Personalized Medicine Market Scope and Size by 2031
Personalized medicine is tailoring of a treatment to a specific patient i.e. designing medicine treatment on the basis of diagnosis, disease condition, patient history, body physics, and other factors related to patients and diseases. Personalized medicine is also known as precision medicine, stratified medicine, or P4 medicine. In personalized medicine, diagnostic analysis is often conducted for selecting suitable and best treatments based on the patient's genetic content or other molecular or cellular analysis. Personalized medicine has best response and highest safety margin to ensure enhanced patient care by allowing every patient to attain earlier diagnosis, risk assessment, and best treatment. Additionally, personalized medicine offers opportunities to improve health care by lowering overall treatment costs.
MARKET DYNAMICS
The personalized medicine market is anticipated to grow due to availability of a wide range of nutrition & wellness products and increased Over the Counter (OTC) sale of these products. However, high competition among existing market players, and lack of awareness among the rural population in developing economies are restraining the market growth. Moreover, rise in the prevalence of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications is expected to benefit the growth of the market in the forecast period.
MARKET SCOPE
The "Personalized Medicine Market Analysis to 2031" is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of in personalized medicine market with detailed market segmentation by product and geography. The personalized medicine market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading in personalized medicine market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The personalized medicine market is segmented on the basis of product. Based on product the market is segmented as PM diagnostics, PM therapeutics, personalized medical care, and personalized nutrition & wellness. Further, on the basis of PM diagnostics the market is categorized as genetic testing, DTC diagnostics, esoteric lab services and esoteric lab tests. Further, on the basis of PM therapeutics the market is categorized as pharmaceutical, genomic medicine and medical devices. Further, on the basis of personalized medical care the market is categorized as telemedicine, heath information technology and diseases management. Further, on the basis of personalized nutrition & wellness the market is categorized as retail nutrition, complementary medicine and alternative medicine.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the in personalized medicine market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The personalized medicine market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting personalized medicine market from both demand and supply side and further evaluates market dynamics affecting the market during forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the personalized medicine market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the in personalized medicine market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The personalized medicine market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting personalized medicine market from both demand and supply side and further evaluates market dynamics affecting the market during forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the personalized medicine market in these regions.
MARKET PLAYERS
The report covers key developments in the in personalized medicine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from in personalized medicine market are anticipated to have lucrative growth opportunities in the future with the rising demand for in personalized medicine market in the global market. Below mentioned is the list of few companies engaged in the personalized medicine market.
The report also includes the profiles of key in personalized medicine market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Abbott Laboratories
- Amgen, Inc.
- AstraZeneca
- Bayer AG
- Eli Lilly and Company
- GlaxoSmithKline plc.
- Merck & Co., Inc
- Mylan N.V.
- Novartis AG
- Pfizer, Inc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Personalized Medicines Market - By Product
1.3.2 Personalized Medicines Market - By Region
1.3.2.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PERSONALIZED MEDICINES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. PERSONALIZED MEDICINES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. PERSONALIZED MEDICINES MARKET - GLOBAL MARKET ANALYSIS
6.1. PERSONALIZED MEDICINES - GLOBAL MARKET OVERVIEW
6.2. PERSONALIZED MEDICINES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PERSONALIZED MEDICINES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. PM DIAGNOSTICS
7.3.1. Overview
7.3.2. PM Diagnostics Market Forecast and Analysis
7.3.3. Genetic Testing Market
7.3.3.1. Overview
7.3.3.2. Genetic Testing Market Forecast and Analysis
7.3.4. DTC Diagnostics Market
7.3.4.1. Overview
7.3.4.2. DTC Diagnostics Market Forecast and Analysis
7.3.5. Esoteric Lab Services Market
7.3.5.1. Overview
7.3.5.2. Esoteric Lab Services Market Forecast and Analysis
7.3.6. Esoteric Lab Tests Market
7.3.6.1. Overview
7.3.6.2. Esoteric Lab Tests Market Forecast and Analysis
7.4. PM THERAPEUTICS
7.4.1. Overview
7.4.2. PM Therapeutics Market Forecast and Analysis
7.4.3. Pharmaceutical Market
7.4.3.1. Overview
7.4.3.2. Pharmaceutical Market Forecast and Analysis
7.4.4. Genomic Medicine Market
7.4.4.1. Overview
7.4.4.2. Genomic Medicine Market Forecast and Analysis
7.4.5. Medical Devices Market
