Personalized Medicine Market: Overview
Personalized medicine is tailoring of a treatment to a specific patient i.e. designing medicine treatment on the basis of diagnosis, disease condition, patient history, body physics, and other factors related to patients and diseases. Personalized medicine is also known as precision medicine, stratified medicine, or P4 medicine. In personalized medicine, diagnostic analysis is often conducted for selecting suitable and best treatments based on the patient’s genetic content or other molecular or cellular analysis. Personalized medicine has best response and highest safety margin to ensure enhanced patient care by allowing every patient to attain earlier diagnosis, risk assessment, and best treatment. Additionally, personalized medicine offers opportunities to improve health care by lowering overall treatment costs.
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Rise in the prevalence of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications, less side-effects of personalized medicine therapy, high adoption in developed markets, and development of innovative drugs are factors driving the global personalized medicine market. However, high competition among existing market players, stringent government regulations regarding product approval, and lack of awareness among the rural population in developing economies are likely to hamper the market in the next few years.
The global personalized medicine market is can be segmented based on product, application, distribution channel, and region. In terms of product, the market has been categorized into personalized medicine therapeutics, personalized medicine diagnostics, personalized nutrition & wellness, and personalized medical care. The personalized medicine therapeutics segment has been sub-categorized into pharmaceuticals, genomic medicine, and medical devices. The personalized medicine therapeutics segment is anticipated to hold the largest share of the global personalized medicine market during the forecast period, owing to rise in the prevalence of various types of cancer and chronic diseases.
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Based on application, the global personalized medicine market has been divided into cancer management, infectious diseases, central nervous system (CNS) disorders, blood transfusion safety, coagulation therapy, diabetes, autoimmune diseases, cardiovascular diseases, neurology, and psychiatry. The cancer management segment is likely to hold the major share of the global market during the forecast period. Based on distribution channel, the market can be categorized into hospitals pharmacies, retail pharmacies, dietary care centers, and others. Rising prevalence of chronic diseases is likely to boost the market in the near future.
Geographically, the global personalized medicine market can be segmented into five major regions: North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. In terms of revenue, North America dominates the personalized medicine market, followed by Europe. The market in Asia Pacific and Latin America is developing. This trend is expected to continue during the forecast period as well. Availability of large patient pool, expansion of the health care industry, and rise in government investments in improvement of health care are anticipated to propel the market in these regions. The personalized medicine market in countries such as Brazil, China, and India is projected to expand at a substantial growth rate during the forecast period, due to rise in awareness among people about usage of the personalized medicine therapy to treat various types of cancer and rapid innovations in personalized medicine for various other disorders.
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Major players operating in the global personalized medicine market are Abbott Laboratories, Merck & Co., Inc., AstraZeneca, Pfizer, Inc., GlaxoSmithKline plc., Novartis AG, Amgen, Inc., Bayer AG, Mylan N.V., Eli Lilly and Company, Bristol Myers Squibb Co., Daiichi Sankyo Company, Ltd., Biogen, Inc., Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Novo Nordisk A/S, and Sanofi Genzyme.