The global personalized medicine market is expected to acquire substantial growth hiking close to USD 800 billion by the year 2028. The rapid growth projections reflect upon the anticipated growth rate to expand at 7% over the forecast years 2018 to 2028. The escalating growth rate can be attributed to the rapid advancements in the healthcare sector such as surge in the adoption of state-of-the-art genome sequencing instruments, increasing incidences of genetic disorders and growing number of patients diagnosed with cancer along with the launch of companion diagnostics are fueling the growth of the global personalized market.
Despite the stimulating technological advancements and favorable demand, high costs associated with the product services may hamper the global personalized medicine market growth. Nonetheless, comforting reimbursement policies deployed by multiple governments are expected to encourage widened scope for opportunities.
With burgeoning advancements in the fields of healthcare and pharmaceutical along with massive focus on research and development to introduce next-generation technological solutions has supported the establishment of personalized medicine. Personalized medicine is a concept that generated primarily through the extensive advances in genomic and proteomic science propelling the evolution of targeted diagnostics and therapeutics.
The ideology centers around delivering highly specific and therefore personalized treatment choices by studying an individual’s physiognomies. Personalized medicine encompasses medical models categorizing individuals into groups each focusing on medical interventions, decisions, and medicines ultimately providing an individualistic view to the diagnosis and treatment process therefore allowing a much more tailored treatment and medications targeting the unique attributes of a patient. Unlike the traditional approach used in designing therapeutics and developing drugs that implements a one fits all perspective personalized medicine caters to the specific needs of a patient which even in the case of same medical conditions may differ.
Global personalized medicine market players are strongly placed along with the new market players entering the industry with fast-paced revolutionary vision and disrupting the traditionally rooted concepts of diagnosis and treatment in a healthcare system. The threat of young market entrants along with the parallelly surging introduction of highly advanced therapeutics with constant upgrades of the industry dynamics has resulted in market consolidation.
The major players of the global personalized market are Becton Dickinson, Siemens Healthcare Diagnostics, Merck, American Association for Cancer Research, Astra Zeneca, Qiagen, Roche Holding, Vertex Pharmaceuticals, Biogen, GE Healthcare, Abbott, Illumina, Precision Biologics, Danaher Corporation, IBM, ASURAGEN, Genelex, Exact Science Corporation, and Pfizer. The personalized medicine market comprises large-scale well-established local players alongside the global players. In addition, the studied industry players are introducing an array of new strategic services and technologically equipped solutions to stay competitive in the global market.
Key Segments of the Global Personalized Medicine Market
Product Overview, 2018-2027 (USD Billion)
- Personalized Medicine Diagnostics
- Personalized Medicine Therapeutics
- Personalized Medical Care
- Personalized Nutrition and Wellness
Application Overview, 2018-2028 (USD Billion)
- Blood Transfusion Safety
- Autoimmune Diseases
Distribution Channel Overview, 2018 2028 (USD Billion)
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
- Drug Store
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The primary objective of the study is to provide an exhaustive overview of the global personalized medicine market allowing you to gain latest industry updates and highlights on current dynamics.
- Ensure competitive sustenance as the key players drive extensive innovations to augment the market growth.
What does the report include?
- The research study on the global personalized medicine market encompasses qualitative factors including the drivers, restrains and opportunities followed by accurate analysis of market share.
- The study delivers competitive benchmarking with analytical projection of the imminent investment pockets followed by identification of leading existing and potential prospective players of the global personalized medicine market.
- The study incorporates detailed segmentation of the market based on the product, application, distribution channel, and regions with a qualitative and quantitative analysis to support the findings.
- Accurate forecasts and market estimations, share and sizes have been provided along with each of the market segment.
Who should buy this report?
- The report on the global personalized medicine market provides suitable analytical inputs for market participants across the pharmaceutical and healthcare industry including, drug mnaufcaturers, distributors and retailers, hospitals and medical centers
- Venture capitalists, private equity investors, and government organizations looking for accurate information on future outlook of the global personalized market
- Researchers, clinicians and physicians, scientists and students seeking insights upgrading the global personalized medicine market.
Frequently Asked Questions (FAQ) :
Increasing incidences of novel diseases coupled with growing prevalence of chronic diseases thus expanding the patient pool significantly, increasing need for rapid onset action treatment and therapeutics and the primary concern of the healthcare industry to focus on the unmet needs of patients suffering from diseases such as cancer and diabetes are fueling the growth of the global personalized medicine market over the forecast.
In addition, dramatic rise in the application of combined drug therapies, increasing geriatric population worldwide and the rising number of clinical trials based on the use of personalized treatment associated with neurological concerns of patients are among the major drivers augmenting the growth of the global personalized medicine market during the forecast years.
Also, burgeoning adoption of technologically equipped and advanced healthcare facilities along with factors such as increasing investments and overall expenditure to develop robust infrastructure, ongoing R&D projects to design high-quality and efficacy therapeutic drugs and the rapidly advancing fields of pharmacogenomics are further offering lucrative opportunities for the global personalized medicine market through the forecast.
Based on product, the market is fragmented into personalized medicine therapeutics, nutrition and wellness, diagnosis and medical care. The personalized nutrition and wellness segment led the market with majority of global market share in 2020 owing to the massive application penetration coupled with solid over the counter sale of the products providing easy accessibility to consumers.
The personalized medicine therapeutics segment is anticipated to incur lucrative growth rate over the forecast years due to the surging development projects associated with genomic medicines and biopharmaceuticals along with the emergence of high-capacity and advanced sequencing platforms that have reduced the costs associated with genome sequencing thereby encouraging the development of personalized medicines.
In terms of application, the market is categorized broadly into diabetes, neurology, cardiology, oncology, blood transfusion safety and autoimmune diseases. With increasing research and development initiatives to curb the largely spreading prevalence of cancer, application of personalized medicines in oncology segment is expected to multiply substantially during the forecast period. Increasing incidences of neurological disorders with surging number of CNS related conditions such as Alzheimer’s and the complexities associated with exact and efficient treatment is anticipated to support the significant growth of the segment during over the forecast years.
Distribution Channel Segment
Based on the distribution channel, the market is fractured into online pharmacy, hospital pharmacy, retail pharmacy and drug stores. Increasing popularity of online retail in the pharmacy sector is expected to contribute to the growth of the online pharmacy segment over the forecast years with surging number of young market players designing online services to provide a high-efficiency and faster delivery of medications to the consumers. Meanwhile the hospital pharmacy segment and retail pharmacy are expected to grow at a sustainable rate during the forecast.
North America plays a dominant role in the global personalized medicine market accounting for majority of global revenue share in the year 2020. The significant dominance of the region can be attributed to the dramatic rise in rate of adoption of healthcare IT systems across clinical workflows coupled with next-generation sequencing models and technologies allowing facilities to generate volumes of personalized and pharmacogenomic data with much ease and efficiency.
In addition, the region is also anticipated to widen the opportunities for personalized medicine developers with the growing government support extensively approving novel medicines in the market. Asia Pacific is likely to witness a speedy growth during the forecast years due to the affordability associated with execution of clinical trials of novel precision drugs and treatments driving an optimum rate of investment influx in the region.