StemCell Therapy

Industry Insights

The global personalized medicine (PM) market size was estimated at USD 1.57 trillion in 2018 and is anticipated to expand at a CAGR of 10.6% during the forecast period. Personalized medicine promises a paradigm shift in diagnosis and care delivery as the treatment is based on data leveraged from a holistic view of an individual patient. Proliferation of sequencing methodologies, especially Next Generation Sequencing (NGS), due to rising cost of sequencing and development of Human Genome Project in genomics field is expected to drive the market.

NGS technology delivers the data related to the genetic makeup of the patient and response of drugs on patient, thereby fostering the development of precision medicineto treat diseases. Moreover, NGS combined with Companion Diagnostics (CDx) is expected to play a major role for advancement of personalized diagnostics and therapeutics over the forthcoming years. Advent of novel CDx and biomarkers for non-oncology therapeutic applications have forced companies to improve their precision medicine portfolio; focusing oninfectious diseases and Cardiovascular Diseases (CVDs).

This generates a strong impetus for scaling up the CDx tests to form PM for non-oncology cases. Increasing prevalence of cancer, which boosts demand for personalized cancer diagnostics and therapeutics, is also one of the key factors responsible for the growth of the market. As per data GLOBOCAN 2018, the global burden of cancer has increased to 18.1 million new cases in 2018. Growing cancer-related spending is also amongst the drivers for growth.

Key companies in the personalized medicine market are involved in several investment programs pertaining to the precision medicine. This has resulted in an increased commitment of leading pharma competitors toward this sector. Furthermore, companies providing molecular decision support system are combining genomic data with clinical data to minimize the gaps in precision medicine practice.

Personalized nutrition & wellness was the largest product segment in 2018. Availability of a wide range of nutrition & wellness products and increased Over The Counter (OTC) sale of these productsplay a significant role in boosting the segment growth. Companies are undertaking several initiatives for sustaining market competition. For instance, in March 2018, DSM partnered with Mixfit to provide personalized nutrition solutions by combining Artificial Intelligence (AI) technology.

This strategic partnership was targeted towards offering consumers a personalized approach regarding nutrition. PM therapeutics includes pharmaceuticals, genomic medicine, and medical devices for personalized therapies and it is anticipated to witness the highest CAGR during the forecast period. Advent of high-capacity rapid sequencing platforms and reducing cost of sequencing whole human genome plays a major role in the segment development.

Genomic medicine has emerged as a significant segment in PM therapeutics. Availability of large databases of genomic data enables researchers to develop accurate and effective therapeutic products for several medical conditions. Consequently, this results in high utilization of human genome sequencing techniques for genomic medicine.

Led by U.S., North America was the dominant regional personalized medicine market in 2018. Increasing adoption of NGS methods and healthcare IT systems in clinical workflow along with supportive government policies and funding drives the regional market.

For instance, in September 2018, the All of Us Research Program initiated by the National Institutes of Health (NIH) awarded funds of USD 28.6 million to three genome centers of the U.S. This funding supported the generation of genomic data from biosamples by these centers, which is a critical component of precision medicine discoveries.

However, Asia Pacific is projected to witness the highest CAGR over the forecast period owing to low cost of clinical trialsof newly developed precision medicines and diagnostic products. Moreover, rising disposable income levels and growing economy of emerging countries will boost the market further.

Some key companies in this market include GE Healthcare; Illumina, Inc.; Asuragen, Inc.; Abbott Laboratories; Dako A/S; Exact Science Corporation; Danaher Corporation (Cepheid, Inc.);Decode Genetics, Inc.;Genelex Corporation; Exagen Diagnostics, Inc.; Precision Biologics, Inc.; QIAGEN; Celera Diagnostics LLC; and Biogen, Inc.

These companies invest in personalized products-focused innovations and developments for business expansion. For instance, in April 2018, Ilumina helped various startup companies by offering them financial support. One of such startups, TruGenomix Health, Inc. focused on individualized treatment options, thereby advancing personalized therapies.

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country scope

U.S., Canada, Germany, U.K., Japan, China, Brazil, and South Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you are looking for specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global personalized medicine (PM) market report on the basis of product and region:

Product Outlook (Revenue, USD Million, 2014 - 2025)

Regional Outlook (Revenue, USD Million, 2014 - 2025)

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Personalized Medicine Market Size & Forecast | Industry ...

This entry was posted on October 9, 2019 at 12:41 pm and is filed under Personalized Medicine. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |