Personalized Medicine Market | Next Generation Sequencing to Shoot Up Demand for Personalized Medicines
Personalized medicines refer to those drugs that are made on the basis of intended patient groups or an individual patient carrying specific biomarkers. These medicines are made to meet the need of an individual patient depending on the response generated by the patient affected by a certain disease. These medicines have proven to be effective in the treatment of patients suffering from rare genetic disorders and cancer, which is likely to trigger development of the global personalized medicine market in the coming years.
Personalized medicine also goes by many other names, such as P4 medicine, stratified medicine, or precision medicine. Diagnostic analysis is used frequently carried out to figure out the best and the most suitable method of treatments depending on the cellular or molecular analysis and genetic content. Personalized medicines come with highest safety margin and most suitable response so as to improve patient care. It enables each and every patient to attain risk assessment and earlier diagnosis. In addition to that, overall cost of treatment is reduced and patient care is improved considerably. All these factors are estimated to fuel development of the global personalized medicine market in the near future.
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Rise of sequencing methodologies, specifically next generation sequencing (NGS), is one of the key reasons driving market growth.In recent years, there is remarkable increase in number of cancer cases in all worldwide locations. Similarly, there is considerable growth in the use of biomarker PM cancer therapy. This factor is working as a driver for the growth of the global personalized medicine market. Apart from this, the growing number of retail clinics in developed countries from Europe and North America is fueling the growth of the market for personalized medicine.
Need for Improved Patient Care and Reduced Cost to Drive Personalized Medicine Market
Personalized medicine comes with a promise of paradigm shift in care delivery and diagnosis as it is based on the information and data harnessed from the holistic view of an individual patient. The increasing penetration of sequencing methodologies, particularly Next Generation Sequencing (NGS), has resulted from the increasing development and sequencing cost of Human Genome Project in the field of genomics is forecasted to pave way for rapid growth of the global personalized medicine market.
To sustain in this high competition, new entrants will need to execute diverse strategies. In this effort, many well-established players are taking initiatives to help startups. Some vendors are offering financial support for these new companies.Many vendors working in the global personalized medicine market are focused on advancing the quality of services they offer. To achieve this motive, they are growing investments in research and development activities. This aside, players are pouring efforts to grow their regional presence.
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The next generation sequencing technology offers data and information pertaining to the genetic makeup of a patient and his or her response to drugs. This factor is anticipated to play a vital role in driving the demand for personalized medicine.
Key Market Players Analysis:
Illumina, Inc., GE Healthcare, Abbott Laboratories, Asuragen, Inc., Exact Science Corporation, Dako A/S, Decode Genetics, Inc., Danaher Corporation (Cepheid, Inc.), Exagen Diagnostics, Inc., Celera Diagnostics LLC.
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