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.
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).
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Global personalized medicine market, by product, 2012 – 2022 (USD Billion)
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.
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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.
Grand View Research has segmented the global personalized medicine market on the basis of product and region:
Global Personalized Medicine Product Outlook (Revenue, USD Billion, 2012 – 2022)
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PM Diagnostics
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Genetic Testing
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Direct-to-consumer Diagnostics
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Esoteric Lab Services
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Esoteric Lab Tests
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PM 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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Healthcare 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 Billion, 2012 – 2022)
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North America
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Europe
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Asia Pacific
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Latin America
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MEA
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