Personalized Healthcare Market

The global dialysis equipment market size was USD 546.1 billion in 2023, and is calculated at USD 565.49 Billion in 2024. The market is projected to reach USD 1250.71 Billion by 2034, and register a revenue 7.5% over the forecast period (2025-2034).

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The personalized healthcare market has been registering rapidly inclining revenue growth as the trend towards precision medicine and personalized medicine gains traction. 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. This 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, and this is expected to continue to have a positive impact on growth of the personalized healthcare market.

Personalized healthcare comprises use of sophisticated diagnostic tools, such as genomic sequencing and biomarker analysis, to identify health risks and determine the most effective treatments. These diagnostics enable healthcare providers to categorize diseases and personalize interventions accordingly. Personalized healthcare services offered comprise targeted therapies, proactive health management, and genetic counseling, through which counselors help identify families at possible risk of a genetic condition by gathering and analyzing family history and inheritance patterns and calculating chances of recurrence. This process is crucial as councilors can provide information about genetic testing and related procedures, address patient needs such as increased treatment efficacy, reduced adverse effects, and improved disease prevention strategies.

Personalized healthcare has been gaining traction, with an increasing number of hospitals, specialty clinics offering services. Some companies in this segment include Personalized Health Partners and Accolade. These companies are realizing the need for more individualized approach to treatment of various diseases and conditions, and personalized healthcare aids in addressing the need for improved treatment outcomes, reduced use of trial-and-error approaches, and also as a robust approach to address rising prevalence of various chronic disease.

Personalized healthcare are suited for a broad range of individuals, and this includes those with chronic diseases and conditions such as cancer, diabetes, cardiovascular diseases, and high blood pressure, and some genetic disorders, which can be addressed with tailored treatment plans and lead to better outcomes. Some of the personalized offerings include personalized medicine diagnostics, personalized medicine therapeutics, and personalized nutrition & wellness. Key factors supporting advancements in the personalized healthcare market include integration of Artificial Intelligence (AI), innovations in genomics, and use of data-driven analytics, which enable healthcare personnel to predict and prevent diseases more effectively. Personalized healthcare is gaining rapid popularity in countries such as the US, Canada, and Japan, with the trend expected to gain traction in other developed, and some developing countries with strong and improving Research and Development (R&D) capabilities in genomics and steady integration of advanced technologies in research and medical sectors over the forecast period. As the personalized healthcare trend continues to gain importance, it is creating emergence of new roles in the healthcare industry. This includes roles for genetic counselors and precision medicine specialists, which are steadily becoming crucial in delivering personalized healthcare and furthering the importance of modern medicine. These trends are also supporting emergence of more individualized and effective approaches to health management, and in the short term, will result in emergence of more effective and targeted approaches to address rising prevalence of various diseases and conditions worldwide.

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Top Personalized Healthcare Market Drivers and Trends:

• Advantages and Use of Advanced Technologies: 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. Wearable technology and mobile health apps facilitate continuous monitoring and proactive management of health conditions, and provision of healthcare-related support and services has been encouraging patient engagement and participation. As a result of successful traction, companies are adopting innovative marketing strategies to personalize patient experience, which has been proving effective to enhance patient satisfaction and retention rates. Integration of AI in healthcare practices to improve patient outcomes is also having positive impacts, and though personalized medicine is in a transformative phase, promising outcomes and potential for future breakthroughs are attracting an increasing number of stakeholders and investors in technology and medicine.
• Advancing Genomic Technologies: Growth of the personalized healthcare market is 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. Also, rising prevalence of chronic diseases, including cancer and diabetes, necessitates new and more effective treatment approaches, and personalized treatment is proving highly effective. Favorable outcomes proven by use of advanced genomic technologies is expected to further support initiatives and programs, and
• Strategic Collaborations and Nutrition for Wellness: Companies engaging in collaborations which are crucial for the development of targeted approaches and the introduction of new solutions tailored for specific individuals. Besides drug development and treatment with therapies and conventional approaches, companies are focusing on product strategies with emphasis on personalized nutrition and wellness, aiming to integrate health and dietary strategies tailored to individual needs. This is particularly significant as consumers increasingly seek holistic health solutions.
• Shift in Consumer Awareness and Expectations: Consumer are becoming increasingly aware regarding the various challenges and advancements in the healthcare sector and in the medical field. Awareness regarding diseases, hereditary or genetic conditions and diseases, and also success rates and positive outcomes of new, older, conventional, traditional, and emerging drugs, approaches, treatments, therapeutics, and various other facts in the healthcare industry are more transparent and publicized and visible currently. Awareness is also growing regarding personalized healthcare and personalized medicine and approaches, as well as the negative and positive attributes and outcomes. As new approaches and options are emerging in the healthcare industry and sector, consumer expectations are also evolving. This shift is resulting in an increasing number of individuals seeking new and more advanced solutions and this is also supported by reducing efficacy and failures of conventional medicine and approaches in combatting some chronic diseases and conditions in the recent past. As the trend continues, an increasing number of individuals are opting for tailored healthcare solutions that prioritize their unique circumstances. Besides providing a new possibility of addressing medical conditions and needs, personalized healthcare offers economic benefits such as reduced overall healthcare costs by preventing spending on unnecessary procedures and tests, and optimizing resource use through targeted interventions.
• Research and Development Initiatives: 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. As personalized healthcare continues to evolve along with fresh breakthroughs in the field, supported majorly by robust R&D, the objective to improve patient outcomes and create a more efficient healthcare system weigh heavy on a number of players in the personalized healthcare market, but the advantages and benefits offered far outweigh the complexities and challenges, and this is a key factor expected to continue to support growth of the market over the forecast period.

