Personalized Medicines Market to Surpass Valuation of USD 1352.81 Billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global personalized medicines market size will reach a value of USD 1352.81 Billion by 2031, with a CAGR of 11.40% during the forecast period (2024-2031). The personalized medicines market is majorly influenced by the growing demand for innovative therapies because of the increasing global prevalence of diseases such as cancer. Furthermore, it is expected that the expansion of the personalized medicines market would benefit from a number of partnerships between researchers and industry participants. Numerous businesses are adopting this strategy to customize medicines according to the unique characteristics of each patient, maximizing therapeutic results while reducing potential side effects.
Browse in-depth TOC on the " Personalized Medicines Market"
Pages – 209
Tables – 65
Figures – 70
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Personalized Medicines Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 570.37 Billion |
| Estimated Value by 2031 | USD 1352.81 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End Users, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Better insurance coverage |
| Key Market Opportunities | Growing prevalence of rare disease |
| Key Market Drivers | Advancement in genetic Technology |
Personalized medicines Testing to Hold Significant Growth due to Advancements in Genomics & AI-Powered Diagnostics
The dominance of personalized medicines testing in the global personalized medicines market is driven by advancements in genomics, AI-powered diagnostics, and growing consumer demand for tailored treatments. Such advancements allow for tailored disease profiling and consequently, targeted treatments. Also, the growing prevalence of chronic diseases and increased healthcare consciousness in addition fuels the need for predictive tests thus creating a cycle of innovation, accessibility and sets the stage for sustained the global personalized medicines market growth.
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Hospitals & Clinical Care to Lead Market due to Integration of Advanced Diagnostics & Genetic Testing
Hospitals and clinical care dominate the global personalized medicines market due to their integration of advanced diagnostics, genetic testing, and AI-driven treatment planning. With the rise in the number of patients coming in, the increasing need for customized treatment, and the availability of sophisticated technologies in the institution, the level of adoption increases. As a result, outcomes of patients are improved leading to more investments, hence hospitals emerge as key players in the growth of personalized medicines services, showcasing a promising global personalized medicines market outlook.
North America to Dominate Market due to Favorable Regulatory Frameworks
One of the important reasons why North America is the leader in the global personalized medicines market is the developed healthcare infrastructure, high R&D spending, and increased incidence of chronic disorders. Supportive regulatory policies and the embrace of advanced measures such as genomics and artificial intelligence greatly promote innovation in the region. This environment aids in the global personalized medicines market growth and brings in key players, further reinforcing the region’s dominance in the provision of personalized healthcare solutions.
Personalized Medicines Market Insight
Drivers:
- Rapid progress in genome sequencing technologies
- Increased prevalence of cancer & diabetes
- Improved Data Analytics for Precision Diagnostics
Restraints:
- Inadequate Insurance Coverage Hinders Adoption
- Risks Associated with Genetic Data Misuse and Breaches
- Variability in Genetic Testing and Diagnostic Protocols
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Prominent Players in Personalized Medicines Market
- Roche Holding AG (Switzerland)
- Bristol-Myers Squibb Company (USA)
- AstraZeneca PLC (United Kingdom)
- Gilead Sciences, Inc. (USA)
- Amgen Inc. (USA)
- Siemens Healthineers (Germany)
- Guardant Health, Inc. (USA)
- Exact Sciences Corporation (USA)
- EMD Serono, Inc. (USA)
- Bio-Rad Laboratories, Inc. (USA)
- QIAGEN N.V. (Netherlands)
- Myriad Genetics, Inc. (USA)
- AbbVie Inc. (USA)
- Takeda Pharmaceutical Company (Japan)
- Caris Life Sciences, Inc. (US)
- MDxHealth SA (Belgium)
- Personalis, Inc. (US)
- Freenome Holdings, Inc. (US)
- Haplogen, Inc. (US)
- Molecular Partners AG (Switzerland)
- SOPHiA GENETICS SA (Switzerland)
- NantHealth, Inc. (US)
- Zymeworks Inc. (Canada)
- Celerion (US)
Key Questions Answered in Global Personalized Medicines Market Report
- What is the projected market size and growth rate of the global personalized medicines industry by 2031?
- What factors drive the dominance of hospitals and clinical care in the market?
- Why does North America lead the market?
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This report provides the following insights:
Analysis of key drivers (Need for precision in therapeutic drug administration, industry-academia partnerships, higher demand for tailored healthcare solutions), restraints (Shortage of trained professionals for market, variability in genetic testing) opportunities (Custom solutions for niche patient populations, Precise drug delivery mechanisms) influencing the growth of personalized medicines market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the personalized medicines market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the personalized medicines market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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