The global personalized medicine market size is expected to reach around US$ 1.7 trillion by 2026 and will grow at noteworthy CAGR around 9.1 % over the forecast period.
Personalized medicines are medicines that are based on individual patients or planned patient groups with certain biomarkers and are designed to meet the patient's needs depending on the patient's reaction to a specific disease. Personalized medications presently concentrate on their efficacy in rare genetic diseases and cancer patients. The ability to end the one-sized strategy contributes to anticipation of greater therapy efficiency by customizing prevention, prediction and therapy. The EU invested EUR 1 million in this respect as of 2015, through its seventh framework program for research and technological innovation, centered on the growth of personalized medicine. The EU is also known to coordinate Health Technology Assessment with its Member States to gain a better knowledge of cost-effectiveness of incorporating personalized medications into their respective health systems. Building dialog between worldwide parties involved could simplify procedures and laws for clinical trials over the next few years.
The report provides analysis of global Personalized Medicine market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Personalized medical markets are anticipated to grow rapidly, owing to the increased incidence of disease and a deep focus on the development of cancer patients with greater efficacy than other treatments. Fast findings and custom impacts, reduced probabilities of medicinal defects and negative responses to medicinal products are just some other considerations which could provide an appropriate traction for R&D and for those drugs. Governments will also have an increased chance to use this market in favor of personalized medicine. Recent advances in pharmacogenomics should generate the appropriate medication-specific atmosphere for one patient or group. Genetic database development could provide extra market boost. Some of the constraints that could hinder the income growth of the market in personalized medicinal products in the coming years include the complicated nature of drugs, high development cost, a suboptimal development structure and an intermediate effect variance.
Personalized medicine promises to change the paradigm of diagnosis and therapy because therapy is based on information obtained from an individual patient's overall viewpoint. The increase in the sequencing costs and growth of the Human Genome Project is anticipated to drive the market in sequencing methodologies and in particular Next Generation Sequencing (NGS).
The NGS technology provides patient genetic composition and drug reaction information, thus promoting the creation of precise disease treatment medicine. In addition, NGS, together with CDx, will play an important part in advancing customer-friendly diagnostics and therapeutics in the coming years. New CDx and biomarkers have compelled businesses to enhance their precise portfolios for non-oncological therapeutic apps with a focus on Infectious and Cardiovascular Disorder (Cardiovascular Diseases).
This provides a powerful incentive to scale the CDx trials into PM for non-oncology instances. One of the main variables responsible for the development of the industry is the increased incidence of cancer which stimulates demand for personalized cancer diagnostics and therapies. The worldwide burden of cancer has grown to 18,1 million fresh instances in 2018, according to the GLOBOCAN 2018 information. Increasing expenditure on cancer is also driving development.
Key businesses on the personalized market in medicine are participating in a number of precise medicine investment programmes. As a result, major pharmaceutical companies have improved their dedication to this industry. In addition, the molecular decision support systems businesses combine genomics with clinical information to minimize the gaps in the practice of precision medicine.
Due to government incentives for hydro-turbine technology, North America is projected to have important demand for Personalized Medicines over the next 6 years. As renewables for power generation rise, Europe is expected to drive market growth. In the next six years, emerging markets such as India and China will fuel the industry.
The biggest product segment in 2018 was personalized nutrition & wellness. Over the counter (OTC) sales of these products are an important factor in boosting segment development, as well as a broad variety of nutrition & wellness goods and enhanced sales. Companies undertake several market competition sustainability projects. For example, by combining artificial intelligence (AI) technology, DSM partnered with Mixfit in March 2018 to provide personalized nutrient alternatives.
The objective of this strategic partnership was to offer a personalized approach to nutrition for customers. PM therapy involves medicinal products for individual therapy, genomics and medical devices and is expected to demonstrate the greatest CAGR over the forecast period. A significant role in the segment growth is the development of the high capacities quick sequencing platforms and the reduction of the costs of sequencing all human genomes.
Genomics has become a major component of PM therapy. Large genomic information databases allow scientists, with various medical circumstances, to create precise and efficient therapeutic products. As a result, human genome sequencing technologies have been highly utilized for genomics.
In 2018, North America was led by the United States, the dominant national market for personalized medicine. Continuing use and supportive public policies and financing of NGS techniques and healthcare IT systems in the clinical workflow is boosting the regional market.
In September 2018 for instance, three U.S. Genome Centers were granted funding of USD 28.6 million in the All Us Research Program initiated by the National Institutes of Health (NIH). These financing endorsed genomic information generation by these centers from biosamples, which are a critical part of findings in precise medicine.
However, Asia Pacific is expected to be the largest CAGR during the forecast period, as freshly developed medical and diagnostic products will cost very little for clinical trials. In addition, increasing disposable earnings and the evolving economies will further increase the market.
Global Personalized Medicine Market, By Product
Global Personalized Medicine Market, By Geography
The market research study on “Personalized Medicine Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Personalized Medicine market segments with market dynamics and their impact. The report also covers basic technology development policies.
This Report offers an assessment of the most recent developments in each sub-segment from 2015 until 2026 and offers a forecast of revenues and volume growth at worldwide, regional and national levels. ARC segmented the worldwide personalized medicine (PM) report on the product and region for the purpose of this research:
Key Players & Strategies
Key companies in this market are Illumina, Inc.; Danaher Corporation Asuragen, Inc.; Abbott Laboratories; GE Healthcare; Dako A/S; Exagen Diagnostics, Inc.; Exact Science Corporation;Decode Genetics, Inc.; QIAGEN; Celera Diagnostics LLC; Genelex Corporation; Precision Biologics, Inc.; and Biogen, Inc.
These businesses invest in product-oriented technologies and company expansion developments. In April 2018, for example, Ilumina provided economic assistance to multiple start up companies. TruGenomix Health, Inc., one of the starting companies, concentrated on individual therapy choices and promoted personalized treatments.