Personalized Medicine Industry Overview
The global personalized medicine market size is expected to reach USD 796.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. The market growth can be attributed to several factors such as the high adoption of advanced genome sequencing instruments, the launch of companion diagnostics, and the rising incidence of cancer and other genetic disorders.
Personalized Medicine Market Segmentation
Grand View Research has segmented the global personalized medicine market based on product and region:
Based on the Product Insights, the market is segmented into Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness.
- The personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share of 60.8% in 2020. The growth in the segment is owing to high usage rates and market penetration.
- In addition, the high over the counter nature of the sale of these products further enhance the availability of these products to the consumers and reduces regulatory implications from them as well. Making them relatively more easily accessible to the consumer.
- Moreover, companies are launching new personalized nutrition products, thereby driving the segment growth.
- The personalized medicine therapeutics segment is expected to witness a lucrative growth rate over the forecast period. The increasing development of genomic medicines and biopharmaceuticals based on specific sequencing data can be primarily attributed to the segment growth.
- In addition, the development of high-capacity advanced sequencing platforms will reduce the cost of genome sequencing, hence, facilitating the development of personalized medicines.
Personalized Medicine Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The growing number of personalized medicine coalitions between companies and organizations is promoting the development of new therapeutic solutions. The company provided NextSeq and NovaSeq 6000 sequencing platforms for analyzing genes and biomarkers. Hence, such endeavors will promote the development of effective novel therapies.
Some prominent players in the global personalized medicine market include
- Illumina, Inc.
- GE Healthcare
- Danaher Corporation (Cepheid, Inc.)
- Abbott
- QIAGEN
- Exact Sciences Corporation
- ASURAGEN, INC.
- Biogen
- Dako A/S
- Exagen Inc.
- Precision Biologics
- Celera Diagnostics LLC
- Decode Genetics, Inc.
- Genelex
- IBM
- Genentech, Inc.
- 23andME, Inc.
Order a free sample PDF of the Personalized Medicine Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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