Surge in the number of retail clinics and burgeoning rate of adoption of telemedicine solutions is offering lucrative opportunities for the global personalized medicine market growth
Consistently growing geriatric population along with the rising prevalence of chronic diseases and the increasing complexities to control and treat these diseases are primary contributors in encouraging an exponential growth of the personalized medicine market anticipated to gather 7% CAGR over the forecast years 2018 to 2028. Personalized medicine is a concept that targets drug delivery or treatment delivery catering to highly specific need of patients.
Focal point of the healthcare model is to design target-specific diagnostics and therapeutics focusing on a patient’s unique genetic makeup instantly separating it from generalized disease treatment methods due to the more personalized approach adopted to medical care. Personalized or precision medicine is generating significant scope for complex disease prevention and management amidst the emergence of highly fatal novel diseases. Personalized medicines are gaining momentum owing to the extensive research to determined its effectiveness in increasingly prevalent diseases such as cancer and neurological disorders that are typically hard to cure completely.
The future market progress and existing trajectory of the global personalized medicine market are aligned perfectly to reflect the market attractiveness whilst highlighting the key trends. Major influential factors boosting the growth of the global personalized medicine market focus primarily on the opportunities over the forecast years.
Key factors such as drastic rise in concerns regarding the growing incidences of diseases and thereby growing challenges for the healthcare and pharmaceutical industry to counter such challenges and rising awareness of combined drug therapies are propelling the growth of the global personalized medicine market growth over the forecast years.
Additionally, dramatically transforming healthcare facilities, hospitals as well as research institutes extensively installing top-grade high-performance technologies to support the aggressive R&D goals are presenting significant opportunities for strengthening the global personalized medicine market throughout the forecast years.
Adroit Market Research report on the global personalized medicine market provides an all-inclusive assessment of the market throughout a total study duration from 2018 to 2028 covering crucial factors such as the market drivers, restrains, opportunities and challenges. The market research is observed through the historic years from 2018 to 2020 with 2020 as the base year of estimation furthering the study through the future forecast from 2021 to 2028. The report studies the current market dynamics and status coupled with future traits analysed at global as well as country level. The study further assesses the market with a Porter’s five forces analysis and delivers positioning of the prominent players directing the global personalized medicine market based on the product portfolio, strategic initiatives and geographic footprint.
The personalized medicine market portrays a robust competitive environment housing well-known large-scale industrial entities alongside young market players. Also, the personalized medicine industry players are approaching new opportunistic avenue trying to enter potential markets in an effort to secure competitive advantage among other industry players by initiating mergers, collaborations and partnerships with other large-scale market participants and acquisitions of start-ups ultimately strengthening business existence.
Based on the Product Segment, the market is bifurcated into personalized nutrition and wellness, personalized therapeutics, medical care and diagnostics. The personalized medicine nutrition and wellness segment held a larger global revenue share in 2020 and is expected to project optimum growth rate during the forecast. The personalized medicine therapeutics segment is anticipated to register significant rise in growth over the forecast years due to the growing advancements in the fields of genomics.
North America led the global personalized market in 2020 and is likely to continue dominating the global revenue share with strengthening infrastructure and massive expansion of the geographic footprint displaying the consistent development initiatives of the well-established personalized medicine companies. the region has experienced a rise in the adoption of healthcare IT models along with highly advanced gene sequencing systems and technologies boosting the development of novel medicines.
In addition, the personalized medicine companies across U.S. are receiving encouraging response with increasing approval from globally acknowledged authorities such as the FDA. Asia pacific is a potent regional segment anticipated to register substantial growth during the forecast with increasing investments due to the low costs associated with clinical trials.
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 market encompasses robust local players with a strong foundation along with global players. The recognized industry players are introducing an array of novel techniques and advanced strategies to ensure competitiveness 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