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Global Personalized Medicines Market Analysis, Size, Share, Growth, Trends and Forecast 2016-2023
Personalized medicine is a concept that has the potential to transform medical interventions by providing effective and tailored therapies.
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The development of personalized medicine is a novel approach to introduce new dimension in medicine and healthcare industries. It includes the use of molecular analysis to achieve optimal medical outcome in management or diagnosis of patient’s disease. The main objective of personalized medicine is to identify most appropriate treatment option for patient population.
The market of personalized medicines and pharmacodiagnostics can be segmented as below:
By Therapeutics
Cancer Management
Tissue-based Tests
Blood Markers
Circulating Tumor Cells
Infectious Diseases
HIV
HBV
HCV
Hospital Acquired Infections
Coagulation Therapy
Autoimmune Diseases
Cardiovascular Diseases
CNS Disorders
Diabetes
Blood Transfusion Safety
By Diagnostics
By Theranostics
By Application
Pharmaceutical
Diagnostics
Healthcare
Others
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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.
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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.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. This report provides comprehensive analysis of
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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This report provides pin-point analysis for changing competitive dynamics
It provides a forward looking perspective on different factors driving or restraining market growth
It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
It provides distinctive graphics and exemplified SWOT analysis of major market segments
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