The Personalized Medicine market has been gaining significant traction over the recent past, primarily attributed to the increasing preference for customizing medical treatment according to an individual's genes, pre-existing medical conditions, and other molecular and lifestyle factors. Personalized medicine helps identify which medical treatments and procedures will work best for each patient, taking into account individual variability in genes, environment, and lifestyle for each person. This facilitates optimization of medical decisions, procedures and medicines and helps deliver customized healthcare with utmost precision.
The Global Personalized Medicine Market is estimated to be valued at US$ 81.33 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Personalized Medicine Market are Precision Biologics, Danaher Corporation, Abbott, Illumina, Inc., Exact Sciences Corporation, ASURAGEN, INC., Exagen Inc., Genentech, Inc., Berg Health, Omada Health, Natera, Invitae, Myriad Genetics, Celcuity, InsightRX, and Axial3D.
Growing demand for personalized medicine can be attributed to its reduced trail and error approach. Personalized medicine offers maximum efficacy and minimum side effects for medical treatments and procedures. This results in better clinical outcomes and improved quality of life for patients.
Rising investments by prominent players in development of databases to understand variations in patient's genomic profiles is expected to boost market growth during the forecast period. Market players are focused on collaborations to develop new diagnostics, devices and companion diagnostics for implementation of personalized medicine in clinical practices globally.
Europe holds the second largest market share and growth is majorly driven by the support for precision medicine from the European Commission and investments towards developing combined genomic and environmental big data resources. On the other hand, Latin America and Middle East & Africa provide ample opportunities considering rising discretionary incomes, evolving medical practices and initiatives to address unmet clinical needs through tailored interventions in these regions.
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