Personalized Healthcare Market Restraining Factor Insights

• High Costs of Personalized Healthcare: A primary barrier to shift to personalized healthcare is the high cost associated with developing and implementing personalized solutions. Expenses related to research, diagnostics, and treatments can be significantly high, making it challenging for providers and patients to adopt these innovations.
• Infrastructure Challenges: Lack of well-developed infrastructure for delivering personalized healthcare services is another significant restraining factor. Inadequate healthcare facilities and resources can limit the availability of cutting-edge personalized solutions, especially in lower-income regions. This gap in infrastructure can pose challenges to furthering the effectiveness of personalized approaches, which often require comprehensive support systems to progress further.
• Regulatory Hurdles: Stringent regulatory frameworks pose challenges to companies operating in the personalized healthcare market. Complexity of regulatory approval processes for personalized healthcare products, such as diagnostics and targeted therapies, can slow down innovation and increase time-to-market for new solutions. This barrier creates uncertainty for companies investing in research and development, and can have significant impact on growth of the personalized healthcare market.
• Lack of Awareness of Personalized Healthcare: Low or lack of awareness among healthcare providers and patients about the benefits and availability of personalized healthcare solutions can have a negative impact on potential growth of the market. Efforts aimed at raising awareness are critical to counteracting misconceptions and increasing acceptance, and these can also entail need for significant investment and efforts, which can also be challenging in some regions and countries.
• Intellectual Property Issues: Lack of strong intellectual property protections for personalized medicine technologies can discourage investment. Companies may be hesitant to invest in developing new solutions if they feel their innovations are not adequately protected from infringement.
• Data Integration Barriers: The ability to integrate diverse data sources into personalized healthcare remains a challenge. Many healthcare systems face challenges to effectively establish data-sharing frameworks that can support personalized approaches, limiting the potential to utilize comprehensive patient data effectively.
• Patient Privacy Concerns: Concerns regarding patient privacy and data security can also restrain growth of the personalized healthcare market. Patients may be apprehensive about sharing sensitive health information, which is crucial for tailoring treatments and therapies.

Personalized Healthcare Market Opportunities

• Advancements in Genomic Technologies: Rapid advancements in genomic technologies, particularly Next-Generation Sequencing (NGS), and reducing costs of sequencing are expected to make personalized therapies more accessible to a wider consumer base in future, and these factors provide high-potential avenues and opportunities for companies in the personalized healthcare market. Continuous technological advancements and innovation offers significant potential for companies focused on developing innovative genomic applications tailored to individual patients.
• Companion Diagnostics Development: Rising emphasis on companion diagnostics presents lucrative opportunity for players in the personalized healthcare market. Companion diagnostics are essential for identifying biomarkers and ensuring that patients receive the appropriate therapies. Companies are increasingly forming partnerships to enhance the development and integration of these diagnostics, enabling tailored treatment plans that improve patient outcomes.
• Integration of Artificial Intelligence: Integration Artificial Intelligence (AI) in personalized healthcare presents a varied range of opportunities for growth. Capability of AI in enhancing data analysis, enabling more precise patient stratification and decision support systems can prove beneficial to companies seeking to optimize treatment recommendations and improve patient management, thereby transforming personalized healthcare delivery and creating a niche in the market.
• Increased Focus on Preventive Care: The steady trend towards preventive care is also driven by rise of personalized healthcare strategies. Companies that align their offerings with preventive health measures, such as personalized nutrition and wellness programs, can tap into a steadily growing market. Businesses can engage patients early in their healthcare journeys by emphasizing wellness and prevention, and adoption among patient can serve to reduce long-term treatment costs and improve overall health outcomes.

