Personalized medicine market, valued at $300 billion in 2021, is on track to reach $869.5 billion by 2031
Personalized medicine market growth
Personalized medicine, also known as precision medicine, is redefining modern healthcare by moving away from the “one-size-fits-all” model. By leveraging genetic testing, biomarker identification, and advanced diagnostic tools, physicians can tailor therapies to ensure maximum effectiveness while minimizing side effects.
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Market Drivers: Chronic Disease & Technological Innovation
The surge in chronic conditions—including cancer, diabetes, and cardiovascular diseases—is a primary growth catalyst. The growing demand for targeted therapies has also been fueled by the presence of major innovators such as Roche, Abbott, GE Healthcare, Illumina, and Takeda Pharmaceutical Company.
A notable example includes Roche’s 2021 CE-IVD launch of its uPath HER2 image analysis tools, enhancing breast cancer precision diagnostics across Europe.
Another driver is the expansion of companion diagnostics—critical tools that help physicians identify patients most likely to benefit from specific treatments, while enabling real-time monitoring of therapy response.
Segment Insights
By Product – Personalized medicine diagnostics held the largest market share in 2021, driven by rising disease burdens and awareness of advanced testing solutions.
By Application – Oncology leads the way, with molecular-level cancer diagnostics enabling targeted therapies. Cardiovascular care is the fastest-growing application segment.
By End User – Hospitals & clinics dominate revenue, while pharma and biotech investments in advanced personalized solutions are fueling growth in the “others” category.
Regional Outlook
North America remains the largest market, supported by cutting-edge healthcare infrastructure and high chronic disease prevalence.
Asia-Pacific is the fastest-growing region, fueled by expanding pharmaceutical manufacturing, rising healthcare expenditure, and a growing patient population in China and India.
Competitive Landscape
Leading players such as Abbott Laboratories, Eli Lilly and Company, AbbVie Inc., Hoffmann-La Roche Ltd, and Qiagen are intensifying competition through strategic collaborations, product launches, and global expansions.
About Personalized Medicine
Personalized medicine represents a fundamental shift in healthcare, enabling more accurate diagnoses, efficient treatments, and better patient outcomes—while also reducing overall healthcare costs. As the market accelerates, industry experts predict its role will become central to the future of medicine.
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David Correa
Allied Market Research
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