ReportCrux Market Research has published a new report titled “Personalized Medicine Market “by Therapeutic Area (Oncology, Cardiology, Antiviral, Neurology, Psychiatry, and Others); by Technology (Pharmacogenomics, Metabolomics, Pharmacoproteomics, Pharmacogenetics, Stem Cell Therapy, Pharmacodynamics, Point of Care, Pharmacokinetics, Others); by Application (Companion Diagnostics, Health Informatics, Biomarker Identification, Clinical Research, and Others); by End User (Hospitals, Molecular Diagnostic Laboratories, & Testing Facilities, Academic Institutes, Clinical Care, & Research Laboratories, Contract Research Organizations Bio and Health Informatics Companies, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Personalized Medicine Market size:
According to the report, global demand for personalized medicine market was valued at approximately USD 7.11 Billion in 2019 and is expected to generate revenue of around USD 16.68 Billion by end of 2027, growing at a CAGR of around 11.3% between 2020 and 2027.
Scope of the Report
Scientific and technological advances are fluctuating, especially the way one describes the disease, develops drugs and recommend treatments. Over the past decade, the concept of personalized medicine has emerged with increasing advances in proteomics and genomics, which has given a boost to the development of “targeted” therapies and diagnostics that influence knowledge of an individual’s genetic makeup to build a more personalized approach to healthcare. The emergence of personalized medicine and its continued development is driving profound improvements in the future of health care and health systems. Personalized medicine can be defined as a type of treatment that focuses on each patient’s individual physiognomies. Personalized medicine has tremendous potential in leading the healthcare sector, with significant improvements and adjustments centered mainly on recognizing and handling diseases combined with personalized medicines, patient data, predictive analytics, and other applications.
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As per the FDA, the main objective of personalized medicine is to simplify clinical decision making by building a preliminary distinction between patients likely to benefit from a given treatment and those who suffer side effects and incur costs without gaining benefit. Personalized medicines are giving a paradigm shift in diagnosis and care delivery, since treatment is based on data obtained from patient’s holistic perspective. Proliferation of sequencing methodologies, in particular NGS, is likely to drive the market due to rising sequencing costs. Key companies in the personalized medicine industry are participating in a variety of precision medicine investment programmes. It has resulted in increased attention in this field by leading pharmaceutical competitors. In addition, companies that provide a molecular decision support system are combining genomic data with clinical data to minimize gaps in the practice of precision medicine.
The global market for the personalized medicine is segmented into therapeutic area, application, technology, end user, and region. Based on the therapeutic area, the global market for personalized medicine is segmented into antiviral, neurology, oncology, cardiology, psychiatry, and others. From this, oncology segment accounted for almost 26% share of the market by therapeutic area. The demand for user-friendly, low-cost, and compact portable fans is driving the demand for intensive care personalized medicine globally. Thanks to their effectiveness in cancer patients and patients suffering from unusual genetic conditions the customized medicines are increasingly in sight in this particular segment.
On the basis of technology, the market is categorized into metabolomics, pharmacokinetics, pharmacoproteomics, pharmacogenomics, pharmacogenetics, pharmacodynamics, stem cell therapy, point of care, others. The pharmacogenomics segment is likely to grow at high CAGR in the forecast period. The introduction of rapid sequencing with high-capacity platforms and the reduction of sequencing costs for the entire human genome plays a major role in the development of the segment. On the basis of application, the market is categorized into health informatics, companion diagnostics, clinical research, biomarker identification, and others.
Based on end user, the market is categorized into molecular diagnostic laboratories, & testing facilities, hospitals, clinical care, academic institutes, & research laboratories, contract research organizations bio and health informatics companies, and others. The molecular diagnostic laboratories, & testing facilities segment held almost 31% share of the market in 2019. Lower possibility of medication flaws, customized effects with rapid results, and adverse drug reactions are factors creating suitable grip in both revenue potential and R&D for these medicines. Favorable policies of the governments in relation to the personalized medicines are also bring incremental incentive to leverage this market.
Based on regions, the market is divided into North America, Middle East & Africa, Asia Pacific, Europe, and Latin America. North America held almost 41% share of the market in 2019. The regional market is driven by increased adoption of healthcare IT systems and NGS methods in clinical workflow along with funding and supportive government policies. For instance, in September 2018, the National Institutes of Health ( NIH)’s All of Us Research Program awarded around USD 28 million in funding to three U.S. genome centers. This funding helped these centers generate genomic data from bio-samples, which is a critical component of the discovery of precision medicines. Asia-Pacific is expected to grow at high CAGR in the forecast period. Raising disposable income levels and rising emerging-market economies are boost the market in this region.
Key Players Analysis:
Some of the major players in personalized medicine market are Vertex Pharmaceuticals Incorporated (U.S.), Merck & Co., Inc. (U.S.), Pfizer, Inc. (U.S.), AstraZeneca Plc. (U.K.), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen (Germany), Exact Science Corporation, (U.S.), Decode Genetics, Inc. (Iceland), Siemens Healthcare GmbH (Germany), and Becton, Dickinson, and Company (U.S.) among others. These companies are investing in developments and innovations for business expansion centered on personalized products.
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