The global demand for Personalized Medicine Market is presumed to reach the market size of nearly USD 1034.39 MN by 2028 from USD 635.8 MN in 2021 with a CAGR of 7.2% under the study period 2022 - 2028.
Personalized Medicine focuses on individualized treatment by gathering information about a person's genetics. It has revolutionized the field of Medicine by identifying certain genes specific to an individual and planning treatment based on them. It also helps to find out genes that make a person vulnerable to certain diseases and attempts to prevent them. It especially helps in treating cancer by giving essential information about a malignant tumour to plan the course of treatment or check how well the patient responds to the treatment. This is a customized treatment method to offer the correct treatment to the patient on time. Personalized Medicine helps improve patient's quality of life and significantly reduces treatment costs.
The personalized medicine market shows favourable growth during the study period. The growing focus on the role of the biomarker or gene in the diagnosis, treatment, and prediction of diseases for the development of personalized Medicine has contributed to the market's growth. The market growth is also attributed to the fact that the number of diseases like cancer and autoimmune is increasing, and personalized Medicine is highly effective in treating them compared to other therapies. The progress in the field of pharmacogenomics or the study of how a person's DNA affects his way of responding to medications will create a favorable atmosphere for developing patient-specific drugs. This will boost the market for personalized medicines. Reduced risk for medication errors and harmful drug reactions, fast results, and customized effects of these medicines will facilitate the research and development in this field and generate market revenue for personalized medicines. Flexible government policies toward these medicines will create new growth opportunities in the market.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of personalized medicine. The growth and trends of personalized medicine industry provide a holistic approach to this study.
This section of the personalized medicine market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
- 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)
This section covers the regional outlook, which accentuates current and future demand for the Personalized Medicine market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Personalized Medicine Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major 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. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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