Hyper-Personalized Medicine Market Anticipated to Garner $5,886.50 Billion, Growing at an 11.7% CAGR in the 2022-2031 Timeframe | Defined by Research Dive
The global hyper-personalized medicine market is expected to grow primarily due to the increasing development of genetic databases. The oncology sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 25, 2023 /PRNewswire/ --
Global Hyper-Personalized Medicine Market Forecast Analysis:
As per the report published by Research Dive, the global hyper-personalized medicine market is expected to register a revenue of $5,886.50 billion by 2031 at a CAGR of 11.7% during the forecast period 2022-2031.
Segments of the Hyper-Personalized Medicine Market
The report has divided the hyper-personalized medicine market into the following segments:
- Product: hyper personalized medicine diagnostics, hyper personalized medicine therapeutics, hyper personalized medical care, and hyper personalized nutrition and wellness
- Hyper-personalized Nutrition and Wellness – Highest market share in 2021
The amount of data available for personalized diet and wellness plans is growing as more people utilize wearable technology, genetic testing, and other health-tracking technologies. This factor is expected to boost the sub-segment in the 2022-2031 timeframe. - Application: oncology, neurology, blood transfusion safety, diabetes, autoimmune diseases, and cardiology
- Oncology – Most profitable in 2021
The increase in the occurrence of cancer and the demand for more effective treatments are expected to propel the sub-segment forward. - End User: hospitals, diagnostic centers, research and academic institutes, and others
- Hospitals – Most lucrative in 2021
Hospitals are vital to the healthcare system because they provide acute care and disease management, which is anticipated to push the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The increase in the occurrence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders, and a growing knowledge among patients and healthcare professionals about the benefits of personalized medicine are predicted to propel the market in the forecast period.
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Dynamics of the Global Hyper-Personalized Medicine Market
The increase in the need for hyper-personalized medicines is expected to make the hyper-personalized medicine market a highly profitable one in the forecast period. Additionally, an increase in the prevalence of chronic diseases is predicted to propel the market forward. However, limited data availability and the high cost of hyper-personalized medicine might become a restraint in the growth of the market.
Emerging trends and technology in hyper-personalized medicine are predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, improvements in genomics technology are expected to propel the hyper-personalized medicine market forward in the coming period.
COVID-19 Impact on the Global Hyper-Personalized Medicine Market
The COVID-19 pandemic has had a moderate impact on the hyper-personalized medicine market. During the pandemic, supply chains were disrupted, clinical studies were postponed, and healthcare funds were restricted, all of which hampered the expansion of the hyper-personalized medicine business. However, COVID-19, on the other hand, has boosted the demand for personalized medicine solutions, as patients and healthcare professionals wanted customized COVID-19 therapies and diagnostics. This had resulted in an increase in R&D for personalized medicine approaches to COVID-19, such as the development of vaccinations that can be tailored to individual immune systems. These factors are projected to fuel the market growth amidst the pandemic.
Key Players of the Global Hyper-Personalized Medicine Market
The major players of the market include
- QIAGEN
- Exagen Inc.
- Abbott
- Dako A/S
- GE Healthcare
- Illumina Inc.
- ASURAGEN INC.
- Exact Sciences Corporation
- Danaher Corporation (Cepheid Inc.)
- Decode Genetics Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2019, Metagenics, Inc., a business in the health sciences, announced the launch of the Personalized Lifestyle Medicine Centre (PLMC), a clinical research laboratory and patient clinic, at its Gig Harbor, Washington, facility. The Institute will test out individualized lifestyle medicine by customizing each patient's treatment plan.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Hyper-Personalized Medicine Market:
- How is Predictive Analytics Changing the Landscape of Hyper-Personalized Medicine?
- Global Hyper-Personalized Medicine Market to Generate $5,886.50 Billion by 2031, Owing to Rise in the Prevalence of Chronic Diseases Across the Globe
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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