Personalized Medicine Statistics By Market Size, Region And Facts
Aruna Madrekar
Updated · Nov 25, 2024
WHAT WE HAVE ON THIS PAGE
- Introduction
- Editor’s Choice
- Personalized Medicine Key Facts
- Personalized Global Market Size
- Healthcare Organisations’ Personalized Medicine Primary Focus
- Personalized Medicines As A Share Of New Molecular Entities
- Share Of Newly FDA-Approved Personalized Medicines
- Advances In Personalized Medicine
- Personalized Medicines Statistics By Region
- Growth And Impact Of Personalized Medicine
- Recent Developments
- Conclusion
Introduction
Personalized Medicine Statistics: Personalized medicine is also called precision medicine, and it aims to provide a more individualized approach to specific healthcare treatment and intervention for the patient based on the patient’s genetic makeup, lifestyle, and environment. Over the years, this developed approach has grown significantly due to the development in genomics, biotechnology, and bear data.
Therefore, here is a detailed overview of the personalized medicine statistics for the year 2024.
Editor’s Choice
- Personalized medicine statistics reveal that the personalized medicine market across the world was approximately 512 billion US dollars in 2022.
- The market cuts across therapeutics, diagnostics, nutrition, and wellness products, which indicates the level of diversification and the expected expansion of the market even after 2023 through to 2032.
- In 2016, 45% of healthcare organizations in North America and Europe concentrated their personalized medicine efforts on the management of diabetes.
- In 2018, however, 63% of the respondents claimed that diabetes would be the leading index in the development of personalized medicine programs, and this serves to point toward the growing trends in treatment personalization for diabetes.
- Regarding new medicine development, personalized medicines accounted for 38% of all new molecular entities approved by the FDA in 2023, up from 21% in 2014.
- Personalized medicine statistics show that In 2023, however, 60% of newly approved personalized medicines addressed rare diseases, underscoring the focus on more targeted therapeutics for specific areas of disease.
- Between 2024 and 2030, the United States personalized medicine market is projected to experience a remarkable increase due to the presence of strong companies such as GE Healthcare, Illumina, and Abbott Laboratories, among others.
- In Europe, strong growth is anticipated in the German, UK, and French markets owing to the improvement in the areas of companion diagnostics (CDx), molecular diagnostics, and the emergence of public-private funding.
- The wellness and nutrition market represented 32.57% of0 the total revenue generated from personalized medicine in the year 2023, owing to greater consumption patterns as well as the deregulation of several products marketed as over-the-counter.
Personalized Medicine Key Facts
- Today, most patients are treated on a one-size-fits-all basis, such that all those with the same condition are given the same treatment regimen.
- In the view of the FDA, the definition of personalized medicine is the improvement of a patient’s treatment by determining which of the patients with the condition will most likely respond to a given therapy as opposed to its wasteful and damaging use in some other patients.
- The central feature of personalized medicine remains the gathering of patients’ genetic information through advanced molecular analytical methods of synthesis.
- Most of the widely marketed conventional medications could be more effective, which creates a need for personal care management.
- Humira, the top-selling medication globally, is only beneficial to 25% of the patient population, and some pricey drugs are even less effective.
- Healthcare expenditure will also be reduced with the use of more effective treatments, which will be specific thanks to personalized medicine and the high possibility created by the world’s evolution in the last twenty years with genome sequencing.
- The market size of global personalized medicine therapeutics was estimated to be 60 billion U.S. dollars in 2017 and is expected to reach 140 billion by 2022, according to market estimations.
- It is noteworthy that the largest part of this market is represented by the segment of personalized nutrition and wellness, while personalized health care, therapeutics, and diagnostics are anticipated to account for about 40% of the aggregate by the year 2022.
- In the field of personalized medicine, the major target disease area is cancer because 73% of the drugs for cancer being developed as of 2015 are focused therapy drugs as compared to only 42% focused therapy drugs in the other disease area.
- Personalized medicine statistics state that the market is thereby forecasted to experience an enormous increase in revenue size from US$ 24 billion in 2015 to approximately 46 billion by the year 2020, with oncology retaining the largest share.
- Concepts of medicine that take the form of personalized medicine, precision medicine, stratified medicine, and targeted medicine, among many others, are often used to mean the same thing in contemporary practice, that is, adapting treatment to the specific characteristics of a specific patient.
- Other agencies, such as the National Research Council, have preferred the term precision medicine rather than personalized medicine, which is more often associated with the latter as it is likely to be more straightforward and less likely to be misconstrued.
