Personalized Medicine Market Size to Worth Around US$ 5.7 Trillion by 2030
The personalized medicine market size was valued at US$ 2.12 trillion in 2021 and is projected to be worth around US$ 5.7 trillion by 2030 with a growing CAGR of 11.6% from 2021 to 2030.
Personalized medicine is found to be effective among individuals. This medicine are focuses on particular patients considering its history, diseases condition, diagnosis as well as body physics to cure as well as to prevent their disease. Personalized medicine has tendency to reduce the side effect as compare to the other drugs available in the market. Moreover, probability of recovery increases in personalized medicine as it offers personalized treatment and decisions based on treatment are taken by medicine provider not the patient so that better result can be achieved.
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In addition, cost in this procedure is limited because it the reduces the efforts as well as huge capital on medicines, research as well as analysis done on masses rather it targets on specific treatment based on genetic mapping. Such medicine ensures factors such as decision taken on this medicine are more relevant as well as informed, treatment on patients have found to be more effective. Patients tends to have different disease history as well as condition so treating them with personalized medicine is more reliable which boost the growth of personalized medicine market.
However, lack of well-planned infrastructure for treatment could be one of the major restraining factors in the personalized medicine market. Lot of time as well as proper investment is required for establishing infrastructure that facilitate effective healthcare to patients. Storing patient’s data is one of the humongous tasks which also hampers the growth in the market. Moreover, merging in data from huge population could also leads towards the restraining of market. Also, privacy is major concern which could be used for malicious activities with patients. Leaving out certain data could lose the relevance in result that accelerates in improper treatment is hampering the demand of the market.
The report is separated in four categories such as application, product, end users as well as region. Based on application, the personalized medicine is segregated into central nervous system (Cns) disorders, cancer management, blood transfusion safety, psychiatry, neurology, coagulation therapy, diabetes, autoimmune diseases, infectious diseases as well as cardiovascular diseases. Cancer management is expected to hold to largest market share in the market. According to world health management (WHO) around 10 million deaths are reported across the globe due to cancer. Personalized medicine has become essential to cure these diseases, hence this factors contributes towards the growth of the market.
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Based on product type, the personalized medicine is segregated into therapeutics, diagnostics, medical care as well as nutrition & wellness. Therapeutics is further categorized in psychiatry, neurology, cardiology, antiviral as well as oncology. Furthermore, therapeutics is expected to hold the largest market share due to increasing in the number of biopharmaceutical companies that is indulged in development of genomic medicines. Advanced sequencing platform is also one of the reasons for reducing the cost in treatment which is likely to boost the demand of the personalized medicine market.
Based on end users, the personalized medicine is segregated into bio and health informatics companies, hospitals, academic institutes, partner, venture capitalists as well as service providers research laboratories. Hospital’s segment is estimated to share largest revenue in forecast year due to ease of facilitation of medical treatment. In addition, availability of trained staff, proper monitoring of patients, technologically advanced device to perform personalized treatment as well as skilled professional in hospital segment contribute towards the growth of the market.
Based on the region the report is categorized into North America, Europe, Asia-Pacific and Other region of the world. Regional dominance on the market is due to North America. North America contributing highest share in the market owing to well medical infrastructure across the region and well-developed countries like U.S. Also, the advancement of medical technology is well established in the North American region. Moreover, Asia-Pacific region is likely to have significant demand in this market due to rising awareness among in developing countries.
Future in the market-
There is a surge in number of various pharmaceutical companies over the years which is likely to boost the demand of personalized medicine market. In addition, this market has significant potential because of factors such as efficiency, reliability and patients are inclining towards personalized medicine. Moreover, key players such as foundation medicine inc., quest diagnostics, abbott, 3G biotech as well as agendia nv are working on personalized medicines to reduce the error and provide better result that will create demand in personalized medicine market.
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Development in the market place-
June 15, 2021 Exscientia which is a pharmatech company based in UK acquired allcyte which is an artificial intelligence provides personalized medicine. This acquisition will expand capabilities to offer more effective product in the market.
Segments Covered in the Report
- Personalized Medicine Diagnostics
- Genetic Testing
- DTC Diagnostics
- Esoteric Lab Services
- Esoteric Lab Tests
- Personalized Medicine Therapeutics
- Genomic Medicine
- Medical Devices
- Personalized Medical Care
- Health Information Technology
- Personalized Nutrition and Wellness
- Retail Nutrition
- Complementary & Alternative Medicine
- Diagnostic Centers
- Research & Academic Institutes
- North America
- Latin America
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