Personalized Medicine Market Size Worth $796.8 Billion by 2028 - Grand View Research, Inc.

SAN FRANCISCO, July 21, 2022 /PRNewswire/ -- Personalized medicines focus on patients' medical history, diagnosis, and disease conditions to provide effective treatment and care. Precision medicine, P4 medicine, personalized medicine, and stratified medicine are all used synonymously. The term 'diagnostic analysis' is often used in personalized medicine to identify the best available treatment for patients based on individualized genetic content or cellular analysis. Personalized medicine has found widespread acceptance and the optimal response in treating chronic ailments and has the highest safety margin with the necessary risk assessments. It improves health care by minimizing overall treatment costs and curtailing any potential side effects as compared to traditional treatments. 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.

Key Industry Insights & Findings from the report:

• Based on product type, the personalized nutrition and wellness segment captured the largest revenue share in 2020 and the personalized medicine therapeutics segment is projected to witness the fastest growth rate during the forecast period.
• Based on geography, North America dominated the global market owing to the adoption of next-generation sequencing technologies and the presence of robust healthcare systems.
• The Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period due to factors such as affordable clinical trials and favorable government conditions.

Read 221-page market research report, 'Personalized Medicine Market Size, Share & Trends Analysis Report By Product (Personalized Medical Care, Personalized Nutrition & Wellness, DTC Diagnostics, Telemedicine, Complementary Medicine), And Segment Forecasts, 2021 - 2028', published by Grand View Research.

Personalized Medicine Market Growth & Trends

According to Grand View Research, Inc., the global personalized medicine market is anticipated to account for USD 796.8 billion by 2028 and is projected to expand at a CAGR of 6.2% from 2021 to 2028. Personalized medicine therapy identifies the biomarkers in a patient to curate tailored treatment plans. It is usually used in treating rare genetic diseases and cancer. The market is driven by the rising burden of genetic diseases and different types of cancers. Furthermore, a huge flux of investments in healthcare IT and R&D activities are bolstering the market growth. In addition, the onset of the COVID-19 pandemic took the market to a new pedestal, with greater attention and effort to the development of personalized medicines.

In markets such as Latin America and Asia Pacific are showcasing massive signs of development in developing R&D infrastructure. New strides are being made in the field of bioinformatics and active peer levels discussions. This will sustain the medium to long-term growth of this industry. Moreover, the key companies are keen on launching FDA-approved companion diagnostic tests (CDx) in response to the growing market demand. For instance, Roche in October 2020 received the U.S. FDA approval for its Cobas EGFR Mutation Test v2 as a (CDx) for the treatment of specific lung cancer.

Personalized Medicine Market Segmentation

Grand View Research has segmented the global personalized medicine market based on product and region:

Personalized Medicine Market - Product Outlook (Revenue, USD Billion, 2017 - 2028)

• Personalized Medicine Diagnostics
• Genetic Testing
• DTC Diagnostics
• Esoteric Lab Services
• Esoteric Lab Tests
• Personalized Medicine Therapeutics
• Pharmaceutical
• Genomic Medicine
• Medical Devices
• Personalized Medical Care
• Telemedicine
• Health Information Technology
• Personalized Nutrition & Wellness
• Retail Nutrition
• Complementary & Alternative Medicine

Personalized Medicine Market - Regional Outlook (Revenue, USD Billion, 2017 - 2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Asia Pacific
• Japan
• China
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players of Personalized Medicine Market

• GE Healthcare
• Illumina, Inc.
• ASURAGEN, INC.
• Abbott
• Dako A/S
• Exact Sciences Corporation
• Danaher Corporation (Cepheid, Inc.)
• Decode Genetics, Inc.
• QIAGEN
• Exagen Inc.
• Precision Biologics
• Celera Diagnostics LLC
• Biogen
• Genelex
• IBM
• Genentech, Inc
• 23andMe, Inc.

Check out more related studies published by Grand View Research:

• Regenerative Medicine Market - The global regenerative medicine market size is expected to reach USD 57.08 billion by 2027, growing at a CAGR of 11.27% over the forecast period, according to a new report by Grand View Research, Inc. Recent advancements in biological therapies have resulted in a gradual shift in preference toward personalized medicinal strategies over the conventional treatment approach.
• Genome Editing Market - The global genome editing market size is expected to reach USD 19.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.9% from 2021 to 2028. The success of CRISPR/Cas9 technology in 2020 coupled with technological advances in Transcription Activator-Like Effector Nucleases (TALENs) and Zinc-finger Nucleases (ZFNs) with respect to efficiency has driven the market.
• 3D Printed Drugs Market - The global 3D printed drugs market is expected to reach USD 269.74 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.32% from 2022 to 2030. The rising prevalence of chronic diseases, combined with the rising population of patients with dysphagia around the globe is pushing the demand for immediate soluble medications, which is likely to drive the market.

Browse through Grand View Research's Biotechnology Industry Research Reports.

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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