Report Overview
The Global Predictive & Personalized Medicine Market size is expected to be worth around USD 692.0 Billion by 2032 from USD 347.2 Billion in 2023, growing at a CAGR of 8.2% during the forecast period from 2024 to 2032.
Personalized medicine and predictive medicine is a healthcare method that involves adapting medical action to the separate physical appearance of each patient. This method knows that each patient is unique, and the treatments differentiate for every patient.
Personalized medicine mainly uses a person’s specific genetic structures, lifestyle, and medical background to grow more actual and target specific treatments. In personalized medicine, healthcare providers use novel advanced diagnostic tests and specific tools to analyze the genetic variety. Due to this, the healthcare provider develops person-specific personalized treatments for the patient.
Additionally, personalized medicine is a fast-developing field with the potential to convert healthcare by raising the correctness and efficiency of various medical treatments. Novel nuclear-medicine-related devices’ disease treatment and diagnosis progress helps gain patients’ requirements.
Key Takeaways
- Market Size: Global Predictive & Personalized Medicine Market size is expected to be worth around USD 692.0 Billion by 2032 from USD 347.2 Billion in 2023.
- Market Growth: The market growing at a CAGR of 8.2% during the forecast period from 2024 to 2032.
- Product Analysis: The personalized nutrition and wellness segment held the highest share.
- Application Analysis: High prevalence of cancer results in the growth of the oncology segment
- End-Use Analysis: High procedural volume in hospitals & clinics will drive the market’s growth.
- Regional Analysis: North America dominated the market with the largest share of 47.2% in 2022.
- Technological Advancements: Boosted by innovations in genomics and artificial intelligence.
- Strategic Collaborations: Key partnerships driving innovation across sectors.
Product Analysis
The personalized nutrition and wellness segment held the highest share.
The personalized nutrition and wellness segment is anticipated to expand at the highest rate. The growth can be attributed to key factors such as the treatment’s comparative effectiveness, the benefits of these treatment options, and market players’ growing interest in personalized nutrition and wellness through a strong focus on clinical trials.
In the coming years, the personalized medicine therapeutics sector is anticipated to hold most of the global market. Due to significant factors such as effective imaging of patients with various types of cancer, increasing procedural volumes worldwide, and new product launches for diagnosing various disorders. The Gallium 68 PSMA-11, the first medication for prostate cancer diagnosis using PET imaging, was approved by the U.S. Food and Drug Administration.
Application Analysis
High prevalence of cancer results in the growth of the oncology segment
The global predictive & personalized medicine market is segmented into oncology, infectious disease, neurology or psychiatry, cardiovascular, and others. The segment oncology sector is anticipated to expand at the highest CAGR in terms of application. The most common imaging procedure worldwide is the diagnosis of cancer. This is because of the high rate of cancer.
There is a growing awareness of the importance and advantages of previous detection of the management and required treatment of various types of cancer. Oncology is the target of a significant number of nuclear medicine therapies’ pipeline products, which is anticipated to contribute to segmental expansion in the coming years.
End-User Analysis
High procedural volume in hospitals & clinics will drive the market’s growth.
The market has been segmented based on end-users into diagnostic centers, hospitals & clinics, and others. The hospitals & clinics segment is anticipated to expand at a substantial CAGR throughout the forecast period. The higher efficiency with which hospitals & clinics handle these sensitive products and the high procedural volume of nuclear imaging procedures account for the growth rate.
The diagnostic center segment will hold the second-largest share and is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is due to the increasing number of diagnostic facilities and the huge volume of procedures in diagnostic centers across Europe.
Key Market Segments
Based on Product
- Personalized Medicine Therapeutics
- Personalized Medicine Diagnostics
- Personalized Medical Care
- Personalized Nutrition & Wellness
Based on Application
- Oncology
- Infectious disease
- Neurology or Psychiatry
- Cardiovascular
- Other Applications
Based on End-User
- Diagnostic Centers
- Hospitals & Clinics
- Other End-Users
Driving Factors
The Growing Prevalence of Uncommon Diseases Is Also Expected to Increase the Development of the Market.
