The global personalized medicine market is expected to cross USD 2452.50 billion by 2022 with a rise in CAGR of 11.8%. Personalized medicine is a branch of medical science encompassing the unique attributes of patients, particularly the genetic design, previous treatment history, behavioural attributes and environmental factors. It enables therapeutic and preventions for emphasizing the most beneficial treatment with low side effects.
To cope up with biopharmaceutical research & development, companies such as Pfizer have introduced “precision medicine”, which is capable of delivering treatments based on disease mechanism and the capacity to target and develop therapies for patients.
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Personalized medicine market is driven by rise in reimbursement support & regulatory framework coupled with increase in R&D activities for next generation sequencing for genetic mapping of patients by clinicians and medical practitioners. Rise in healthcare expenditures stimulates the need for effective diagnostics for cancer and increase in prevalence of chronic ailments coupled with use of biomarkers for therapeutics is expected to bolster the market growth during the forecast period. Product segmentation for personalized medicine (PM) market includes PM diagnostics, PM therapeutics, personalized nutrition & wellness and personalized medical care.
Geographical segmentation for personalized medicine industry comprises North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America dominates the global market due to rise in government funding, healthcare enhancements and technological innovations. In addition, awareness about genetic diagnostics, genome sequencing and therapeutics is likely to contribute to the market growth in the forecast period.
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Asia-Pacific regions are likely to grow in the estimated period due to rise in technical advances, unmet medical needs and a mass awareness throughout the industry for infectious disease, psychiatry and CNS disorders. The key players in the personalized medicine market include Quest Diagnostics, 3G Biotech, Laboratory Corporation of America, Abbott, Asuragen Inc, Becton Dickinson & Co, CardioDX Inc.
Global Personalized Medicine Product Outlook (Revenue, USD Billion, 2012 – 2022)
• PM Diagnostics
• Genetic Testing
• Direct-to-consumer Diagnostics
• Esoteric Lab Services
• Esoteric Lab Tests
• PM Therapeutics
• Genomic Medicine
• Medical Devices
• Personalized Medical Care
• Healthcare Information Technology
• Diseases Management
• Personalized Nutrition & Wellness
• Retail Nutrition
• Complementary Medicine
• Alternative Medicine