According to a report, “ Personalized Medicine Market Size, Share & Trends Analysis By Product (Personalized Medical Care, Therapeutics, Personalized Nutrition & Wellness), By Region (Asia Pacific, Europe, North America), And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc., The global personalized medicine (PM) market size is expected to reach USD 3.18 trillion by 2025 registering a CAGR of 10.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing number of approved companion diagnostics and biomarker products have been proved promising avenues for the development of advanced precision diagnostic tests. Several personalized diagnostics and therapeutic products based on companion diagnostics are under clinical trials and development pipelines, which also add an incremental opportunity to accelerate this market.
Gene therapies are widely utilized to diagnose both chronic and genetic disorders according to individual’s genetic makeup. Growing adoption of gene sequencing and data analytics technologies is anticipated to escalate precision medicine market growth. Decreasing cost of whole genome sequencing, advancement in cell biology sector, and the development of “Human Genome Project” are several other factors influencing the demand for gene therapy hence, boosting the overall market. Moreover, key leaders are undergoing numerous strategic developments to launch novel personalized products, which will also contribute to the market expansion.
For instance, in September 2018, Vertex Pharmaceuticals collaborated with Genomics for the delivery of precision medicine based on individual’s genetic differences and lifestyle. Similarly, in January 2018, Foundation Medicine collaborated with European Organization for Research and Treatment of Cancer (EORTC) to facilitate Foundation’s comprehensive genomic profiling to across personalized medicine and clinical trial enrolment.
Further key findings from the study suggest:
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PM therapeutics is projected to register the fastest CAGR over the forecast period owing to the development of high-capacity rapid sequencing platforms for medical therapies
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Reduction in sequencing cost leads to an expected growth of genomic sequencing and genetic research, thus contributing to lucrative opportunities for genomic medicine
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Asia Pacific is projected to be the fastest-growing regional market due to rising number of collaborative initiatives between eastern and western market leaders
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Chinese personalized medicine market is benefitted due to initiatives implemented by the Chinese government and reimbursements for disease treatment
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Prominent companies include GE Healthcare; Illumina, Inc.; Asuragen, Inc.; Abbott Laboratories; Dako A/S; Exact Science Corp.; and Biogen, Inc.
Product Insights
Personalized nutrition & wellness was the largest product segment in 2018. Availability of a wide range of nutrition & wellness products and increased Over The Counter (OTC) sale of these productsplay a significant role in boosting the segment growth. Companies are undertaking several initiatives for sustaining market competition. For instance, in March 2018, DSM partnered with Mixfit to provide personalized nutrition solutions by combining Artificial Intelligence (AI) technology.
This strategic partnership was targeted towards offering consumers a personalized approach regarding nutrition. PM therapeutics includes pharmaceuticals, genomic medicine, and medical devices for personalized therapies and it is anticipated to witness the highest CAGR during the forecast period. Advent of high-capacity rapid sequencing platforms and reducing cost of sequencing whole human genome plays a major role in the segment development.
Genomic medicine has emerged as a significant segment in PM therapeutics. Availability of large databases of genomic data enables researchers to develop accurate and effective therapeutic products for several medical conditions. Consequently, this results in high utilization of human genome sequencing techniques for genomic medicine.
Regional Insights
Led by U.S., North America was the dominant regional personalized medicine market in 2018. Increasing adoption of NGS methods and healthcare IT systems in clinical workflow along with supportive government policies and funding drives the regional market.
For instance, in September 2018, the All of Us Research Program initiated by the National Institutes of Health (NIH) awarded funds of USD 28.6 million to three genome centers of the U.S. This funding supported the generation of genomic data from biosamples by these centers, which is a critical component of precision medicine discoveries.
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However, Asia Pacific is projected to witness the highest CAGR over the forecast period owing to low cost of clinical trialsof newly developed precision medicines and diagnostic products. Moreover, rising disposable income levels and growing economy of emerging countries will boost the market further.
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Grand View Research has segmented the global personalized medicine market on the basis of product and region:
Personalized Medicine Product Outlook (Revenue, USD Million, 2014 – 2025)
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Diagnostics
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Genetic Testing
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DTC Diagnostics
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Esoteric Lab Services
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Esoteric Lab Tests
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Therapeutics
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Pharmaceutical
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Genomic Medicine
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Medical Devices
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Personalized Medical Care
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Telemedicine
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Heath Information Technology
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Diseases Management
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Personalized Nutrition & Wellness
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Retail Nutrition
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Complementary Medicine
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Alternative Medicine
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Personalized Medicine Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Europe
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Germany
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U.K.
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Asia Pacific
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Japan
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China
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Latin America
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Brazil
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Middle East and Africa (MEA)
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South Africa
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