Personalized Global Market Size
(Reference: statista.com)
- Personalized medicine statistics show that the global personalized medicine market was worth an estimated 512 billion U. S. dollars in the year 2022.
- The market is not limited to therapeutics and diagnostics but also nutrition and wellness products, which demonstrate the vast nature of the market.
- This transformation is reinforced with research evidence predicting consistent growth in the latter market sectors and the segments within them even beyond 2023 until 2032, signifying growing attention and funding towards customized medicine across regions around the world.
Healthcare Organisations’ Personalized Medicine Primary Focus
(Reference: statista.com)
- Personalized medicine statistics indicate that in 2016, a survey was carried out capturing the main areas of focus of personalized medicine programs in health systems in North America and Europe.
- At that time, 45% of the respondents reported that within their organization, the primary focus of their personalized medicine activities was diabetes.
- However, it was anticipated that this focus would increase, as 63% predicted that within two years, diabetes would take up the majority of the focus.
- This change indicates how diabetes treatment and management is personalizing more and more.
(Reference: statista.com)
- Personalized medicine statistics show that from 2014 to 2023, there was a continuous increase in personalized medicines as part of the new molecular entities approved by the FDA.
- During 2014, drug approvals involving personalized medicines accounted for 21%, signifying their incipient acceptance in drug development.
- In 2023, this figure added up to 38%, reflecting a remarkable evolution and acceptability in the field of medicine.
- The highest projection was recorded in 2018 when the percentage of the new entities approved by the FDA, which were personalized medicines, reached 42%, the highest over that era.
- This change highlights the continued evolution of the concept of personalized medicine and its importance in contemporary healthcare.
(Reference: statista.com)
- Personalized medicine statistics show that in the year 2023, over 60% of all personalized drugs approved by the FDA for the first time were developed to target rare diseases.
- This reveals the aim of personalized medication treatment for diseases that are complicated and niche, where a one-size-fits-all approach is not applicable.
Advances In Personalized Medicine
- In its new report published today, the Personalized Medicine Coalition (PMC) indicates that for the 4th year in a row, personalized medicines represented more than a third of all new drugs approved by the United States Food and Drug Administration (FDA) in 2023.
- This tendency to approve treatments based on the individual’s attributes was further pronounced in the category of rare disease therapy, where in 2023 new approvals were more than doubled.
- Personalized medicine statistics reveal that in the year 2023, the US FDA allowed 16 new treatment regimes for rare diseased individuals compared to 6 in the year 2022. Further, seven more novel personalized therapeutic drugs targeting cancer and three anti-disease and condition drugs were also approved.
- The document, which bears the title Personalized Medicine at FDA: The Scope & Significance of Progress in 2023, elaborates on the capacity of companies in the diagnostics and biopharmaceutical fields to create new products and solutions.
- Specifically, these developments are meant to transform healthcare by ensuring that the right patients receive the right treatment at the optimal time.
- In the year 2023, it accounts for 26 approvals of new personalized therapies, 19 approvals for new uses for already existing personalized drugs, and 17 new or broadened uses of 12 diagnostic tests.
Personalized Medicines Statistics By Region
- Personalized medicine statistics show that the U.S. personalized medicine market is estimated to grow significantly between 2024 and 2030 due to the presence of such goliaths as GE Healthcare, Illumina, Inc., ASURAGEN, Inc., Danaher, Abbott Laboratories, and 23andMe, Inc. Increasingly, leading companies are engaging in partnerships, collaborations, and agreements to broaden the availability of personalized medical solutions.
- The growth of the personalized medicine market in Europe is also expected to be commendable in the compound annual growth rate in the forecast period.
- Emerging markets, including Germany, the UK, and France, are projected to witness significant growth because of the current levels of development.
- The market in the UK is expected to grow in tandem with the European market due to the CDXs, which are growing in popularity within the region, and the molecular diagnostics propelled by major players in the region.
- France is also likely to reach a great level of development in personalized medicine thanks to several treatment funding programs run by the public and private sectors that seek to work on precision-based medicine and treatment. Such initiatives are exemplified by the Human Precision MEDicine (Hu-PreciMED) project, which is a project that was initiated by Intersystems and Oncodesign and focuses on building up the precision medicine industry in France by contributions from over 45 med and digital companies.