7.4.5.1. Overview
7.4.5.2. Medical Devices Market Forecast and Analysis
7.5. PERSONALIZED MEDICAL CARE
7.5.1. Overview
7.5.2. Personalized Medical Care Market Forecast and Analysis
7.5.3. Telemedicine Market
7.5.3.1. Overview
7.5.3.2. Telemedicine Market Forecast and Analysis
7.5.4. Heath Information Technology Market
7.5.4.1. Overview
7.5.4.2. Heath Information Technology Market Forecast and Analysis
7.5.5. Diseases Management Market
7.5.5.1. Overview
7.5.5.2. Diseases Management Market Forecast and Analysis
7.6. PERSONALIZED NUTRITION AND WELLNESS
7.6.1. Overview
7.6.2. Personalized Nutrition and Wellness Market Forecast and Analysis
7.6.3. Retail Nutrition Market
7.6.3.1. Overview
7.6.3.2. Retail Nutrition Market Forecast and Analysis
7.6.4. Complementary Medicine Market
7.6.4.1. Overview
7.6.4.2. Complementary Medicine Market Forecast and Analysis
7.6.5. Alternative Medicine Market
7.6.5.1. Overview
7.6.5.2. Alternative Medicine Market Forecast and Analysis
8. PERSONALIZED MEDICINES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Personalized Medicines Market Overview
8.1.2 North America Personalized Medicines Market Forecasts and Analysis
8.1.3 North America Personalized Medicines Market Forecasts and Analysis - By Product
8.1.4 North America Personalized Medicines Market Forecasts and Analysis - By Countries
8.1.4.1 United States Personalized Medicines Market
8.1.4.1.1 United States Personalized Medicines Market by Product
8.1.4.2 Canada Personalized Medicines Market
8.1.4.2.1 Canada Personalized Medicines Market by Product
8.1.4.3 Mexico Personalized Medicines Market
8.1.4.3.1 Mexico Personalized Medicines Market by Product
8.2. EUROPE
8.2.1 Europe Personalized Medicines Market Overview
8.2.2 Europe Personalized Medicines Market Forecasts and Analysis
8.2.3 Europe Personalized Medicines Market Forecasts and Analysis - By Product
8.2.4 Europe Personalized Medicines Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Personalized Medicines Market
8.2.4.1.1 Germany Personalized Medicines Market by Product
8.2.4.2 France Personalized Medicines Market
8.2.4.2.1 France Personalized Medicines Market by Product
8.2.4.3 Italy Personalized Medicines Market
8.2.4.3.1 Italy Personalized Medicines Market by Product
8.2.4.4 Spain Personalized Medicines Market
8.2.4.4.1 Spain Personalized Medicines Market by Product
8.2.4.5 United Kingdom Personalized Medicines Market
8.2.4.5.1 United Kingdom Personalized Medicines Market by Product
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Personalized Medicines Market Overview
8.3.2 Asia-Pacific Personalized Medicines Market Forecasts and Analysis
8.3.3 Asia-Pacific Personalized Medicines Market Forecasts and Analysis - By Product
8.3.4 Asia-Pacific Personalized Medicines Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Personalized Medicines Market
8.3.4.1.1 Australia Personalized Medicines Market by Product
8.3.4.2 China Personalized Medicines Market
8.3.4.2.1 China Personalized Medicines Market by Product
8.3.4.3 India Personalized Medicines Market
8.3.4.3.1 India Personalized Medicines Market by Product
8.3.4.4 Japan Personalized Medicines Market
8.3.4.4.1 Japan Personalized Medicines Market by Product
8.3.4.5 South Korea Personalized Medicines Market
8.3.4.5.1 South Korea Personalized Medicines Market by Product
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Personalized Medicines Market Overview
8.4.2 Middle East and Africa Personalized Medicines Market Forecasts and Analysis
8.4.3 Middle East and Africa Personalized Medicines Market Forecasts and Analysis - By Product
8.4.4 Middle East and Africa Personalized Medicines Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Personalized Medicines Market
8.4.4.1.1 South Africa Personalized Medicines Market by Product
8.4.4.2 Saudi Arabia Personalized Medicines Market
8.4.4.2.1 Saudi Arabia Personalized Medicines Market by Product
8.4.4.3 U.A.E Personalized Medicines Market
8.4.4.3.1 U.A.E Personalized Medicines Market by Product
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Personalized Medicines Market Overview
8.5.2 South and Central America Personalized Medicines Market Forecasts and Analysis
8.5.3 South and Central America Personalized Medicines Market Forecasts and Analysis - By Product
8.5.4 South and Central America Personalized Medicines Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Personalized Medicines Market
8.5.4.1.1 Brazil Personalized Medicines Market by Product
8.5.4.2 Argentina Personalized Medicines Market
8.5.4.2.1 Argentina Personalized Medicines Market by Product
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. PERSONALIZED MEDICINES MARKET, KEY COMPANY PROFILES
10.1. ABBOTT LABORATORIES
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. AMGEN, INC.
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. ASTRAZENECA
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. BAYER AG
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. ELI LILLY AND COMPANY
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. GLAXOSMITHKLINE PLC.
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. MERCK AND CO., INC
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. MYLAN N.V.
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. NOVARTIS AG
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. PFIZER, INC.
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
1. Abbott Laboratories
2. Amgen, Inc.
3. AstraZeneca
4. Bayer AG
5. Eli Lilly and Company
6. GlaxoSmithKline plc.
7. Merck & Co., Inc
8. Mylan N.V.
9. Novartis AG
10. Pfizer, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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