Personalized Medicine Market Expected to Reach USD 4.87 trillion by 2030 | Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-06-07  

     

As per Business Intelligence Insights (BII) study, the global Personalized Medicine Market attained revenue growth of USD 2.10 trillion in 2021 and it is projected to reach around USD 4.87 trillion by 2030, growing at a 11.10% CAGR.

Science and technology are always evolving, including how we define disease, develop pharmaceuticals, and prescribe treatments. The development of targeted diagnostics and therapeutics that employ knowledge of an individual's genetic composition to produce a more personalized approach to healthcare has been spurred by advances in genomic and proteomic science over the last decade. Personalized medicine's debut and sustained growth will hasten significant changes in health care and health systems on many levels. The market's growth is mostly due to an increase in interest in biomarker identification for therapy, diagnostics, and prognosis for tailored medicine creation.

Researchers are focusing their efforts on identifying and tracking various biomarkers that could be used in the future to generate efficient customized medicine and pharmacogenomics. The global personalized medicine market is being hampered by rising research and development costs, as well as a higher risk of negative effects. The government sets the rules and regulations for individualized medicine packaging and labelling. One such government regulatory agency is the Food and Drug Administration (FDA). While producing customized medicine, market participants must conform to these standards. People who do not follow these guidelines are subject to legal action by government authorities. As a result, tight government regulations will hinder the growth of the personalized medicine market over the forecast period.

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Personalized Medicine Market: Companies Mentioned

•    Illumina Inc.
•    GE Healthcare
•    Precision Biologics
•     Danaher Corporation
•     Celera Diagnostics LLC
•    IBM Corporation
•    Decode Genetics Inc.
•    Exact Sciences Corporation
•    Exagen Inc
•    Biogen

Key Highlights of the Report

•       Personalized Nutrition and Wellness led the personalized medicine industry in 2021. The segment's growth is being fueled by high usage rates and market penetration. Furthermore, the high over-the-counter nature of these products' sales boosts client access while lowering regulatory risks. Increasing their accessibility to the broader people. New personalized nutrition solutions are also being released, moving the sector forward. Nestlé, for example, released nesQino in April 2020, a customized healthy superfood drink made with natural ingredients. The new drink may be customized and is made using vegetables, fruits, nuts, microalgae, and seeds.

•      Oncology, CNS, Immunology, Respiratory, and Other are some of the applications of personalized medicine. The infectious coronavirus has the potential to have a wide range of economic and societal consequences, including oncology. As a result of the epidemic, procedures and, as a result, biopsy tissue testing have been impeded. In the United States, for example, 31.7 percent of people diagnosed with breast cancer reported a delay in care, with 22 percent reporting a delay in screening and 9.3 percent reporting a delay in treatment due to COVID-19, according to a survey conducted by Breastcancer.org in 2020 and published in July 2020. More advanced cancer cases are expected in the coming years as a result of delayed biopsies and other challenges, such as missed medical consultations and preventative screening.

•      North America is leading the market due to the rising prevalence of cancer and genetic disorders, the expanding adoption of precision medical techniques, and the presence of notable businesses such as Pfizer, Qiagen, Quest Diagnostics, and Roche. According to the American Cancer Society, cancer is the leading cause of death in Canada and the second-leading cause of death in the United States. In 2020, over 1.8 million new cancer cases will be diagnosed in the United States. The region's high knowledge of precision medicine, as well as increased demand for personalized cancer care, will drive industry revenue.

•       The report contains qualitative and quantitative research on the global Personalized medicine Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights:

By Product
•    Personalized Medicine Diagnostics
•    Personalized Medicine Therapeutics
•    Personalized Medical Care
•    Personalized Nutrition and Wellness

By Application
•    Oncology
•    CNS
•    Immunology
•    Respiratory
•    Others

By End-use
•    Hospitals
•    Diagnostic Centers
•    Research & Academic Institutes
•    Others

By Region
•    North America

o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Personalized Medicine market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Personalized Medicine Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Personalized Medicine Market Forecast Report 2022- 2030 -  Order Now!

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