Global Personalized Medicine Market: Industry Analysis And Forecast (2020-2026)

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Global Personalized Medicine Market: Industry Analysis and Forecast (2020-2026)

Global Personalized Medicine Market is expected to reach $XX Mn by 2026 from $XX Mn in 2019, at a CAGR of 10.5% during forecast period.

Global Personalized Medicine Market by Application
Global Personalized Medicine Market Overview:

Personalized medicine is an emerging field of, medicine which is also referred to as precision medicine. This medical model uses an individual’s genetic profile to guide decisions made in regard to the prevention, diagnosis, and treatment of disease. Knowledge of a patient's genetic profile can help doctors select the proper medication or therapy and administer it using the proper dose or regimen. Personalized medicine is being advanced through data from the Human Genome Project.
Global Personalized Medicine Market Dynamics:

Dominantly increasing cases of various cancers worldwide primarily drive the market growth.

The rising prevalence of cancer and the rising demand for personalized cancer therapeutics boost the market growth. Growing incidences of technological advancements owing to the accessibility of large scale human genome databases including Next Generation Sequencing (NGS) positively impacts market growth. The use of advanced computational tools and the development of innovative genetic technologies help in identifying cancer causes. Recent developments in pharmacogenomics are expected to create a suitable environment for developing drugs, which are specific to one patient or group. Increasing therapeutic applications in the fields like cardio-renal, neurology, antiviral, pulmonary, psychiatry are expected to create potential growth opportunity in forecast years.

However, complex nature of these drugs, high development costs, and variability effects amongst the patients are some factors that may restrain the market growth.

The report has profiled eighteen key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed.
Global Personalized Medicine Market Segment Analysis:

The global Personalized Medicine Market is segment on the basis of product, application, technology and end-users.

Based on Product, the personalized nutrition & wellness segment held the largest share of XX% in 2019. It is expected to grow at a CAGR of 8.3% during the forecast period. Rising awareness of consuming healthy food for wellness, an increase in adoption of customized diet plans are considered to be the major factors propelling the segment growth. A wide range of nutrition & wellness products are available which play a significant role in boosting segment growth. In March 2018, DSM partnered with Mixfit to provide personalized nutrition solutions by combining Artificial Intelligence (AI) technology.

Based on Technology, the drug discovery segment is expected to dominate the global market. Recent technological advancements in drug discovery and pharmacogenomics contribute to boosting the market growth. Pharmacogenomics is used in predicting the efficacy of a drug. Pharmacogenomics helps in focusing effective therapy on smaller patient subpopulations that, although demonstrate the same disease phenotype but have distinct genetic profiles. The segment is estimated to grow at a CAGR of 8.7% during the forecast period. In October 2018, Qiagen announced its launch of novel RNA-seq library preparation solutions for next-generation sequencing thereby expanding its portfolio and user base significantly.

Global Personalized Medicine Market by Application

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Global Personalized Medicine Market Regional Insights:

Global Personalized Medicine Market by Regional
North America held a prominent market share of XX% in 2019.

Due to Huge investments in the healthcare industry, the market for personalized medicine is expected to be dominated by the North America region followed by Europe. The increasing prevalence of cancer in the region and increased demand for precision medicine is attributed to the favorable government initiatives and growing investments for the development of novel solutions for effective disease management. Various initiatives undertaken will pave the market growth by creating awareness about personalized medicines.
APAC is expected to grow at a significant CAGR during forecast period.

Owing to the low cost of clinical trials of newly developed precision medicines and diagnostic products. Moreover, rising disposable income levels and the growing economy of emerging countries will boost the market further.

The report also helps in understanding Global Personalized Medicine Market dynamics, structure by analyzing the market segments and project the Global Personalized Medicine Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Personalized Medicine Market make the report investor’s guide.

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Global Personalized Medicine Market Scope: Inquire before buying

Global Personalized Medicine Market by Scope
Global Personalized Medicine Market, by Region:

• North America
• Europe
• South America
• MEA
• APAC
Global Personalized Medicine Market Key Players

• Abbott Laboratories
• Merck & Co., Inc.
• AstraZeneca
• Pfizer, Inc.
• GlaxoSmithKline plc.
• Novartis AG
• Amgen, Inc.
• Bayer AG
• Mylan N.V.
• Eli Lilly and Company
• Bristol Myers Squibb Co.
• Daiichi Sankyo Company, Ltd.
• Biogen, Inc.
• Johnson & Johnson Services, Inc.
• F. Hoffmann-La Roche Ltd.
• Thermo Fisher Scientific, Inc.
• Novo Nordisk A/S
• Sanofi Genzyme.

 

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