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Personalized Healthcare Market Segmentation:

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

Segment Insights:

By Product:

The personalized medicine diagnostics segment is expected to account for largest revenue share over the forecast period. This approach focuses on identification and characterization of biomarkers to tailor treatments for individual patients, and the trend is driven by increasing number of individuals seeking specific or tailored approaches to address potential disease emergence through early detection and diagnosis, and subsequent interventions. The therapeutics segment is also expected to register steady revenue growth, and this can be attributed to advancements in sequencing technologies. Personalized nutrition and wellness is also gaining steady traction, and an increasing number of individuals are opting for lifestyle changes and effective nutrition and wellness plans and programs to address diseases and medical conditions, as the shift towards new approaches drives demand for tailored health solutions.

By Technology:

The next-generation sequencing segment is expected to account for significantly larger revenue share than the other technology segments in the personalized healthcare market over the forecast period. NGS is pivotal in personalized therapeutics, enabling rapid and cost-effective genome analysis. Use of big data analytics is also crucial in enhancing decision-making in patient care, allowing for real-time adjustments to treatment plans based on genetic information.

By Application:

The oncology segment among the application segments is expected to account for largest revenue share over the forecast period. Rising prevalence of cancer worldwide is a key actor supporting growth of this segment. This is also supported by steady increase in initiatives to develop targeted therapies to address needs of cancer patients. Also, personalized treatment plans are being steadily incorporated into treatment of neurological condition as focus on genetic predispositions and biomarkers gain traction.

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By End-User:

The hospitals segment among the end-user segments is expected to maintain dominance in terms of revenue share over the forecast period. This can be attributed to hospitals being the first point of care and availability of adequate infrastructure, systems, capability, skilled medical personnel, and options for medical insurance cover.

Regions and Countries

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

Personalized Healthcare Market Regional Landscape:

Among the regional markets, North America is expected to continue to account for largest share in the global personalized market over the forecast period. This can be attributed to the US accounting for close to 50% of the global personalized healthcare market revenue share in 2023. Factors such as significant investment in research and development in genomics and personalized and precision medicine, sizable base of individuals and patients opting for more advanced treatments and therapeutic and personalized healthcare approaches, and supportive government policies in the healthcare sector in the US.

The Europe personalized healthcare market is witnessing substantial growth due to advancements in companion diagnostics and large patient base in Germany, UK, and France, with spending capacity and acceptance of new treatments and healthcare-related options rising and governmental initiatives promoting genomic medicine. In the Asia Pacific market, rapid healthcare infrastructure investment and growth, and emergence of Singapore as a front-runner, with substantial investments in precision healthcare frameworks, and Japan and China focusing on enhancing personalized healthcare through technological integration are key factors expected to contribute to Asia Pacific registering fastest revenue growth rate over the forecast period.

Personalized Healthcare Market Competitive Landscape:

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

Competitive Landscape:

The competitive landscape in the global personalized healthcare market is evolving rapidly, and characterized by strategic partnerships, technological advancements, and a focus on innovation in healthcare technologies and delivery. Leading companies are employing various strategies to strengthen their market position and expand their consumer bases. Major players including GE Healthcare, Illumina, and Abbott, among others, are engaged in continuous research and development, aimed at enhancing product offerings. Merger and acquisition activity is also relevant, as established firms acquire biotech startups to diversify their portfolios and gain access to novel technologies. This trend also highlights interest among companies for rapid scalability and enhanced capabilities in personalized medicine.

Companies are also focusing on strategic partnerships to enable innovation and improve access to personalized healthcare solutions, and leverage emerging trends to accelerate development of companion diagnostics, which are essential for tailoring therapies to individual needs. Also, emphasis on harnessing big data analytics and AI is becoming increasingly prevalent, allowing firms to provide better decision-making tools for healthcare providers. Geographical expansion and entry into emerging markets has been gaining significant focus. Companies are also tailoring approaches to meet regional healthcare needs in in order to broaden customer bases and enhancing sales potential. ​

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 Roches 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.

Frequently Asked Questions:

Q: What is the global personalized healthcare market size in 2024 and what is the projection for 2034?

A: The global personalized healthcare market size was calculated at USD 565.49 billion in 2024 and expected to reach USD 1,201.17 billion 2034

Which regional market accounted for largest revenue share in 2023, and what is the expected trend over the forecast period?

A: North America accounted for largest revenue share of around 45% of global market share in 2023, and is also expected to continue to maintain its lead over the forecast period.

Q: Which are the major companies are included in the global personalized healthcare market report?

A: Major companies in the market report are Illumina, Inc., GE Healthcare, AstraZeneca plc, Abbot, Thermo Fisher Scientific, Pfizer Inc., Novartis AG, Bayer AG, Bristol-Myers Squibb Company, 23andMe, Inc., Foundation Medicine

Q: What is the projected revenue CAGR of the global personalized healthcare market over the forecast period?

A: The global personalized healthcare market is expected to register a CAGR of 7.1% between 2025 and 2034.

Q: What are some key factors driving revenue growth of the personalized healthcare market ?

A: Some key factors driving market revenue growth include advancements in genomic technologies, AI integration, and increased adoption of wearables, telemedicine, and analytics. 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.