- Germany will also be very dynamic as it is foreseen to have a very high CAGR between 2024 and 2030. This upsurge is a result of the growing activity in the sector and initiatives from the public sector and the private sector also, for instance, EuroBioForum, the Deutschland Zentrum fur Infektionsforschung and the Personalized Medicine Coalition (PMC).
Growth And Impact Of Personalized Medicine
- Personalized medicine statistics state that in the year 2023, the nutrition and wellness market resonated with the highest revenue share of 32.57% on account of high intake levels and extensive penetration.
- Most of the sales of these product categories were surplus since they faced lower regulatory oversight. A major merger and acquisition in this space was the purchase of Naring Health and properties, including DiscernDX, by Viome Life Sciences in November 2023.
- DiscernDx is famous for its focus on disease wellness recall, disease prevention-oriented healthcare, and health optimization, or personalized health, which is generally referred to as precision! This acquisition will allow Viome to deliver more of its specialized health solutions, i.e. tailored food or supplement advice.
- This is a serious leap forward in how nutrition is approached and tailored to the individual as it gives health perspectives and deals with underlying issues concerning the benefit of the individual.
- On the other hand, the segment about therapeutics for personalized medicine is expected to register the highest compound annual growth rate (CAGR) from 2024 to 2030.
- Rapid technological advancements in next-generation sequencing are among the leading factors, especially when the cost of human genome sequencing has shrunk considerably, thanks to high throughput and fast sequencing machines.
- These decreases in cost are further expected to stimulate the uptaking and utilization of targeted cures, which will further fuel expansion in this market.
Recent Developments
- In September 2023, Agilent Technologies entered into a Memorandum of Understanding (MOU) with the Advanced Cell Therapy and Research Institute, Singapore (ACTRIS), for the next three years to focus on the development of gene and cell therapies.
- Also, in July 2023, Illumina formed a strategic collaboration with Pillar Biosciences to enhance Illumina’s oncology product portfolio.
- The goal of this effort is to develop and launch the Pillars oncology assays on the global market in order to offer wider access to NGS solutions and more tailored treatments for oncology patients.
- Personalized medicine statistics state that in June 2023, GE Healthcare and DePuy Synthes signed a distribution agreement to make the OEC 3D Imaging System and other products by DePuy Synthes available to more surgeons and patients in the United States.
- Elsewhere, in June 2023, Exact Sciences Corp. announced partnerships with two of the top cancer research centers in the country. These collaborations are focused on making genomic information more accessible for better patient treatment.
Conclusion
Personalized medicine statistics 2024 is reshaping the healthcare landscape by focusing on tailored solutions that improve patient outcomes. With growing market investments and technological advancements, this sector is poised to achieve significant breakthroughs in the years to come.
FAQ.
How much is the personalized medicine industry as of now?
The worth of the global personalized medicine market was estimated to be around 512 billion USD in 2022. This market includes, but is not limited to, several sectors like therapeutics, diagnostics, nutrition, and wellness products. This signifies its high growth potential and the diversity of the market, which is expected to grow further by 2032.
Which disease area is the focus for the majority of personalized medicine treatment?
Personalized medicines have a primary target area of cancer, particularly new therapies currently being developed. Cancer is the most targeted of any new therapy developed; by 2015, it was reported that 73 out of every 100 cancer drugs in development were personalized medicines, and it is also not a wonder to see that the highest market growth in personalized medicine is in oncology.
How many FDA-approved personalized medicines target rare diseases?
By the year 2023, it was noted that 60% of all the recently FDA-approved PM have been designed to treat rare diseases. This reflects the increasing focus on such niche tailored therapies, where standard form of treatment is unlikely to be useful.
What factors will drive the anticipated growth of the personalized medicine market within the US?
The United States personalized medicine market is expected to register immense growth between the years 2024 and 2030. This growth can be attributed to blooming companies such as GE Healthcare, Illumina and Abbott Laboratories. An increase in such partnerships and collaborations is expected to improve the personalized medical solutions offered in the market.
In personalized medicine, what place do wellness and nutrition hold?
The wellness and nutrition sector accounted for 32.57% of revenues from personalized medicine in 2023, its year on year increase driven by the growing wish of consumers for health products including bespoke nutrition supplements and food recommendations with the provision being that in these instances the subject has little control over it.
Aruna Madrekar
Aruna is an editor at Sci-Tech Today with a strong knowledge of SEO. She is skilled at writing and editing articles that are helpful and interesting to readers. Aruna also creates charts and graphs to embed in the articles, making them easier to understand. Her work helps Sci-Tech Today reach a large audience and share valuable information.
