Personalized Medicine Market

Global Personalized Medicine Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Rising prevalence of various types of cancer and increasing geriatric population are some of the major factors driving the growth of Global Personalized Medicine Market.

Global Personalized Medicine Market is valued at USD 583.33 Billion in 2022 and expected to reach USD 942.84 Billion by 2029 with a CAGR of 7.1% over the forecast period.

Scope of Global Personalized Medicine Market Report-

Personalized medicine is an arising practice of medication that utilizes a person's genetic profile to direct choices made with respect to the prevention, diagnosis, and treatment of sickness. Information on a patient's hereditary profile can help doctors with choosing the proper medication or treatment and regulate it by utilizing the proper dose or routine. Personalized medicine is being progressed through data from the Human Genome Project. Personalized medicine is a great opportunity to take a """"one size fits all"""" way to diagnostics and drug treatment and prevention and transform it into an individualized approach. Genomics is playing a major part in the development of personalized medicine because it gives a window in a very specific molecular way into those distinctions among users and permits the opportunity for making individual expectations about disease risk that can help someone with picking a prevention plan that is ideal for them. 

The Covid-19 pandemic has also impacted the growth of the global personalized medicine market. The Coronavirus pandemic addresses a unique opportunity to take advantage of personalized medicine for the prevention, diagnosis, treatment, surveillance, and management of another test in public health. The continuous circumstance of the Covid-19 pandemic impelled the demand for personalized medicine approaches, especially in research applications. These methodologies are valuable in understanding varieties of an individual’s weakness and immune response against Covid-19.

The global personalized medicine market is segmented on the basis of product, application, end-user, and region & country level. Based on the product, the global personalized medicine market is classified into diagnostics, therapeutics, nutrition & wellness, and others. Based on the application, the market is classified into neurology, diabetes, oncology, blood transfusion safety, autoimmune diseases, cardiology, and others. Based on end-user, the personalized medicine market is classified into hospitals, specialty clinics, and others. 

The regions covered in global personalized medicine market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global personalized medicine is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Key Players for Global Personalized Medicine Market Report-

Some major key players in the global personalized medicine market report cover prominent players like

• GE Healthcare
• Illumina Inc.
• Precision Biologics
• IBM Corporation
• Decode Genetics Inc.
• Exact Sciences Corporation
• Biogen
• Danaher Corporation
• Celera Diagnostics LLC
• Exagen Inc.
• and other. 

News-

Prometheus Laboratories Announced Partnership with Takeda to Launch CDPATH, a Personalized Prognostic Tool Advancing Innovation for Crohn's Disease Patients

On July 15th, 2022; Prometheus Labs Inc. reported its partnership with Takeda Drug Pharmaceutical Company (""""Takeda"""") to broadly launch CDPATH, a creative prognostic tool for Crohn's illness (CD) patients. CDPATH is a personalized risk assessment tool that can be utilized in blend with a doctor's clinical evaluation to assess an adult patient's risk for creating serious difficulties of CD like bowel injuries, inward entering illness, or non-perianal medical surgery in three years or less.

Infosys Launched SAP-based Personalized Medicine Solution for Pharma Cos.

On June 29th, 2019; Infosys launched an all-new, Personalized Medicine solution for the pharmaceutical business. The solution uses SAP S/4HANA, the SAP C/4HANA suite, the SAP Analytics Cloud arrangement, and SCI stage to determine intelligent insights, empowering pharmaceutical organizations to address basic business and regulatory necessities while conveying personalized experiences to patients. The Infosys Customized Medicine Solution empowers pharma organizations to change their cycles and drive stronger business results.

Rising Prevalence of Various Types of Cancer, Increasing Geriatric Population and Growing Number of Companion Diagnostic are Driving the Market Growth 

One of the major factors driving the growth of the global personalized medicine market is the rising prevalence of various types of cancer. Cancer is the main cause of death around the world. Cancer is caused by the change of ordinary cells into tumor cells throughout the span of a multi-stage process that regularly starts with a precancerous sore and advances to a malignant tumor. These changes are brought about by the interaction of an individual's hereditary elements. Since each sort of cancer requires a unique therapy plan, the right cancer diagnosis is basic for effective and appropriate treatment. For a huge scope, cancer patients benefit from personalized medicines. Thus, the increasing prevalence of cancer is boosting the development of the personalized medicine market growth over the forecast period. For example, according to the World Health Organization (WHO), cancer is the main source of death around the world, representing almost 10 million deaths in 2020, or almost one out of six deaths. Every year, about 400 000 kids develop cancer.

In addition, increasing geriatric population is also supplementing the demand for personalized medicines. Diabetes, cancer, hypertension, and glucose levels are only a couple of the medical conditions that the elderly face. They should be more worried about their well-being. For example; according to the World Health Organization (WHO), in 2019, the number of individuals matured 60 years and more established was one billion. The number of populace aged 65 and up will rise by approximately 1.5 billion by 2050. 

Furthermore, the growing number of companion diagnostics also drives the global personalized medicine market. Companion diagnostic tests (CDx) are intended for deciding if a patient is a suitable candidate for a particular treatment or potentially is responding to the treatment. Personalized medicines are explicit medicines in light of climate, patient's remarkable biological makeup, and lifestyle consequently; companion diagnostics play a fundamental part in creating effective personalized medicines. For example; in October 2020, Roche got U.S. FDA approval for extended cases of the Cobas EGFR Mutation Test v2 as a (CDx) for the therapy of non-small cell lung cancer (NSCLC). Therefore, the approval of such a new and inventive methodology by the FDA can prepare for identifying patients for personalized medicine. 

However, strict government regulation may hamper the global personalized medicine market growth. In spite of that, the rising advancements in the field of personalized medicine can provide various opportunities for the further growth of the global personalized medicine market.

North America is Anticipated to Dominate the Global Personalized Medicine Market

North America is expected to dominate the global personalized medicine market within the forecast period due to the increasing number of cancer patients, growing authorization granted to personalized medicine, and the presence of key players in this region. For instance; according to the American Cancer Society journal, in the United States, there will be a projected 1.9 million new cancer cases diagnosed and 609,360 cancer deaths, in 2022. Also, increasing authorization granted to personalized medicines also drives the market in the North America region. For example; on February 25th, 2020, in 2019, the FDA cleared or cleared 12 personalized medicines and seven diagnostics, helping suppliers with tending to the main drivers of disease and further coordinating accurate medication with clinical care.

Europe is anticipated to grow faster in the global personalized medicine market due to the rising number of cancer patients and ongoing research & development activities. For example; as per the European Commission, there are 2.6 million people are diagnosed with cancer and it kills about 1.2 million people each year. Increasing research & development activities drive the market in this region. For instance; in June 2021, Exscientia which is a pharmatech organization situated in the UK acquired Allcyte which is an artificial intelligence that gives personalized medicine. This securing will extend capacities to offer the more effective items on the market.

Key Benefits of Global Personalized Medicine Market Report–

• Global Personalized Medicine Market report covers in-depth historical and forecast analysis.
• Global Personalized Medicine Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.

• Global Personalized Medicine Market report helps to identify opportunities in marketplace.
• Global Personalized Medicine Market report covers extensive analysis of emerging trends and competitive landscape.

Global Personalized Medicine Market Segmentation:-

By Product:

• Diagnostics

• Therapeutics
• Nutrition & Wellness
• Other

By Application:

• Neurology

• Diabetes
• Oncology
• Blood Transfusion Safety
• Autoimmune Diseases
• Cardiology

• Others

By End-User:

• Hospitals
• Specialty Clinics
• Others