The global personalized medicine market is experiencing significant growth due to various factors, including an increase in demand for customized treatments, higher rates of cancer, and the increasing incidence of chronic diseases among the population. On the other hand, the Asia-Pacific region would showcase the fastest CAGR during the projection period.
Wilmington, Delaware, Nov. 03, 2023 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the global personalized medicine market is predicted to gain $869.5 billion by 2031, having cherished a value of $300.0 billion in 2021, growing at a CAGR of 11.2% from 2022 to 2031. This market report offers a detailed analysis of leading investment pockets, market size & estimation, competitive landscape, top winning strategies, and regional analysis. It is an essential resource for the investors, and leading market players to strategically plan and enhance their competitive advantage.
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Report Coverage and Details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $300.0 Billion |
| Market Size in 2031 | $869.5 Billion |
| CAGR | 11.2% |
| No. of Pages in Report | 286 |
| Segments Covered | Product, Application, End User, and Region |
| Drivers | The surge in demand for personalized medicines |
| Higher rates of cancer | |
| Increase in the incidence of chronic diseases among individuals | |
| Restraints | High cost of personalized medicines |
| Lack of awareness regarding personalized medicines | |
| Opportunities | Increase in healthcare costs with improvements in healthcare facilities |
| Technological advancements in personalized medicines |
Recent Developments in the Personalized Cancer Medicine Market
- In December 2022, Qiagen NV received the U.S. Food and Drug Administration (FDA) approval of its therascreen KRAS RGQ PCR kit as a companion diagnostic test to Mirati Therapeutic’s drug KRAZATI (adagrasib) for non-small cell lung cancer.
- In October 2022, F. Hoffmann-La Roche Ltd., a Pharmaceutical Manufacturing company, received the U.S Food and Drug Administration (FDA) approved the PATHWAY anti-HER2/neu (4B5) Rabbit Monoclonal Primary Antibody* to identify metastatic breast cancer patients with low HER2 expression for whom Enhertu (fam-trastuzumab deruxtecan-nxki) may be considered as a targeted treatment.
- In September 2022, F. Hoffmann-La Roche Ltd., a Pharmaceutical Manufacturing company, received CE IVD approval for VENTANA PD-L1 (SP263) to identify patients with locally advanced and metastatic non-small cell lung cancer eligible for Libtayo.
- In August 2022, F. Hoffmann-La Roche Ltd., a Pharmaceutical Manufacturing company, announced CE label expansion of the VENTANA PD-L1 (SP263) Assay in non-small cell lung cancer (NSCLC) as a companion diagnostic for Tecentriq (atezolizumab). This advances the company’s commitment to guide clinical decision making through innovative, high-quality assays that improve patient access to personalized healthcare.
- In August 2022, F. Hoffmann-La Roche Ltd., a Pharmaceutical Manufacturing company, received U.S Food and Drug Administration (FDA) approval of a label expansion for the VENTANA MMR RxDx Panel. This approval advances the company’s commitment to personalized healthcare through tests that determine which patients are most likely to respond to specific and targeted therapies.
- In June 2022, GE Healthcare, one of the leading global medical technology and digital solutions innovator, showcased its innovative molecular imaging solutions that enable and increase access to precision health and theranostics to improve care including prostate cancer.
- In May 2022, Aadi Bioscience, Inc. announced a partnership with prominent next generation sequencing (NGS) providers and leaders in genomic testing, Foundation Medicine, Tempus, and others to expedite patient identification for the ongoing PRECISION 1 trial of nab-sirolimus in patients.
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The global personalized medicine market is classified into various segments based on product, application, end user, and region. It is offered in both tabular and graphical form, permitting an individual or a commercial organization to benefit perception into the highly profitable and swiftly expanding segments.
Based on product, the personalized medicine diagnostics segment accounted for the highest market share in 2021, holding more than half of the global personalized medicine market revenue, and is anticipated to maintain its dominance throughout the forecast timeframe. The same segment is expected to witness the fastest CAGR of 11.6% from 2022 to 2031. The personalized medicine therapeutics segment is also studied in the report.
Based on application, the oncology segment held the major market share in 2021, acquiring more than half of the global personalized medicine market revenue, and is expected to lead the trail during the forecast period. The same segment would also portray the highest CAGR of 11.6% from 2022 to 2031. The infectious disease, neurology or psychiatry, cardiovascular, and others segments are also examined in the report.
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Based on end user, the hospital and clinics segment held the largest market share in 2021, holding more than half of the global personalized medicine market revenue. However, the others segment would showcase the highest CAGR of 11.7% from 2022 to 2031.
Based on region, North America dominates the highest market share in 2021, accounting for more than half of the global personalized medicine market revenue. On the other hand, the Asia-Pacific region would cite the highest CAGR of 15.2% from 2022 to 2031. The Europe and LAMEA provinces are also discussed in the report.
The prominent players that have been analyzed and identified in the global personalized medicine market report include, F. Hoffmann-La Roche Ltd., Takeda Pharmaceutical Company Ltd., Illumina, Inc., Aadi Bioscience, Inc., ARIEL Precision Medicine, Inc., Eli Lilly and Company, Abbott Laboratories, GE Healthcare, Inc., QIAGEN, AbbVie Inc., and F. Hoffmann-La Roche Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Originally published at https://www.einpresswire.com/article/666088040/personalized-medicine-market-is-projected-to-gain-869-5-billion-by-2031-says-amr
