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Hyper Personalized Medicine Market Expected to Reach $5886.5 Billion by 2031—Allied Market Research

 
2022
Hyper Personalized Medicine Market

Report Code : A31893

quote Gene therapy is currently one of the most lucrative markets for companies engaged in hyper personalized medicine. As genome sequencing is an unavoidable phase of gene therapy, significant investments in this field are expected to boost the hyper personalized medicine market growth. Globally, the increase in the prevalence of cancer is likely to increase demand for gene therapy as an effective personalized treatment option. quote

Vitika Verma - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Hyper Personalized Medicine Market," The hyper-personalized medicine market was valued at $2.1 trillion in 2021, and is estimated to reach $5.9 trillion by 2031, growing at a CAGR of 11.7% from 2022 to 2031.

Hyper personalized medicine is a type of treatment that focuses on the unique physiological characteristics of each patient. Personalized medicine has the potential to transform the healthcare industry by focusing on illness understanding and management through advanced analytics, customized medicines, patient data, and other options. The development of efficient and advanced technology, increase in public awareness about personalized medicine, increase in government initiatives around the world, and the growing development of genetic databases are the primary growth drivers of the global hyper personalized medicine market size. Furthermore, rising customized medicine usage in neurology, pulmonary medicine, antiviral medicine, and psychiatry, as well as emerging economies, are expected to create new opportunities for the global hyper personalized medicine market forecast.

However, rising diagnostic costs are projected to limit the growth of the hyper-personalized medicine market. A large amount of personal data is generated during the diagnosis and treatment process, and this poses a potential threat that could limit the growth of the hyper-personalized medicine market. Strict regulations and standards are also hampering the growth of the hyper personalized medicine market size.

The hyper personalized medicine industry is expected to grow as chronic disease rates rise and biopharmaceutical companies majorly invest on R&D to produce new personalized medicines. The rising number of clinical trials for personalized medicine in neurology and other disciplines of healthcare, along with the established clinical efficiency of hyper-personalized medicine in oncology, are factors driving the growth of the hyper-personalized medicine market. Furthermore, the primary focus of hyper personalized medicine market share players is mostly to be on the development of new cancer therapies in the upcoming years.

The hyper personalized medicine market share is segmented on the basis of type, application, end user, and region. By type, it is classified into hyper personalized medicine diagnostics, hyper personalized medicine therapeutics, hyper personalized medical care, and hyper personalized nutrition and wellness. By application, it is divided into oncology, neurology, blood transfusion safety, diabetes, autoimmune diseases, and cardiology. By end user, it is classified into hospitals, diagnostic centers, research and academic institutes, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the hyper personalized medicine market analysis report include QIAGEN, Exagen Inc., Abbott, Dako A/S, GE Healthcare, Illumina, Inc., ASURAGEN, INC., Exact Sciences Corporation, Danaher Corporation (Cepheid, Inc.), and Decode Genetics, Inc.

The report offers a comprehensive analysis of the global hyper personalized medicine market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the hyper personalized medicine Industry.

Impact of COVID-19 on the Global Hyper-Personalized Medicine Industry

  • The healthcare sector has been developing numerous anti-pandemic strategies. To enable a better knowledge of COVID-19 and to evaluate the impact caused by the virus in order to find new therapeutics, the healthcare sector is conducting research on hyper-personalized medicines.
  • Many governments have launched initiatives to accelerate the use of precision medicine in the treatment of coronavirus. For example, the San Antonio Partnership for Precision Therapeutics announced funding for three collaborative COVID-19 research efforts in San Antonio in July 2020. These projects will help to build on the solid foundation of transformative COVID-19 research being conducted in San Antonio.
  • The pandemic has slowed down clinical studies, disturbed supply chains, and lowered healthcare budgets, all of which are expected to hinder the market expansion for hyper-personalized medicines. Also, the pandemic has highlighted health disparities and inequality, which are likely to have an impact on the adoption of hyper-personalized medicine solutions by underserved communities.

Key Findings of the Study

  • Based on product, the hyper personalized nutrition and wellness sub-segment emerged as the global leader in 2021 and the hyper personalized medicine therapeutics sub-segment is anticipated to be the fastest growing during the forecast period
  • Based on application, the oncology sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
  • Based on end user, the hospitals sub-segment emerged as the global leader in 2021 and is predicted to witness the fastest growth in the upcoming years
  • Based on region, the North America market registered the highest market share in 2021 and is projected to maintain its position during the forecast period

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quote Hyper Personalized Medicine Market by Product (Hyper Personalized Medicine Diagnostics, Hyper Personalized Medicine Therapeutics, Hyper Personalized Medical Care, Hyper Personalized Nutrition and Wellness), by Application (Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology), by End User (Hospitals, Diagnostic Centers, Research and Academic Institutes, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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