Global Hyper-Personalized Medicine Market to Generate $5,886.50 Billion by 2031, Owing to Rise in the Prevalence of Chronic Diseases Across the Globe

Hyper-personalized medicines are novel medications devised to treat and cure rare yet fatal diseases. The diseases are manufactured using digital tools which turn biology itself into technology. These medicines are designed as per the genetic information of the specific patient by employing methods such as gene replacement, editing, and antisense. Since they are developed according to the genetic code of the patient, hyper-personalized medicines can deal with genetic mutations also.

Forecast Analysis of the Hyper-Personalized Medicine Market

In recent years, there has been a steady increase in the prevalence of chronic diseases across the world which is predicted to be the primary growth driver of the global hyper-personalized medicine market in the forecast period. Additionally, an increase in demand for personalized medical treatments is anticipated to push the market forward. Along with this, increasing adoption of technological advancements in the medical sector is projected to offer numerous growth and investment opportunities to the market in the analysis timeframe. However, the high cost of hyper-personalized medicines is estimated to create hurdles in the full-fledged growth of the hyper-personalized medicine market in the coming period.

Regionally, the hyper-personalized medicine market in the North America region is expected to be the most dominant by 2031. The presence of major leading biotechnology and pharmaceutical companies which are investing in R&D for hyper-personalized medicines is expected to be the leading factor behind the growth of the market in this region in the forecast period.

According to the report published by Research Dive, the global hyper-personalized medicine market is expected to gather a revenue of $5,886.50 billion by 2031 and grow at 11.7% CAGR in the 2022–2031 timeframe. Some prominent market players include QIAGEN, GE Healthcare, Exact Sciences Corporation, Exagen Inc., Illumina, Inc., Danaher Corporation (Cepheid, Inc.), Abbott, ASURAGEN, INC., Decode Genetics, Inc., Dako A/S, and many others.

Covid-19 Impact on the Hyper-Personalized Medicine Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The hyper-personalized medicine market, however, faced a moderate impact of the pandemic. Though the lockdowns and import-export restrictions caused disruptions in the global supply chains, the demand for personalized medicine grew tremendously during the pandemic. Moreover, the demand for targeted medical treatments also grew. Both these factors helped the market to post a respectable growth rate during the pandemic.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics, such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the hyper-personalized medicine market to flourish. For instance:

• In January 2021, Precision Medicine Group, a pharmaceutical company specializing in development of next-generation drug manufacturing, announced the acquisition of Project Farma, a bioengineering service firm. This acquisition is expected to help Precision Medicine group to increase its hold over the personalized medicine industry in the coming period.
   
• In July 2022, Roche, a leading pharma company, announced that its Alzheimer's blood test had received a breakthrough label from the US FDA. This blood-based biomarker test helps in early diagnosis of Alzheimer's by tracking certain genes in the blood and with this approval, the company is expected to consolidate its lead over its competitors of the hyper-personalized medicines market in the near future.
   
• In October 2022, GSK plc, a global pharmaceutical giant, announced that it had signed a partnership agreement with Tempus, a precision medicine company based in the US. This collaboration is aimed at developing AI and machine learning based technologies to conduct clinical trials and drug target identification for precision medicines. The collaboration is expected to provide a major boost to both the companies in the coming period.