Personalized Healthcare Market to Reach 1201.17 Billion by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Personalized Healthcare Market ’ with a forecast period of 2025-2034. In 2023, the global personalized healthcare market  size was USD 546.1 billion, and is calculated at USD 565.49 billion in 2024. The market is projected to reach USD 1,201.17 billion in 2034, and register a revenue CAGR of 7.1% over the forecast period (2025-2034).

Market Overview:

The global personalized healthcare market continues to register steady revenue growth, with advancements in genomic technologies, precision medicine and personalized medicine, AI integration, and increased adoption of wearables, telemedicine, and analytics contributing to major breakthrough and enhancing efficacy of treatments and therapeutic approaches. Also, rising prevalence of chronic diseases, demand for tailored treatments, shift toward proactive health management, inclining consumer awareness, strategic collaborations, rising R&D investments, increasing traction of patient portals, remote patient monitoring, and communication channels are other factors expected to continue to have positive impact on growth of the global personalized treatment market. In addition, rising awareness regarding tailored treatment plans and better outcomes offered by personalized medicine diagnostics, personalized medicine therapeutics, and personalized nutrition & wellness are expected to continue to drive adoption globally.

Rising focus on tailored treatment approaches based on individual patient characteristics, including genetic profiles, medical histories, and lifestyle factors has been driving significant breakthroughs in disease detection and analysis, monitoring and treatments and outcomes. A more personalized healthcare approach is also serving to create an intersection of diagnostics and services with objectives to enhance healthcare outcomes by meeting the unique needs of patients.

Personalized healthcare has been gaining preference among patients with chronic diseases and conditions such as cancer, diabetes, cardiovascular diseases, and high blood pressure, obesity, and some genetic disorders. Benefits of personalized healthcare include enhanced patient engagement, lower overall or long-term healthcare costs, improved outcomes, and reduced recovery times. Increasing adoption of technologies such as wearables, telemedicine, and big data analytics is playing a crucial role in the landscape of the personalized healthcare market. Growth of the personalized healthcare market is also supported to a major extent by steady advancements in genomic technologies. Innovations such as Next-Generation Sequencing (NGS) are enabling healthcare providers to tailor treatments based on individual genetic profiles, significantly improving therapeutic outcomes. 

Moreover, companies engaging in collaborations to develop targeted approaches and introduce new solutions tailored for specific individuals. Companies are also focusing on product strategies with emphasis on personalized nutrition and wellness. R&D initiatives in personalized healthcare have been gaining intensity, with initiatives focusing on pharmacogenomics and targeted therapies, particularly in oncology being pursued aggressively. Partnerships among leading healthcare organizations and technology innovators have been boosting R&D capabilities and accelerating the development of novel personalized therapies. These factors collectively are expected to continue to drive growth of the global personalized healthcare market over the forecast period.

Some Key Takeaways:

• North America is expected to continue to account for largest share in the global personalized market over the forecast period. 
• The US accounted for around 45% of the global personalized healthcare market revenue share in 2023.
• The Europe personalized healthcare market is registering significant adoption of personalized healthcare options due to advancements in companion diagnostics and large patient base in Germany, UK, and France.
• Asia Pacific personalized healthcare market is expected to register rapid revenue growth over the forecast period.
• Singapore is a leader in Asia Pacific, with substantial investments in precision healthcare frameworks, and Japan and China are also expected to emerge as major markets for personalized healthcare over the forecast period.
• The personalized medicine diagnostics segment among the product segments is expected to account for largest revenue share over the forecast period. 
• The next-generation sequencing segment is expected to account for significantly larger revenue share than other technology segments in the personalized healthcare market over the forecast period.
• The oncology segment among the application segments is expected to account for largest revenue share over the forecast period.
• The hospitals segment among the end-user segments is expected to maintain dominance in terms of revenue share over the forecast period.
• The competitive landscape in the global Generative-Artificial Intelligence (GenAI) in healthcare market is intense with existing companies and new entrants engaged in developing and introducing solutions and tools with more advanced features and capabilities.  

Company List:

• Illumina, Inc.
• GE Healthcare
• AstraZeneca plc
• Abbot
• Thermo Fisher Scientific
• Pfizer Inc.
• Novartis AG
• Bayer AG
• Bristol-Myers Squibb Company
• 23andMe, Inc.
• Foundation Medicine

Recent Developments:

• May 6, 2024: OM1 introduced three new products - OM1 Orion, OM1 Lyra, and OM1 Polaris - powered by PhenOMTM, which is an artificial intelligence-powered digital phenotyping platform for personalized medicine and clinical research. OM1 specializes in Real-World Evidence (RWE) insights from bench to bedside, and leverages advanced predictive and generative AI platforms combined with deep clinical data to empower healthcare stakeholders. The three new products leverage artificial intelligence to optimize treatment strategies and enhance patient care through improved data analytics and health information management. This introduction signifies a commitment to integrating advanced technologies into personalized healthcare solutions.
• January 29, 2024: Roche announced completion of acquisition of Carmot Therapeutics for US$ 3.3 billion. This strategic merger is aimed at enhancing Roche's capabilities in developing GLP-1 agonists, which are increasingly efficient in treating diabetes and obesity. Growing demand for targeted therapies that are tailored to individual patient needs highlights the importance of personalized approaches in pharmaceutical innovation. Through this acquisition, Roche obtains access to Carmot’s current R&D portfolio including all clinical and pre-clinical assets, as well as exclusive access to Carmot’s innovative Chemotype Evolution discovery platform in metabolism. Also, Roche further strengthens its R&D efforts and portfolio across cardiovascular and metabolic diseases.
• November 7, 2023: 23andMe launched its new health membership program, 23andMe+ Total Health, which offers comprehensive individualized healthcare services. This initiative includes biannual blood testing and clinical-grade exome sequencing aimed at giving consumers insights into their health risks and customization of their treatment plans. This launch also represents a move towards empowering individuals with personalized health information and fostering preventive healthcare measures.

By Product:

• Personalized Medicine Diagnostics
• Personalized Medicine Therapeutics
• Personalized Nutrition & Wellness

By Technology:

• Next-Generation Sequencing (NGS)
• Big Data Analytics
• Bioinformatics
• Drug Discovery
• Companion Diagnostics

By Application:

• Oncology
• Central Nervous System (CNS)
• Immunology
• Respiratory
• Others

By End-User:

• Hospitals
• Specialty Clinics
• Home Healthcare

Regional Segmentation: 

North America

• United States
• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America 

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA