San Francisco, 14 December 2018: The Report Personalized Medicine (PM) Market Analysis By
Product (PM Diagnostics, PM Therapeutics, Personalized Medical Care,
Personalized Nutrition & Wellness) And Segment Forecasts To 2022
According to a report by Grand
View Research, Inc., global personalized medicine market is anticipated to
value USD 2,452.5 billion by 2022. Growing requirement for fast and effective
treatments for chronic disorders such as cancer according to patient’s
condition is anticipated to propel demand for personalized medicine. These
personalized medicines are likely to support clinicians in providing accurate
set of treatment to patients after diagnosing them and knowing their health
condition. Increasing number of approved companion diagnostics and biomarkers
are expected to aid development of advanced personalized diagnostic tests.
This, in turn can enhance level of treatment monitoring for wide range of
complex diseases.
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| Personalized Medicine Market |
Increasing number of retail
clinics globally is likely to influence growth of market in next few years.
Continual development of whole genome technology, next generation sequencing,
and companion diagnostics can fuel market growth. Increasing healthcare
expenditure levels triggering requirement for effective diagnostic procedure
for cancer can fuel market growth. In addition, rising cases of cancer and
increasing use of combination biomarkers for diagnostics can fuel growth of
market over the forecast period. Novel introduction of drugs with associated
and companion diagnostics coupled with increasing use of highly sensitive and
accurate genetic diagnostic techniques for disease testing and risk management
can drive market growth. Moreover, growing adoption of next generation
sequencing for genetic mapping of patients by clinicians and medical
practitioners globally can stimulate market growth during the forecast period
(2012 to 2022).
Access Research Report of Personalized Medicine Market@ www.grandviewresearch.com/industry-analysis/personalized-medicine-market
The personalized medicine market
can be segregated on the basis of product and region. Based on product, the
market can be categorized into PM diagnostics, PM therapeutics, personalized
medicine care, personalized nutrition & wellness. PM diagnostics and
therapeutics segments are expected to grow at significant rate over the
forecast period. Continual development of next generation sequencing and
introduction of DNA/RNA screening for medical treatment and therapy during the
forecast period. Development and introduction of companion diagnostics and
associated drugs can contribute towards growth of personalized medicine market.
Similarly, personalized
medicine care and nutritional wellness segments accounted for large revenue
share for 2014. They are expected to grow at significant pace and dominate
during the forecast period. These segments are likely to include health
information technology, telemedicine, diseases management, complementary,
retail nutrition, and alternative medicine. Over the counter sale and
distribution, high usage rates, development and growth of retail clinics can
augment market growth. In addition, growing adoption of complementary medicine can
also influence growth of market during next few years. Moreover, integration
and implementation of healthcare IT systems and telemedicine with hospital
operation and workflow frameworks can drive demand for personalized medicine
segment during the forecast period.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/biotechnology
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East &
Africa. In 2014, North America dominated the market and accounted for largest
market share. Growing adoption of clinical practitioners coupled with favorable
national institutes of health (NIH) policies can fuel market growth. In
addition, government funding and integration into clinical trials is expected
to augment growth of market in the region. Moreover, central integration of
healthcare information technology (IT) systems and electronic health record
(EHR) with hospital operations can fuel market growth. Technology innovation of
next generation sequencing can result in cost reduction of genomic sequencing.
This, in turn can stimulate growth of market over the forecast period.
On the contrary, Asia Pacific
is predicted to witness significant growth attributed to presence of
significantly large base of unmet market demand. In addition, rising
technological advancement of regional healthcare framework coupled with growing
awareness about genomic sequencing, therapeutics, and genetic diagnostics can
augment market growth.
Some of the leading companies
offering personalized medicine are 3G Biotech, Laboratory Corporation of
America, Quest Diagnostics, Abbott, and Agendia NV. Most companies involved are
likely to improve testing technologies to enhance public usage rates of
companion diagnostic tests, personalized tailor made therapy prescriptions, and
genetic therapeutic. In addition, companies are expected to keep this market
competitive during the forecast period. Moreover, presence of extensive R&D
to capitalize on novel growth opportunities can further intensify competition
during the forecast period.
Access
Press Release of Personalized Medicine Market@
www.grandviewresearch.com/press-release/global-personalized-medicine-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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