduction of new products result from the increasing demand for the personalization of treatment. In addition, a considerable population of individuals with chronic illnesses encourages companies to introduce innovative goods to the global market.
Restraining Factors
Lack of Awareness and Poor Reimbursement Process Limits the Growth of the Market.
The global predictive & personalized medicine market is restraining by various factors, such as the absence of awareness about personalized medicine among individuals in developing countries, causing difficulty in market growth. Also, several MRI and CT scans are performed yearly to treat chronic diseases. Therefore, such obstructions to the procedure volumes and reimbursement for personalized medicines should restrict the market development during the forecast period.
Trending Factors
Reliable Therapeutic Radiopharmaceutical Pipelines to Drive the Market’s Growth
The organizations working in the market continually center around improving nuclear medication treatments. The clinical effects related to this treatment choice, when contrasted with different treatments, are driving its interest across the globe.
For instance, the expansion in the refinement of the therapeutic applications results in the therapy of cancer, and different disorders are expected to drive the interest for nuclear medication treatments in nations with a high weight of malignant growth. Also, many market players are growing new therapeutic items for treating different ailments, consequently driving market development.
Product Analysis
The personalized nutrition and wellness segment held the highest share.
The personalized nutrition and wellness segment is anticipated to expand at the highest rate. The growth can be attributed to key factors such as the treatment’s comparative effectiveness, the benefits of these treatment options, and market players’ growing interest in personalized nutrition and wellness through a strong focus on clinical trials.
In the coming years, the personalized medicine therapeutics sector is anticipated to hold most of the global market. Due to significant factors such as effective imaging of patients with various types of cancer, increasing procedural volumes worldwide, and new product launches for diagnosing various disorders. The Gallium 68 PSMA-11, the first medication for prostate cancer diagnosis using PET imaging, was approved by the U.S. Food and Drug Administration.
Application Analysis
High prevalence of cancer results in the growth of the oncology segment
The global predictive & personalized medicine market is segmented into oncology, infectious disease, neurology or psychiatry, cardiovascular, and others. The segment oncology sector is anticipated to expand at the highest CAGR in terms of application. The most common imaging procedure worldwide is the diagnosis of cancer. This is because of the high rate of cancer.
There is a growing awareness of the importance and advantages of previous detection of the management and required treatment of various types of cancer. Oncology is the target of a significant number of nuclear medicine therapies’ pipeline products, which is anticipated to contribute to segmental expansion in the coming years.
End-User Analysis
High procedural volume in hospitals & clinics will drive the market’s growth.
The market has been segmented based on end-users into diagnostic centers, hospitals & clinics, and others. The hospitals & clinics segment is anticipated to expand at a substantial CAGR throughout the forecast period. The higher efficiency with which hospitals & clinics handle these sensitive products and the high procedural volume of nuclear imaging procedures account for the growth rate.
The diagnostic center segment will hold the second-largest share and is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is due to the increasing number of diagnostic facilities and the huge volume of procedures in diagnostic centers across Europe.
Key Market Segments
Based on Product
- Personalized Medicine Therapeutics
- Personalized Medicine Diagnostics
- Personalized Medical Care
- Personalized Nutrition & Wellness
Based on Application
- Oncology
- Infectious disease
- Neurology or Psychiatry
- Cardiovascular
- Other Applications
Based on End-User
- Diagnostic Centers
- Hospitals & Clinics
- Other End-Users
Regional Analysis
North America Dominates the Predictive & Personalized Medicine Market During the Forecast Period.
North America dominated the market with the largest share of 47.2% in 2022. The region has a significant market share owing to the large volume of nuclear medication techniques, the expanded interest in research & development exercises, and the solid medical services. APAC area is expected to be the quickest developing region attributable to the rising interest in personalized medication space and the predictive or personalized medication market expansion.
Nonetheless, the significant expense of these treatments might control market development as the less-pay gathering of the populace in emerging nations may not bear the cost of such treatment.
Key Regions
North America
- The US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
APAC
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
Curium announced the acquisition of Austrian-based Pharmaceutical company IASON.
Driving market players are settling on essential coordinated efforts, geological extension, and partnerships through acquisitions and mergers in arising and economically ideal regions. For Example, in June 2021, Curium declared the acquisition of Austrian-based drugs organization IASON aiming to extend its impression in Europe. This obtaining is supposed to amplify its situation in the market.
Market Key Players
Listed below are some of the most prominent global nuclear medicine market players.
- GE Healthcare
- Exact Sciences Corporation
- Decode Genetics, Inc.
- Danaher Corporation
- ASURAGEN, INC.
- QIAGEN
- Illumina, Inc.
- Abbott
- Dako A/S
- Other Key Players
Key Industry Developments
- On January 2020, Abbott got approval from the U.S. FDA for the Infinity Deep Brain Stimulation system to goal an area in the brain named the internal globus pallidus. Due to this approval, Abbott advanced their Infinity DBS system to give the personalized order of patient-related innovations for persons with movement disorders.
- On December 2021, Roche declared the launch of the novel AVENIO Edge System to perform the sequencing technologies by creating good foundational abilities to show a fully-automated integrated sequencing result to advance its personalized and predictive medicine market.
- On January 2019, The Organisation Qiagen started the acquisition with one of the leaders in well-known patient-centric therapeutic medicines for precision and personalized medicine in the oncology sector to increase its clinical bioinformatics portfolio in molecular oncology medicine support.
- On June 2020, The company Ariel Precision Medicine, Inc. said a collaboration with Mission Cure Holdings, LLC, and another Path BioAnalytics, Inc. to grow new treatments for patients with diseases such as pancreatitis and other chronic diseases which currently have no treatment on the market.
Report Scope
Report Features Description Market Value (2023) USD 347.2 Billion Forecast Revenue (2032) USD 692.0 Billion CAGR (2023-2032) 8.2% Base Year for Estimation 2022 Historic Period 2016-2021 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered By Type- Therapeutic Radiopharmaceuticals and Diagnostic Radiopharmaceuticals; By Application- Cardiology, Neurology, Oncology, and Other Applications; By End-User- Diagnostic Centers, Hospitals & Clinics, and Other End-Users. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA. Competitive Landscape Lantheus Medical Imaging, Inc., Cardinal Health, Nordion Inc., Curium, Bayer AG, Norgine B.V., Medtronic, Inc., Jubilant Pharmova Limited, and Other Key Players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the Predictive & Personalized Medicine Market Size in the Year 2022?The Global Predictive & Personalized Medicine Market size was USD 320.9 Billion in 2022, growing at a CAGR of 8.20%.
What is the Predictive & Personalized Medicine Market CAGR During the Forecast Period?The Global Predictive & Personalized Medicine Market size is growing at a CAGR of 8.20% during the forecast period from 2023 to 2032.
What is the Predictive & Personalized Medicine Market Size During the Forecast Period?The Global Predictive & Personalized Medicine Market size is expected to be worth around USD 692.0 Billion by 2032 during the forecast period from 2023 to 2032.
Predictive & Personalized Medicine MarketPublished date: Oct 2023add_shopping_cartBuy Now get_appDownload Sample - GE Healthcare
- Exact Sciences Corporation
- Decode Genetics, Inc.
- Danaher Corporation Company Profile
- ASURAGEN, INC.
- QIAGEN NV Company Profile
- Illumina, Inc.
- Abbott Laboratories
- Dako A/S
- Other Key Players
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