The growing level of acceptance and connection of characteristics of human genetics has covered the way for numerous personalized medicine and therapeutic medicines. GE Healthcare said a new scanner with the latest innovative workflow feature would be available soon. This scanner gives doctors a great view of pathology and cardiac anatomy to help them choose the proper treatment for a patient.
New Item Launches of Therapeutic and Diagnostic Medicines Results in Driving the Market.
The keen attention of various industry competitors to launch new goods in this market is one of the crucial driving forces. The development of diagnostic solid medicines pipelines and the introduction of new products result from the increasing demand for the personalization of treatment. In addition, a considerable population of individuals with chronic illnesses encourages companies to introduce innovative goods to the global market.
Restraining Factors
Lack of Awareness and Poor Reimbursement Process Limits the Growth of the Market.
The global predictive & personalized medicine market is restraining by various factors, such as the absence of awareness about personalized medicine among individuals in developing countries, causing difficulty in market growth. Also, several MRI and CT scans are performed yearly to treat chronic diseases. Therefore, such obstructions to the procedure volumes and reimbursement for personalized medicines should restrict the market development during the forecast period.
Trending Factors
Reliable Therapeutic Radiopharmaceutical Pipelines to Drive the Market’s Growth
The organizations working in the market continually center around improving nuclear medication treatments. The clinical effects related to this treatment choice, when contrasted with different treatments, are driving its interest across the globe.
For instance, the expansion in the refinement of the therapeutic applications results in the therapy of cancer, and different disorders are expected to drive the interest for nuclear medication treatments in nations with a high weight of malignant growth. Also, many market players are growing new therapeutic items for treating different ailments, consequently driving market development.
Regional Analysis
North America Dominates the Predictive & Personalized Medicine Market During the Forecast Period.
North America dominated the market with the largest share of 47.2% in 2022. The region has a significant market share owing to the large volume of nuclear medication techniques, the expanded interest in research & development exercises, and the solid medical services. APAC area is expected to be the quickest developing region attributable to the rising interest in personalized medication space and the predictive or personalized medication market expansion.
Nonetheless, the significant expense of these treatments might control market development as the less-pay gathering of the populace in emerging nations may not bear the cost of such treatment.
Key Regions
North America
- The US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
APAC
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
Curium announced the acquisition of Austrian-based Pharmaceutical company IASON.
Driving market players are settling on essential coordinated efforts, geological extension, and partnerships through acquisitions and mergers in arising and economically ideal regions. For Example, in June 2021, Curium declared the acquisition of Austrian-based drugs organization IASON aiming to extend its impression in Europe. This obtaining is supposed to amplify its situation in the market.
Market Key Players
Listed below are some of the most prominent global nuclear medicine market players.
- GE Healthcare
- Exact Sciences Corporation
- Decode Genetics, Inc.
- Danaher Corporation
- ASURAGEN, INC.
- QIAGEN
- Illumina, Inc.
- Abbott
- Dako A/S
- Other Key Players
Key Industry Developments
- GE Healthcare (Sept 2024): GE Healthcare launched a new AI-powered platform, Omnify AI, aimed at enhancing predictive diagnostics and personalized care. This platform integrates with imaging technologies to provide real-time patient insights, improving early disease detection and treatment planning.
- Exact Sciences Corporation (July 2024): Exact Sciences Corporation introduced the latest version of its multi-cancer early detection test, Cologuard 3.0, which offers enhanced accuracy for detecting colorectal cancer and multiple other cancers, aiding personalized treatment strategies.
- Decode Genetics, Inc.(August 2024): Decode Genetics, Inc., in collaboration with Amgen, expanded its precision medicine initiatives by identifying new genetic biomarkers for cardiovascular diseases, enabling more targeted therapeutic approaches for patients based on genetic predispositions.
- Danaher Corporation (June 2024): Danaher Corporation completed the acquisition of biotechnology company Genomic Health, enhancing its presence in the predictive medicine sector with advanced genomic testing technologies aimed at improving personalized cancer treatment.