Personalized Medicine Market: An Empirical Assessment of the Trajectory of the Market

Market Definition:

“Targeted” diagnostics and therapeutics are one of the latest and anticipated healthcare technologies on the block. Genomic and proteomic sciences have brought the concept of personalized medicine that leverages knowledge of genetic makeup to build a more personalized approach to healthcare. Personalized Medicine is essentially a treatment process that is tailor made for the individual characteristic of a patient. Individual characteristic involves a patient’s unique molecular and genetic profile which is either responsible for or is susceptible to diseases like cancer, cardiovascular diseases, neurodegenerative disorders or other diseases. Personalized Medicine involves scientific breakthroughs that allows to predict the kind of medication and treatment method suits a particular patient, instead of following a generalized method of treatment. One of the advantages of personalized medicine over traditional healthcare is its precise approach cuts down costs of treatment considerably as compared to the “trial and error” method of treatment.

Pharmaceutical companies’ revenue was so far majorly based on “one-size-fits-all” medicines manufactured by them. However, the advancements in genetics and advent of Next Generation Sequencing (NGS), knowledge of a patient’s exact genetic makeup has become possible and it was evident that an individual’s disease is as unique as their genetic structure. Therefore, drug makers are developing tools which can decipher minute inborn differences for making certain individuals particularly susceptible to certain diseases. The drug makers are developing a safer, more potent drug which can target the biological differences forming the basis of diseases more precisely. Their target is to produce a myriad of personalized medicines that can yield huge profits over the forecast period.

Avail Sample Copy of report @ https://www.xpodenceresearch.com/Request-Sample/105863

Market Growth and Analysis:

Personalized medicines are related to the field of pharmacogenomics, pharmacogenetics, pharmacoproteomics and metabolomics. Basic technologies of molecular diagnostics like single nucleotide polymorphism (SNP) genotyping and biomarkers play an essential role in personalized medicine. It also involves biological therapies which may use patient's own cells that may or may not be tumorous. Vaccines, Monoclonal antibodies are therefore directed to specific genetic and immunologic targets. There is an increased focus on early detection and prevention of disease by using Biochip/microarray technologies and next generation sequencing in modern medicine. Thus, personalized medicine will involve a great deal of knowledge in nanobiotechnology, bioinformatics, genetics and pharmacology.

Lower probability of medication flaws, rapid results and customized effects and adverse drug reactions are few major factor behind the increased traction for R&D and revenue potential of the medicines. Furthermore, increasing favorable government policies for personalized medicine and development of genetic databases is also expected to add potential opportunities to boost the market growth.

Although, the advent of personalized medicines can bring about an increase in quality of clinical care and also might decrease the cost of healthcare, with a handful of diagnostic tests and medicines have accepted by the market, with mixed success. Thus, the market is still projected to overcome challenges like ethical issues regarding tissue engineering and some major barriers related to economics.

Market Segment:

The wind power segment has been expected to dominate owing to large horizontal wind turbines. Owing to factors such as efficient economics of horizontal wind turbines favoring large units, multiple-megawatt installations and current technology dynamics, many companies install wind power plant at manufacturing unit Climatic variation, environmental issues, need for energy security driving demand for green energy, and increased reliability and reducing costs fueling consumer demand for the energy over the forecast period. However, higher relative costs of green energy technologies tend to hinder the market growth over the forecast period. Although, new markets and green energy industries are anticipated to witness huge opportunities for the growth.

The global green energy industry has been segmented on the basis of energy type and end users. Based on energy type, the market has been segregated as solar photovoltaic, wind energy, hydroelectric power, bio-fuels and geothermal energy. Solar photovoltaic segment is further bifurcated into solar PV inverter, micro-inverters, string inverters and central inverters. End user segment for green energy technology comprises of commercial, residential and industrial.

Hydroelectric power segment has been anticipated to dominate green energy industry owing to large pre-installed base capacity. Solar PV is projected to be the fastest growing renewable source of energy, in terms of revenue. Demand for solar PV is expected to grow owing to increased efficiency and declining costs. The global market for solar PV inverters has been expected to have a steady growth in terms of revenue despite rise in PV inverter shipments as average selling prices is estimated to stabilize over the forecast period. Residential sector has been expected to be the fastest emerging end-user segment in terms of green energy consumption over the forecast period. Significant growth in residential photovoltaic installations has been witnesses owing to rising rational net metering policies and attractive cost economics. Furthermore, green energy sector growth in the commercial sector is predicted to rise due to compliance requirements and strict government regulations.

The global personalized medicine is segmented based on the therapeutic area, and end-user. The therapeutic area segment is further bifurcated into oncology, neurology, antiviral, cardiology, psychiatry and others whereas the end-users segment is segmented into hospitals, molecular diagnostics laboratories and testing facilities, contract research organizations, academic institutes and research laboratories, bio and health informatics companies and others (venture capitals, service providers).

Obtain report details with TOC @ https://www.xpodenceresearch.com/Reports/Personalized-Medicine-Market

Market Key players:

The demand of personalized medicine is projected to increase over the forecast period and has resulted in Pharma companies to accelerate the research entailing drugs that come under personalized medicine. Pfizer’s drug Xalkori and Roche's drug Zelboraf, both of which are personalized medicine and are prescribed for certain types of cancer were one of the fastest through the pipeline in recent years. Some of the leading companies in this field are Roche, Johnson & Johnson's, Novartis, AstraZeneca, Bristol-Myers Squibb, Pfizer, Eli Lilly, Sanofi, Amgen, Merck and GlaxoSmithKline.

About Us:

Xpodence Research is a U.S. based Market Research Company and offers the most extensive collection of progressive surveying syndicated and customized research reports of various categories for private and public industries across the globe.

We offer the comprehensive market research solution for all the industries by performing the in-depth study of industry trends, verticals globally. We believe in building an eternal bond with our customers through providing them inclusive research study both customized and syndicated based on their specific requirements.

The organizations in every industry such as Technology, Pharmaceuticals, Consumable Goods, Food & Beverage and others demands a market-based solutions for various significant decisions based on productivity and output globally. Our services are tailored specifically to our clients by proposing them the potential outcome, based on our in-depth analysis and insights for exploring the growth strategies through providing the best possible decision for quality production.

Contact Us:

Xpodence Research
244 , Madison Avenue
New York City, NY - 10016
United States
Toll Free +1- 844-445-2861
Email: sales@xpodenceresearch.com

This release was published on openPR.