The global personalized medicine (PM) market size is expected to reach USD 3.18 trillion by 2025 registering a CAGR of 10.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing number of approved companion diagnostics and biomarker products have been proved promising avenues for the development of advanced precision diagnostic tests. Several personalized diagnostics and therapeutic products based on companion diagnostics are under clinical trials and development pipelines, which also add an incremental opportunity to accelerate this market.
Gene therapies are widely utilized to diagnose both chronic and genetic disorders according to individual’s genetic makeup. Growing adoption of gene sequencing and data analytics technologies is anticipated to escalate precision medicine market growth. Decreasing cost of whole genome sequencing, advancement in cell biology sector, and the development of “Human Genome Project” are several other factors influencing the demand for gene therapy hence, boosting the overall market. Moreover, key leaders are undergoing numerous strategic developments to launch novel personalized products, which will also contribute to the market expansion.
For instance, in September 2018, Vertex Pharmaceuticals collaborated with Genomics for the delivery of precision medicine based on individual’s genetic differences and lifestyle. Similarly, in January 2018, Foundation Medicine collaborated with European Organization for Research and Treatment of Cancer (EORTC) to facilitate Foundation’s comprehensive genomic profiling to across personalized medicine and clinical trial enrolment.
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Further key findings from the study suggest:
PM therapeutics is projected to register the fastest CAGR over the forecast period owing to the development of high-capacity rapid sequencing platforms for medical therapies
Reduction in sequencing cost leads to an expected growth of genomic sequencing and genetic research, thus contributing to lucrative opportunities for genomic medicine
Asia Pacific is projected to be the fastest-growing regional market due to rising number of collaborative initiatives between eastern and western market leaders
Chinese personalized medicine market is benefitted due to initiatives implemented by the Chinese government and reimbursements for disease treatment
Prominent companies include GE Healthcare; Illumina, Inc.; Asuragen, Inc.; Abbott Laboratories; Dako A/S; Exact Science Corp.; and Biogen, Inc.
Grand View Research has segmented the global personalized medicine market on the basis of product and region:
Personalized Medicine Product Outlook (Revenue, USD Million, 2014 - 2025)
Esoteric Lab Services
Esoteric Lab Tests
Personalized Medical Care
Heath Information Technology
Personalized Nutrition & Wellness
Personalized Medicine Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa (MEA)
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