Personalized Medicine Market Size to Surpass USD 1,233.23 Bn by 2033

The global personalized medicine market size is expected to surpass around USD 1,233.23 billion by 2033, increasing from USD 578.21 billion in 2023, According to Precedence Research.

Ottawa, Feb. 22, 2024 (GLOBE NEWSWIRE) — The global personalized medicine market size accounted for USD 614.22 billion in 2024 and is growing at a remarkable CAGR of 8.10% from 2024 to 2033. North America has accounted revenue share of over 45.25% in 2023.

The personalized medicine market is driven by the growing advancement in genomic technologies, increasing prevalence of chronic disease, rising government initiatives and funding, and increasing investment by the pharmaceutical industry and others.

Key Insights:

  • Asia Pacific is expected to expand at a fastest CAGR of 8.1% between 2023 and 2032.
  • The personalized nutrition and wellness segment held the largest share of 48.28% in 2023.
  • The oncology segment held the largest share of 41.84% in 2023.
  • The artificial intelligence segment held the largest share of 10.25% in 2023.

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Market Overview

The goal of personalized medicine is to provide more individualized and focused therapies by utilizing each patient’s unique genetic composition, lifestyle, and medical background. Personalized medicine is the use of sophisticated diagnostic tests and instruments by medical professionals to pinpoint genetic variants or other biomarkers associated with particular illnesses. Through analysis of this data, the medical professional may create individualized treatment regimens that are suited to the unique requirements of each patient. Furthermore, personalized medicine is a fast-developing discipline with the potential to change healthcare by lowering costs, increasing patient outcomes, and enhancing the precision and efficacy of medical therapies.

  • The most recent estimates from the Personalized Medicine Coalition state that over 75,000 genetic testing kits and 300 personalized medications are available for use by patients with various chronic and infectious illnesses, uncommon genetic disorders, and cancers.

U.S. Personalized Medicine Market Size 2024 to 2033

The U.S. personalized medicine market size was estimated at USD 168.45 billion in 2023, grew to USD 179.66 billion in 2024, and is projected to surpass around USD 373.96 billion by 2033, expanding at a CAGR of 8.50% from 2024 to 2033.

North America held the dominating share of the personalized medicine market in 2023. In terms of CAGR, North America is set to expand at 7.8% in the personalized medicine market during the assessment period, and the market size is expected to reach US$ 566 billion by 2033.

Global Personalized Medicine Market Revenue (US$ Billion)

By Region 2019 2020 2021 2022 2023
North America 221.64 228.65 237.64 247.91 261.65
Europe 144.28 148.58 154.14 160.45 168.91
APAC 88.22 91.14 94.86 98.99 104.77
LAMEA 37.62 38.55 39.8 41.37 42.87

Stronger healthcare infrastructure and significant R&D spending are anticipated to fuel the precision medicine market expansion in the US. Precision medicine has made major strides in the treatment of some cancers, such as breast and colorectal cancer. The expansion of the studied market is being driven by the rising number of cancer cases in North American nations such as Canada.

  • For example, the Canadian Cancer Society stated in June 2022 that 233,900 Canadians were anticipated to get a cancer diagnosis by the end of 2022. According to the same source, colorectal, lung, breast, and prostate cancers are anticipated to be the most frequently diagnosed cancers. As a result, rising cancer incidences are driving up demand for precision medicine in oncology and propelling the expansion of the market in the region.

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Report Highlights:

Global Personalized Medicine Market Revenue (US$ Bn)

By Product 2019 2020 2021 2022 2023
Personalized Medicine Diagnostics 85.62 88.07 91.27 94.93 99.28
Personalized Medicine Therapeutics 58.81 60.8 63.31 66.18 70.04
Personalized Medical Care 111.19 114.39 118.57 123.35 129.74
Personalized Nutrition and Wellness 236.14 243.66 253.29 264.26 279.16

The personalized nutrition & wellness segment held the largest share of the personalized medicine market. The broad rate of consumption and market penetration are to blame for the segment’s expansion. Additionally, the high percentage of over-the-counter (OTC) sales of nutrition supplements increases demand because the regulatory consequences are reduced.

  • For instance, the American Heart Association said in March 2022 that nutrition specialists are pursuing precision nutrition to fight cardiovascular illnesses by taking into account each person’s individual dietary and nutritional needs.

Besides, the personalized medicine therapeutics segment is expected to hold a substantial market share over the projected period. The primary factor contributing to the segment’s growth is the increased demand for biopharmaceuticals based on particularly sequenced data and genomics-based medicines. Furthermore, the market is fostered by the introduction of high-end sequencing, which successfully lowers the cost of genome sequencing.

Application Insights

The oncology segment held the largest share of the personalized medicine market in 2023. With the developments in genomic sequencing technology, tumor DNA can now be thoroughly profiled to identify particular genetic mutations and changes. This data aids in directing the choice of targeted treatments according to the distinct genetic composition of each patient’s cancer.

Furthermore, concentrated medicines in oncology are made to target cancer cells that have certain molecular characteristics or genetic abnormalities. Comparing these medicines to more conventional, non-targeted treatments, the goal is to increase efficacy while minimizing negative effects. Thereby driving the segment expansion.

  • In 2023, Function Oncology, a company based on precision medicine, launched its CRISPR-powered personalized functional genomics platform. The company focused on analyzing gene function at the individual level for personalized cancer treatment.

Technology Insights

The artificial intelligence segment has captured the market share of 16.50% in 2023. Artificial intelligence (AI) algorithms are used to swiftly and correctly scan massive genomic data sets to find significant genetic variants or mutations that may have an impact on treatment response and disease risk. AI algorithms are also used to identify and evaluate predictive biomarkers related to therapy response, disease progression, and risk. The development of companion diagnostics and personalized medicines is guided by this information. Thus, this is expected to propel the market expansion during the forecast period.

