Published Date : 2024-Aug-29
The personalized medicine market is experiencing significant growth, driven by advancements in genomics, biotechnology, and data analytics. This approach tailor’s medical treatment to individual characteristics, ensuring that patients receive therapies that are most effective for their genetic makeup, lifestyle, and environment. Here’s a look at some of the top companies making waves in the personalized medicine space in 2024.
In this blog, we will discuss the top companies in personalized medicine market, their strategies. Including: Roche, Illumina, Thermo Fisher Scientific, Pfizer, Novartis, Qiagen, Foundation Medicine, GE Healthcare, Myriad Genetics, AstraZeneca and more.
Global Personalized Medicine Market Research Report: Information By Product (Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, and Personalized Nutrition and Wellness), By Application (Oncology, CNS, Immunology, Respiratory, and Others), By End Use (Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest of The World) - Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2032.
According to a new report by IMIR Market Research on Global Personalized Medicine Market Size was valued at USD 519.4 Billion in 2022. The Personalized Medicine market Application is projected to grow from USD 556.2 Billion in 2023 to USD 970.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.40% during the forecast period (2023 - 2032).
The numerous collaborations between researchers and business stakeholders, the expanding demand for novel drug discoveries to treat the increasing prevalence of cancer and other diseases, are the key market drivers enhancing the market growth.
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The development of efficient and advanced technology is driving the market growth
The development of effective and cutting-edge technology, rising public awareness of personalized treatment, an increase in international government initiatives, and the expansion of genetic database manufacturing are the main growth drivers of the global market for customized medicine. In emerging countries, the use of specialized medications is also rising, particularly in the fields of psychiatry, neurology, pulmonary medicine, and antiviral treatments. On the other hand, rising expenses for research and development as well as a greater risk of adverse effects are restricting the global market for personalized medicine.
The market for personalized medicine will expand as a result of factors like the demand for quick-acting treatment methods, the usage of combination drug therapies, the aging of the world's population, and the increase of personalized medicine clinical trials in neurology departments. Additionally, there will be a rise in the number of individuals suffering from long-term diseases including cancer and diabetes.
The global market for personalized medicine is anticipated to expand as a result of the increasing prevalence of different cancer kinds, the cheap cost of personalized medicine therapy in cancer medicines, and a variety of other disease indicators. The World Health Organization (WHO) reports that with 9.6 million fatalities in 2018, cancer was the leading cause of death worldwide. This suggests that cancer is responsible for roughly 1 in 6 mortality worldwide.
The market for personalized medicine is expected to grow as a result of recent advancements in pharmacogenomics, a rise in the uptake of advanced healthcare facilities, an increase in the cost of building out advanced infrastructures, the benefits and efficacy of using personalized medicines, and the development of efficacy and quality of personalized drugs by research institutes. Thus, driving the Personalized Medicine market revenue.
Roche is a Swiss multinational holding healthcare company, headquarters in Basel, Switzerland and founded in 1896.
Roche, a global leader in pharmaceuticals and diagnostics, is at the forefront of personalized medicine. The company’s focus on targeted therapies and companion diagnostics has allowed it to develop treatments that are highly effective for specific patient groups. Roche’s oncology drugs, such as those targeting specific mutations in cancer cells, are prime examples of personalized medicine in action.
Illumina, Inc. is an American biotechnology company, headquartered in San Diego, California. Incorporated in 1998, Illumina develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function. The company provides a line of products and services that serves the sequencing, genotyping and gene expression, and proteomics markets, and serves more than 155 countries.
Illumina is a key player in the field of genomics, providing sequencing technology that is foundational to personalized medicine. Their platforms enable the analysis of genetic data, which is crucial for developing personalized treatment plans. Illumina’s technology is widely used in research and clinical settings, helping to identify genetic markers associated with various diseases.
Thermo Fisher Scientific Inc. is an American-headquartered life science and clinical research company. It is a global supplier of analytical instruments, clinical development solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services. Based in Waltham, Massachusetts, United States and founded in 1956.
The company offers a broad range of products and services that support personalized medicine, including genetic sequencing, molecular diagnostics, and bioinformatics. The company’s technologies are used by researchers and clinicians to develop and implement personalized treatment strategies. Their comprehensive portfolio makes them a pivotal player in the personalized medicine market.
Pfizer Inc. is an American multinational pharmaceutical and biotechnology corporation headquartered at The Spiral in Manhattan, New York City. The company was established in 1849.
Pfizer, one of the largest pharmaceutical companies globally, has made significant strides in personalized medicine, particularly in oncology. The company’s focus on precision medicine has led to the development of targeted therapies, such as those for specific cancer types driven by genetic mutations. Pfizer continues to invest heavily in research and development to advance personalized treatment options.
Novartis AG is a Swiss multinational pharmaceutical corporation based in Basel, Switzerland and founded in 1996.
Novartis has been a pioneer in the field of personalized medicine, particularly in oncology. The company’s portfolio includes several targeted therapies and companion diagnostics that are designed to treat specific genetic mutations. Novartis is also exploring the use of advanced data analytics and artificial intelligence to further refine personalized treatment approaches.
QIAGEN N.V. is a German-founded multinational provider of sample and assay technologies for molecular diagnostics, applied testing, academic research, and pharmaceutical research. The company operates in more than 35 offices in over 25 countries. QIAGEN N.V., the global corporate headquarter of the QIAGEN group, is in Venlo, The Netherlands. The main operative headquarters are in Hilden, Germany.
Qiagen specializes in molecular diagnostics and provides tools for the analysis of biological samples. Their products are used in a variety of applications, including personalized medicine. Qiagen’s technologies enable the identification of genetic mutations and other biomarkers that are critical for tailoring treatments to individual patients.
Foundation Medicine is an American company based in Cambridge, Massachusetts, United States and founded in 2010.
Foundation Medicine is a leader in molecular information, helping to drive personalized oncology care. Their comprehensive genomic profiling services provide critical insights that guide treatment decisions for cancer patients. As a subsidiary of Roche, Foundation Medicine is well-positioned to continue its leadership in the personalized medicine space.
GE HealthCare is an American multinational medical technology company headquartered in Chicago, Illinois, United States and founded in 1994.
GE Healthcare is a major player in medical imaging, diagnostics, and data analytics, all of which are essential components of personalized medicine. The company’s technologies enable precise diagnosis and monitoring of diseases, facilitating the development of tailored treatment plans. GE Healthcare is also involved in initiatives to integrate artificial intelligence with personalized medicine.
Myriad Genetics is an American genetic testing and precision medicine company based in Salt Lake City, Utah, United States and founded in 1991.
Myriad Genetics is a leader in genetic testing, particularly in hereditary cancer risk assessment. The company’s tests are used to identify patients at high risk for certain types of cancer, enabling personalized prevention and treatment strategies. Myriad’s focus on genetic information is a key element of the personalized medicine market.
AstraZeneca plc is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus, Cambridge, England and founded in 1999.
AstraZeneca has been a strong advocate for personalized medicine, particularly in oncology. The company has developed several targeted therapies and continues to explore new ways to match patients with the most effective treatments based on their genetic profiles. AstraZeneca’s commitment to innovation in personalized medicine is evident in its robust pipeline of precision therapies.
The report will cover the qualitative and quantitative data on the global Personalized Medicine Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
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The personalized medicine market is rapidly evolving, with these companies leading the charge. Through innovative technologies and targeted therapies, they are revolutionizing how diseases are treated, moving from a one-size-fits-all approach to highly individualized care. As the field continues to grow, we can expect these companies to drive further advancements, improving patient outcomes and transforming the healthcare landscape.
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