Global Personalized Medicine Market is expected to reach USD 2,452.5 billion by
2022; according to a new study by Grand View Research, Inc. Growing number of
approved companion diagnostics and biomarkers have aided the development of
advanced personalized diagnostic tests and enhanced the level of treatment
monitoring for a range of complex diseases. A significant number of diagnostics
and therapeutic products, which are currently under clinical development and
investigational research, are associated with one or the other proteomic or
genomic markers and fall under category of companion diagnostics.
Personalized medicine finds
extensive and indispensable applications in the field of oncology. Furthermore,
a marked technological advancement of next generation sequencing is expected to
significantly enhance market usage rates owing to, a considerable decrease in
the costs of whole genome sequencing and is expected to improve the demand for
personalized medical diagnostic and therapeutic products over the forecast
period. Personalized medical care and nutrition accounted for the largest share
of the market in 2014 owing to, the presence of a significantly large consumer
base, relatively less number of regulatory mandates, and the over-the-counter
nature of retail nutrition products. This large share is also due to, the
highly capital-intensive nature of implementation of healthcare information
technology and telemedicine applications.
Further key findings from the study suggest:
- Personalized nutrition and wellness was the
largest product segment of the market in 2014. Growing population
considerably high market usage and high accessibility are amongst key
factors accounting for its large share. Moreover, the core segments of this
market viz., personalized medicine diagnostics and therapeutics are
expected to grow at the fastest rate over the forecast period due to,
ongoing technological advancements in genetic medicine.
- North America was the largest regional market
in 2014, with revenue estimated at over USD 500.0 billion. Presence of
sophisticated healthcare infrastructure, favorable government initiatives
pertaining to cancer research, and the presence of high patient and
practitioner awareness levels are some key drivers of this market.
- Asia Pacific is expected to witness lucrative
growth of over 13.0% over the forecast period. The presence of a large
population base, high market penetration of segments such as complementary
and alternative medicine, growing collaborative initiatives between
western and eastern market participants are some key factors expected to
drive regional market growth over the forecast period.
- Key players of this market include GE
Healthcare, Illumina Inc., Quest Diagnostics, Abbott Diagnostics,
Affymetrix, and Bayer Healthcare. Large presence of biotechnology and
pharmaceutical manufacturers is expected to keep the industry rivalry at
high levels throughout the forecast period. Moreover, the presence of
extensive R&D to capitalize on novel growth opportunities is expected
to further intensify competition over the forecast period.
Browse Details of Report @ http://www.grandviewresearch.com/industry-analysis/personalized-medicine-market
No comments:
Post a Comment