Personalized Medicine Market expected to witness the fastest CAGR over the forecast period owing to growing PM startups and favorable government initiatives

Personalized Medicine Industry Overview

The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

 

The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development. Researchers are focusing on the identification and monitoring of different biomarkers that can be later used for developing efficient personalized medicine and pharmacogenomics.

 

Gather more insights about the market drivers, restrains and growth of the Global Personalized Medicine Market

 

For instance, based on a recent study published in July 2020, researchers are developing a multi-analyte test strip that is used for monitoring even the slightest deviations in the biomarker profile. The technology will combine big-data analysis along with advanced technologies such as wearables for ensuring continuous precise data acquisition. Hence, such advancements in biomarker analysis will promote the development of personalized medicines.

 

In addition, the growing number of companion diagnostics can be further attributed to the market growth. Companion diagnostic tests (CDx) are designed for determining whether a patient is a viable candidate for a specific treatment and/or is responding to the treatment. Precision medicines are specific treatments based on environment, patient’s unique biological makeup, and lifestyle hence, companion diagnostics play an essential role in developing successful precision medicine.

 

Companies are focusing on launching new companion diagnostics for different cancers. For instance, in October 2020, Roche received U.S. FDA authorization for expanded claims of the cobas EGFR Mutation Test v2 as a (CDx) for the treatment of non-small cell lung cancer (NSCLC). Hence, the approval of such a new and innovative approach by the FDA can pave the way for identifying patients for personalized medicine.

 

Moreover, the ongoing situation of the COVID-19 pandemic has propelled the demand for personalized medicine (PM) approaches, particularly in researcher applications. These approaches are useful in understanding variations in an individual’s susceptibility and immune response against COVID-19. For instance, based on a study conducted in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosome 9 (9q34.2), 1 ApoE e4 genotype, 2, chromosome 3 (3p21.31), and loss of variants present on X-chromosomal TLR7.3.

 

The application of personalized solutions has the scope in developing specific treatment solutions for different patients based on the specific immunophenotype of the patient. Hence, PM approaches hold a promising solution for identifying genetic, biological, and environmental variables that could affect the vaccine response and also suggest the alternative dosage required by a certain population group.

 

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Personalized Medicine Market Segmentation

Grand View Research has segmented the global personalized medicine market based on product and region:

Personalized Medicine Product Outlook (Revenue, USD Billion, 2017 – 2028)

  • Personalized Medicine Diagnostics
    • Genetic Testing
    • DTC Diagnostics
    • Esoteric Lab Services
    • Esoteric Lab Tests
  • Personalized Medicine Therapeutics
    • Pharmaceutical
    • Genomic Medicine
    • Medical Devices
  • Personalized Medical Care
    • Telemedicine
    • Health Information Technology
  • Personalized Nutrition & Wellness
    • Retail Nutrition
    • Complementary & Alternative Medicine

Personalized Medicine Regional Outlook (Revenue, USD Billion, 2017 – 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Market Share Insights

  • February 2021: Illumina, Inc. signed an agreement with the Belgian Society of Medical Oncology (BSMO) for a national-level pilot program aimed at evaluating Comprehensive Genomic Profiling (CGP) in advanced metastatic cancer patients.
  • April 2020: Nestlé launched nesQino, a personalized healthy superfood drink made from natural ingredients.
  • January 2020: The U.S. FDA approved avapritinib for treating patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST).

 

Key Companies profiled:

Some of the prominent players in the personalized medicine market include:

  • Illumina, Inc.
  • GE Healthcare
  • Danaher Corporation (Cepheid, Inc.)
  • Abbott
  • QIAGEN
  • Exact Sciences Corporation
  • ASURAGEN, INC.
  • Biogen
  • Dako A/S
  • Exagen Inc.
  • Precision Biologics
  • Celera Diagnostics LLC
  • Decode Genetics, Inc.
  • Genelex
  • IBM
  • Genentech, Inc.
  • 23andME, Inc.

 

Order a free sample PDF of the Personalized Medicine Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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