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Global Personalized Medicine Market, Analysis, Size, Share, Development and Forecast to 2022
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The pharmaceutical companies and biotechnology companies are actively involved in the research and development of personalized medicine. Different companies are developing and manufacturing biologics, such as blood products, vaccines, nutritional products, and gene therapies, to improve the quality of patient life. In December 2014, U.S. Food and Drug Administration (FDA) approved Lynparza, a poly (ADP-ribose) polymerase inhibitor as monotherapy in patients with deleterious or suspected deleterious germline breast cancer mutated advanced ovarian cancer, who have been treated with three or more prior lines of chemotherapy. Also in the same year, the organization approved the VIMIZIM, an enzyme replacement therapy for the treatment of patients with Morquio A syndrome.
National Cancer Institute, a part of the U.S. National Institutes of Health (NIH) defined personalized medicine as a form of medicine that uses information about a person’s genes, proteins and environment to prevent, diagnose and treat disease. In cancer, personalized medicine uses specific information about a person’s tumor to help diagnose, plan treatment, find out how well treatment is working, or make a prognosis. Personalized medicine uses targeted therapies to treat specific types of cancer cells, such as HER2-positive breast cancer cells, and to develop tumor marker for the diagnosis of cancer.
Recent development in pharmacogenomics for the benefits of patient population and increasing involvement of pharmaceutical companies for the development of personalized medicine are driving growth of the global personalized medicine market. Implementation of the favorable government policies for personalized medicine is also creating huge traction for the development of personalized medicines. However, complex nature of the personalized drugs and high cost associated with the research and development act as key barriers for growth of the global market.
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Some of the key players operating in the global personalized medicine market are GE Healthcare, Illumina Inc., Quest Diagnostics Incorporated, Abbott, Affymetrix, Inc., Bayer AG, F. Hoffmann-La Roche AG, AstraZeneca PLC, Pfizer Inc., Valeant Pharmaceuticals International, Inc., and Vertex Pharmaceuticals Incorporated.
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