Personalized Medicines Market Research Report : Forecast 2023
The market of personalized medicines and pharmacodiagnostics can be segmented as below:
Circulating Tumor Cells
Hospital Acquired Infections
Blood Transfusion Safety
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The market of personalized medicine is witnessing positive growth owing to the advancement in technologies coupled with introduction of new technologies by key players. For example, in June 2013, Natural Molecular Testing Corporation launched expanded cardiac personalized medicine based on Luminex Corporation’s xMAP technology. In addition, introduction of technologies like NanoVelcro chip devices and gene therapies by using pill for treating cancer will increase the customer base for personalized medicines and hence stimulates the market growth. Furthermore, personalized medicines have increased the possibility of healthcare profits, safety of patients and improve the clinical results which will further drive the growth of the market of pharmacodiagnostics and personalized medicines. For example, personalized medicines offer cost-effective treatment and also eliminate overspending for the cancer treatment. This factor would ultimately attract more number of customers to use personalized medicines and hence drives the market growth. Moreover, various other factors like early diagnosis of diseases, high adverse reaction of prescription drugs, changing patient’s trend and patient compliance would also augment the market growth. Furthermore, personalized medicines have major impact on small to medium sized enterprises (SMEs). It offers great business opportunities for these companies to develop their industrial boundaries across the globe. Thus, all the above mentioned factors would increase the use of personalized medicines by SMEs and hence further augments the market growth. However, implementation of personalized medicines in biomedical research and in clinical applications is still at a low pace which might restrict the growth of this market.
Geographically, North America dominates the global personalized medicines market. Advancement in technologies and increasing research activities on human DNA by various biotechnology companies in North America will drive the market growth. In addition, increasing incidence and prevalence of cancer and cardiovascular diseases in North America further drives the market growth. Europe is considered as the second largest market of personalized medicines. The growth of personalized medicines market in Europe is mainly attributed to consistent efforts of private research institutes and government for the development of clinical application for cancer, heart diseases and neurodegenerative disorders. Asia-Pacific region is considered as an emerging market for personalized medicines owing to ability of personalized medicines to provide cost effective and safer treatment options.
The leading players competing in personalized medicines market are Bayer HealthCare Pharmaceuticals, Abbott Molecular, Inc., Celera Diagnostics, Hologic, Inc., Rosetta Genomics Ltd., Macrogen, Inc., IRIS Personalized Medicine, Bristol-Myers Squibb, Cepheid, Curagen Corp., Decode Genetics, Exagen Diagnostics, Dako Denmark A/S, Exact Sciences Corp. and others.
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