The global market for personalized medicine was valued at USD 88.6 billion in 2022 and is anticipated to reach USD 176.5 billion by 2032, with a projected revenue CAGR of 7.5% during 2023-2032. The market growth is primarily attributed to the rising prevalence of chronic diseases, increasing advancements in technology, and growing demand for individualized treatment options. The surge in chronic ailments, including cancer, diabetes, and cardiovascular diseases, has boosted the demand for personalized medicines that offer focused and efficient therapies based on individual genetic, environmental, and lifestyle factors.

The development of personalized medicines has been enabled by the technological advancements such as Next-Generation Sequencing (NGS), bioinformatics, and molecular diagnostics, which are driving the market revenue growth. These technologies assist in identifying specific biomarkers and genetic variations that play a crucial role in predicting an individual's response to a particular medication or treatment.

Get Free Sample PDF (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.reportsanddata.com/download-free-sample/6194

Segments Covered in the Report

The global personalized medicine market is segmented by product type, application, end-use, and regional outlook. Under product type, the market is classified into diagnostic tests, therapeutics, and personalized medical care. Diagnostic tests are used to diagnose diseases, while therapeutics are used to treat them. Personalized medical care refers to the use of personalized treatment plans based on individual genetic and lifestyle factors.

In terms of application, the market is segmented into oncology, neurology, cardiology, infectious diseases, and others. The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders has led to an increase in demand for personalized medicines that offer focused and effective therapies.

The end-use outlook covers hospitals, clinics, and research institutions. Hospitals are the primary end-users of personalized medicines due to the availability of advanced diagnostic and treatment facilities. Clinics also play a crucial role in the market as they offer specialized services to patients in a more accessible and cost-effective manner. Research institutions are engaged in developing innovative personalized medicines and therapies, making them an important segment of the market.

Finally, the regional outlook covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe are expected to dominate the market due to the increasing prevalence of chronic diseases, technological advancements, and a high demand for personalized treatments. The Asia Pacific region is anticipated to witness significant growth due to the rising healthcare expenditure, increasing adoption of personalized medicines, and growing awareness among the population about the benefits of personalized treatments. Latin America and the Middle East & Africa regions are also expected to exhibit substantial growth due to the increasing incidence of chronic diseases and a rising focus on improving healthcare infrastructure.

Access Full Report Description with Research Methodology and Table of Contents @ https://www.reportsanddata.com/report-detail/personalized-medicine-market

Strategic development:

Several strategic developments have taken place in the personalized medicine market in recent years. In 2021, Thermo Fisher Scientific Inc. launched its Oncomine Dx Target Test, a personalized medicine test designed to identify targeted therapies for cancer patients. This test provides physicians with molecular information on a tumor to help them make more informed treatment decisions.

In 2020, F. Hoffmann-La Roche AG acquired Stratos Genomics, a US-based personalized medicine technology developer. Roche's acquisition aimed to expand its offerings in the personalized medicine market. That same year, Illumina Inc. launched its TruSight Software Suite, a personalized medicine software that analyzes genetic data to help physicians diagnose and treat genetic disorders.

In 2019, QIAGEN N.V. launched its QIAsymphony RGQ MDx system, a personalized medicine system that analyzes genetic data to help physicians make more informed treatment decisions. Two years prior, in 2017, Biogen Inc. acquired Nightstar Therapeutics, a UK-based personalized medicine technology developer for the treatment of retinal disorders. Biogen's acquisition aimed to expand its offerings in the personalized medicine market.

In 2018, Danaher Corporation acquired Integrated DNA Technologies, a US-based personalized medicine technology developer. This acquisition aimed to expand Danaher's offerings in the personalized medicine market. That same year, Abbott Laboratories acquired Alere Inc., another US-based personalized medicine technology developer, to expand Abbott's offerings in the personalized medicine market.

In 2016, Bristol-Myers Squibb Company acquired Padlock Therapeutics, a US-based developer of personalized medicine technology for the treatment of autoimmune diseases. The acquisition aimed to expand Bristol-Myers Squibb's offerings in the personalized medicine market. In 2015, Pfizer Inc. acquired Allergan plc, an Ireland-based developer of personalized medicine technology, to expand its offerings in the personalized medicine market.

Lastly, in 2014, Novartis International AG launched its Personalized Health Care program, a personalized medicine program that analyzes genetic data to help physicians make more informed treatment decisions. These strategic developments demonstrate the growing interest and investment in personalized medicine, highlighting its potential to transform healthcare.

Competitive Landscape:

The personalized medicine market is highly competitive and comprises several major players, including Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Illumina Inc., QIAGEN N.V., Abbott Laboratories, Danaher Corporation, Biogen Inc., Bristol-Myers Squibb Company, Pfizer Inc., and Novartis International AG. These companies are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and collaborations to gain a competitive edge and expand their offerings in the personalized medicine market.

In 2021, Thermo Fisher Scientific Inc. launched the Oncomine Dx Target Test, which is a personalized medicine test that identifies targeted therapies for cancer patients. In 2020, F. Hoffmann-La Roche AG acquired Stratos Genomics to expand its offerings in the personalized medicine market. In the same year, Illumina Inc. launched its TruSight Software Suite, which is a personalized medicine software that analyzes genetic data to help physicians diagnose and treat genetic disorders.

QIAGEN N.V. launched its QIAsymphony RGQ MDx system in 2019, which is a personalized medicine system that analyzes genetic data to help physicians make more informed treatment decisions. Abbott Laboratories and Danaher Corporation both made acquisitions of US-based developers of personalized medicine technology, Alere Inc. and Integrated DNA Technologies, respectively, in 2018.

In 2017, Biogen Inc. acquired Nightstar Therapeutics, a UK-based developer of personalized medicine technology for the treatment of retinal disorders. In 2016, Bristol-Myers Squibb Company acquired Padlock Therapeutics, a US-based developer of personalized medicine technology for the treatment of autoimmune diseases. In 2015, Pfizer Inc. acquired Allergan plc, an Ireland-based developer of personalized medicine technology. Finally, in 2014, Novartis International AG launched its Personalized Health Care program, which analyzes genetic data to help physicians make more informed treatment decisions.

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/6194

In conclusion, the global Personalized Medicine Market is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

Contact Us:

John W

Head of Business Development

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Reports and Data | Web: www.reportsanddata.com

Check our upcoming research reports @ https://www.reportsanddata.com/upcoming-reports

Visit our blog for more industry updates @ https://www.reportsanddata.com/blogs

Browse More Reports:

T-Cell Therapy Market

https://www.reportsanddata.com/report-detail/t-cell-therapy-market

Palliative Care Market

https://www.reportsanddata.com/report-detail/palliative-care-market

Mammography Market

https://www.reportsanddata.com/report-detail/mammography-market

Brachytherapy Market

https://www.reportsanddata.com/report-detail/brachytherapy-market

Niacinamide Market

https://www.reportsanddata.com/report-detail/niacinamide-market