  • For instance, an AI-based platform for personalized medicine was launched in 2023 by OM1. The platform will provide information about treatment, diagnosis, risk, use, and clinical trials. The platform contains data collected from over 300 million patients.

Personalized Medicine Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 8.10%
Global Market Size in 2023 USD 578.21 Billion
Global Market Size by 2032 USD 1,233.23 Billion
U.S. Market Size in 2023 USD 168.45 Billion
U.S. Market Size by 2032 USD 373.96 Billion
Base Year 2023
Forecast Period 2024 to 2033
Largest Market North America
Fastest Growing Market Asia Pacific
Segments Covered Product, Application, End Use, Technology, Region
Regions Covered North America, Europe, Asia-Pacific, Latin America, and MEA

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Market Dynamics:

Drivers: Increasing prevalence of rare disease

The rising prevalence of rare diseases is also expected to drive the personalized medicine market’s expansion. The increased understanding and association of human genetic traits has opened the path for efforts to develop diverse personalized medicine and therapeutic interventions.

For example, in September 2022, a research study conducted at the University of California, Irvine, offered a revolutionary strategy for managing inherited retinal disorders (IRDs) by precision genome editing that is highly tailored to each individual’s needs.        

Restraint: High development cost and reimbursement challenges

It can be costly to undertake in-depth genetic testing and develop tailored medicines. For many individuals and healthcare systems, personalized medicine may not be as accessible due to the high expenses of research, development, and implementation. Furthermore, the establishment of personalized medicine reimbursement models poses significant problems, and the lack of clarity surrounding compensation may impede the broader implementation of these treatments.

Opportunity: Growing partnership for personalized medicine research across regions

The growing partnership for personalized medicine research across the region is expected to offer a lucrative opportunity for the personalized medicine market’s development during the forecast period. For instance, in October 2023, at a high-level meeting on personalized medicine held in Valencia on October 5, 2023, the new European Partnership for Personalized Medicine (EP PerMed) was formally introduced.

The conference, held under the auspices of the Spanish Presidency of the Council of the European Union, centered on the impact of personalized medicine on the advancement of healthcare and its potential to enhance the quality of life for individuals. With 49 partners involved in its creation, the Partnership kick-off represents a boost to precision medicine research throughout the European Research Area. Precision medicine will benefit from its promotion across all fields and specialties, as well as from its facilitation of innovation and transfer, consolidation in health systems, and potential for ongoing development.

Browse More Insights:

  • Regenerative Medicine Market: The global regenerative medicine market size accounted for USD 22.24 billion in 2022 and is predicted to be worth around USD 174.72 billion by 2032 with a remarkable CAGR of 22.8% from 2023 to 2032.
  • Personalized Medicine Biomarkers Market: The global personalized medicine biomarkers market size was valued at USD 14.22 billion in 2022 and is projected to hit around USD 61.29 billion by 2032, poised to grow at a CAGR of 15.73% from 2023 to 2032.
  • Telemedicine Market: The global telemedicine market size was valued at USD 60.8 billion in 2022 and it is expected to reach USD 225 billion by 2030, growing with a compound annual growth rate (CAGR) of 17.16% from 2022 to 2030.
  • Non-Invasive Cancer Diagnostics Market: The global non-invasive cancer diagnostics market size reached USD 140.4 billion in 2022 and is expected to be worth around USD 285.35 billion by 2032, registering a CAGR of 7.4% from 2023 to 2032.
  • Complementary and Alternative Medicine Market: The global complementary and alternative medicine market size was valued at USD 99 billion in 2023 and is expected to reach over USD 889.33 billion by 2032, poised to grow at a CAGR of 24.60% from 2023 to 2032.
  • Nanomedicine Market: The global nanomedicine market size was estimated at US$ 170 billion in 2022 and it is expected to hit over US$ 493.67 billion by 2032 with a registered CAGR of 11.30% from 2023 to 2032.

Recent Developments:

  • In February 2024, Renovaro Inc. launched GEDi Cube, an artificial intelligence platform that has its own gene and cell therapy biotech capabilities. The platform will help in advancing personalized medicines.
  • In February 2024, researchers at Purdue University developed a better technique for predicting the resistance towards chemotherapy by humans and canines. Understanding chemoresistance will be important in delivering personalized medicines to cancer patients.
  • In April 2023, a dual partnership agreement was signed by Fujitsu Limited and the Barcelona Supercomputing Center – Centro Nacional de Supercomputación (BSC-CNS) to enhance quantum simulation technologies employing tensor networks and to promote personalized medicine through the exploitation of clinical data.
  • In February 2023, Roche disclosed that it had strengthened its research and innovation efforts by expanding its partnership with Janssen Biotech Inc. to develop companion diagnostics for targeted treatments. With the new, enlarged partnership, Roche and Janssen will have more options to work together in the precision medicine space using a variety of companion diagnostics technologies, such as digital pathology, immunohistochemistry (IHC), polymerase chain reaction, next-generation sequencing, and immunoassays.

Market Key Players:

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

Market Segmentation

By Product

  • 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 and Wellness
    • Retail Nutrition
    • Complementary & Alternative Medicine

By Application

  • Oncology
  • CNS
  • Immunology
  • Respiratory
  • Liver
  • Rheumatology
  • Others

By End-use

  • Hospitals
  • Diagnostic Centers
  • Research & Academic Institutes
  • Others

By Technology

  • Big Data Analytics
  • Artificial Intelligence
  • Bioinformatics
  • Gene Sequencing
  • Drug Discovery
  • Companion Diagnostics
  • Genetics
  • Liquid Biopsy
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Rest of the World

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