DUBLIN--(BUSINESS WIRE)--The "Personalized Medicine Market, Size, Share, Forecast 2023-2027, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Personalized Medicine Market will reach US$ 155.76 Billion by 2027. Personalized medicine is a medical approach to disease prevention and diagnosis based on behavioral, environmental, and genetic variability.
Companies Mentioned
- Nanostring Technologies Inc
- Quest Diagnostics
- Qiagen
- Medtronic
- Novartis AG
- Pfizer Inc
- Merck & Co
- Roche Diagnostics
- Eli Lilly and Company
- Abbott Laboratories
Personalized medicine has earned popularity due to positive results obtained by precision medicine in treating cancer. It allows researchers and doctors to predict more precise treatment and make preventive strategies for any disease.
Personalized medicine is also known as individualized or Precision medicine, which targets the mutations of normal body cells into cancerous cells. The use of precision medicine, specifically in cancer, has fewer side effects with quick recovery than conventional drugs. According to our research findings worldwide Personalized medicine industry is anticipated to be valued at US$ 89.49 billion in 2022.
The Personalized Medicine Industry is Predicted to Grow with a CAGR of 11.72% from (2022 - 2027)
Precision medicine procedures are in high demand worldwide because of the increasing prevalence of cancer and the expanding number of treatment candidates in clinical trials. Furthermore, the rising number of genetic disease cases will be a significant factor influencing the growth of the precision medicine market.
Along with this, rising disposable income and increasing urbanization are the driving factors accelerating the development of the precision medicine market. Also, the increasing geriatric population and expenditure on healthcare infrastructure are the major market drivers that will further escalate the growth of the precision medicine market. For instance, In February 2022, Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to develop a new tailored cancer treatment for aggressive and untreatable cancers.
Increasing Technological Advancements
Increasing technological developments, such as the launch of diagnostic tools that will help doctors evaluate or carry out the proper diagnosis of a disease and subsequently guide patients with appropriate therapy, are expected to drive market growth over the analyzed period.
For instance, in February 2022, Invitae Corporation, a company in medical genetics, announced the launch of LiquidPlex Dx and FusionPlex Dx in Europe as part of its in-vitro diagnostic (IVD) products. Invitae is a significant provider of high-quality innovation for precision oncology in the fight against cancer. The LiquidPlex and FusionPlex tests will allow more patients to access the right cancer therapy at the right time.
Rising Number of Personalized Medicine Therapies will boost the Market's Progression:
The therapeutics segment in the personalized medicine market is slated to witness a double digit growth rate over the forecast period. There has been continual growth in precision therapeutics for the targeted treatment of conditions like genetic diseases and cancer.
Moreover, companies are also involved in developing targeted therapies for various indications, including gastroenterology, infectious diseases, and cardiovascular diseases. The increasing usage of drugs in precision medicine treatment plans and the development of novel drugs will propel the growth of the therapeutics segment.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Driver
4.2 Challenges
5. Global Personalized Medicine Market
6. Market Share - Global Personalized Medicine Market
6.1 By Type
6.2 By Application
6.3 Technology
6.4 End-User
6.5 By Region
7. Type -Global Personalized Medicine Market
7.1 Diagnostic
7.2 Therapeutics
8. Application - Global Personalized Medicine Market
8.1 Oncology
8.2 Infectious Diseases
8.3 Neurology
8.4 Cardiovascular
8.5 Lifestyle and Endocrinology
8.6 Gastroenterology
8.7 Others
9. Technology - Global Personalized Medicine Market
9.1 Big Data Analytics
9.2 Bioinformatics
9.3 Gene Sequencing
9.4 Drug Discovery
9.5 Companion Diagnostics
10. End-User- Global Personalized Medicine Market
10.1 Hospital
10.2 Diagnostic
10.3 Research & Academic Institute
10.4 Others
11. By Region -Global Personalized Medicine Market
11.1 North America
11.2 Europe
11.3 Asia Pacific
11.4 Middle East &Africa
11.5 South America
12. Global Key Players Analysis - Global Personalized Medicine Market
For more information about this report visit https://www.researchandmarkets.com/r/s049m3
