Global personalized medicine market expected to generate revenue of around USD 3466 million by 2024, growing at a CAGR of around 11.9% between 2018 and 2024. Personalized medicines, also known as individualized medicines or precision medicines, is an evolving field used by physicians where diagnostic tests are performed to identify the biological markers.
Personalized Medicine Market
The report covers a forecast and an analysis for the personalized medicine market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based revenue (USD Million). The study includes the drivers and restraints for the personalized medicine market along with the impact they have on the demand over the forecast period. Additionally, the report includes a study of opportunities available in the personalized medicine market on a global level.
In order to give the users of this report a comprehensive view on the personalized medicine market, we have included a competitive landscape and an analysis of Porter’s Five Forces Model for the market. The study encompasses a market attractiveness analysis, where therapeutic area segment, application segment, technology segment, and end-user segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, R&D, technology, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to regions.
The study provides a decisive view of the personalized medicine market by segmenting the market based on the therapeutic area, application, and technology, end-user, and region. All the segments have been analyzed based on present and future trends in the market are estimated from 2018 to 2024. Based on the therapeutic area, this market is segmented into oncology, neurology, cardiology, antiviral, psychiatry, and others. The key applications covered in this study include companion diagnostics, health informatics, biomarker identification, and clinical research. By technology, this market is segmented into pharmacogenomics, metabolomics, pharmacoproteomics, pharmacogenetics, stem cell therapy, pharmacodynamics, the point of care, and pharmacokinetics. By end-user, this market is segmented into hospitals, molecular diagnostic laboratories, and testing facilities, academic institutes, clinical care and research laboratories, contract research organization, bio and health informatics companies, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with its further bifurcation into major countries including the U.S., Canada, Germany, franc, UK, Brazil, China, Japan, India, and Brazil. This segmentation includes the demand for personalized medicine based on individual therapeutic areas and applications in all regions and countries.
The report also includes detailed profiles of various end players, such as F. Hoffmann-La Roche Ltd., Pfizer Inc., Qiagen, AstraZeneca Plc., Merck & Co., Inc., Siemens Healthcare GmbH, Vertex Pharmaceuticals Incorporated, and Becton, Dickinson, and Company, among others.
This report segments the global personalized medicine market as follows:
Global Personalized Medicine Market: Therapeutic Area Segment Analysis
Global Personalized Medicine Market: Application Segment Analysis
Global Personalized Medicine Market: Technology Segment Analysis
Global Personalized Medicine Market: End-User Segment Analysis
Global Personalized Medicine Market: Regional Segment Analysis
Personalized medicine is tailored medical treatment for individual patients or intended patient groups with a similar biomarker. These medicines are manufactured to fulfill the requirements of individual patients according to their condition and patient response suffering from a particular disease. In personalized medicines, detailed information about patient genotype, gene expression level, and clinical data of patients are used to select proper medication, preventive measures, and therapy for individuals. These medicines have various benefits compared to conventional treatment methods, such as safety, high effectiveness, accuracy, and faster recovery. Personalized medicines are adopted by doctors on large-scale due to their effective treatment of various diseases, such as cancer, rare genetic disorders, etc.
With the emergence of advanced technology in the healthcare industry, there is an increase in the incidences of diseases, such as cancer, genetic disorders, etc.. Fast results, customized effects, and low probability of adverse reaction of these drugs are expected to contribute toward the increase in the revenue. Favorable government policies with respect to personalized medicine are expected to create opportunities for the personalized medicine market. Recent developments related to pharmacogenomics are expected to create a favorable environment for the under-development drugs that are specific to a patient or patient group. Increase in the genetic database and upcoming therapeutic application in different fields, such as neurology, pulmonary psychiatry are expected to drive the global personalized medicine market over the forecast time period. However, the complex nature of drugs and high development costs might hinder the expansion of personalized medicines in the future.
By therapeutic area, the personalized medicine market is segmented into oncology, neurology, cardiology, antiviral, psychiatry, and others. By application, this market is segmented into biomarker identification, clinical research, companion diagnostics, and health informatics. By end-user, this market is segmented into contract research organizations, hospitals, bio and health informatics companies, molecular diagnostic laboratories and testing facilities, academic institutes, clinical care, and research laboratories, and others. By technology, the personalized medicine market includes pharmacogenomics, metabolomics, pharmacoproteomics, pharmacogenetics, stem cell therapy, pharmacodynamics, pharmacokinetics, and point of care.
North America is likely to dominate the global personalized medicine market during the forecast period, which would be closely followed by Europe. Increase in the healthcare expenditure and increased awareness are expected to drive these regional markets. The Asia Pacific is projected to be the third fastest growing region in the global personalized medicine market, due to the increase in the disease, rise in awareness, and increased healthcare expenditure over the forecast time period. The Middle East and Africa are anticipated to show moderate growth over the forecast time period.
Some key players of the global personalized medicine market include F. Hoffmann-La Roche Ltd., Pfizer Inc., Qiagen, AstraZeneca Plc., Merck & Co., Inc., Siemens Healthcare GmbH, Vertex Pharmaceuticals Incorporated, and Becton, Dickinson, and Company, among others.