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Personalized Medicine Market To Grow At A Significant CAGR of 6.2% By 2028, Owing To Rising Interest in Biomarkers Identification For Therapy, Diagnosis And Prognosis | Grand View Research, Inc.

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Personalized Medicine Market To Grow At A Significant CAGR of 6.2% By 2028, Owing To Rising Interest in Biomarkers Identification For Therapy, Diagnosis And Prognosis | Grand View Research, Inc.

June 08
06:20 2022
Personalized Medicine Market To Grow At A Significant CAGR of 6.2% By 2028, Owing To Rising Interest in Biomarkers Identification For Therapy, Diagnosis And Prognosis | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, personalized medicine (PM) is bringing a new paradigm in the ongoing COVID-19 pandemic. With the application of PM, researchers can identify the best management strategies for accurate diagnosis.

Personalized Medicine Industry Overview

The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to reach USD 796.8 billion by 2028, at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development. Researchers are focusing on the identification and monitoring of different biomarkers that can be later used for developing efficient personalized medicine and pharmacogenomics.

Gather more insights about the market drivers, restrains and growth of the Global Personalized Medicine Market

For instance, based on a recent study published in July 2020, researchers are developing a multi-analyte test strip that is used for monitoring even the slightest deviations in the biomarker profile. The technology will combine big-data analysis along with advanced technologies such as wearables for ensuring continuous precise data acquisition. Hence, such advancements in biomarker analysis will promote the development of personalized medicines.

 

Japan personalized medicine market size, by product, 2017 - 2028 (USD Billion)

 

In addition, the growing number of companion diagnostics can be further attributed to the market growth. Companion diagnostic tests (CDx) are designed for determining whether a patient is a viable candidate for a specific treatment and/or is responding to the treatment. Precision medicines are specific treatments based on environment, patient’s unique biological makeup, and lifestyle hence, companion diagnostics play an essential role in developing successful precision medicine.

Companies are focusing on launching new companion diagnostics for different cancers. For instance, in October 2020, Roche received U.S. FDA authorization for expanded claims of the cobas EGFR Mutation Test v2 as a (CDx) for the treatment of non-small cell lung cancer (NSCLC). Hence, the approval of such a new and innovative approach by the FDA can pave the way for identifying patients for personalized medicine.

Moreover, the ongoing situation of the COVID-19 pandemic has propelled the demand for personalized medicine (PM) approaches, particularly in researcher applications. These approaches are useful in understanding variations in an individual’s susceptibility and immune response against COVID-19. For instance, based on a study conducted in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosome 9 (9q34.2), 1 ApoE e4 genotype, 2, chromosome 3 (3p21.31), and loss of variants present on X-chromosomal TLR7.3.

The application of personalized solutions has the scope in developing specific treatment solutions for different patients based on the specific immunophenotype of the patient. Hence, PM approaches hold a promising solution for identifying genetic, biological, and environmental variables that could affect the vaccine response and also suggest the alternative dosage required by a certain population group.

 

Personalized Medicine Market Segmentation

Based on the Product Insights the market is segmented into Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness

  • The personalized nutrition and wellness segment dominated the market and accounted for the largest revenue share of 60.8% in 2020. The growth in the segment is owing to high usage rates and market penetration.
  • In addition, the high over the counter nature of the sale of these products further enhance the availability of these products to the consumers and reduces regulatory implications from them as well. Making them relatively more easily accessible to the consumer.
  • The personalized medicine therapeutics segment is expected to witness a lucrative growth rate over the forecast period. The increasing development of genomic medicines and biopharmaceuticals based on specific sequencing data can be primarily attributed to the segment growth. In addition, the development of high-capacity advanced sequencing platforms will reduce the cost of genome sequencing, hence, facilitating the development of personalized medicines.

 

Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa

  • North America dominated the personalized medicine market and accounted for the largest revenue share of 48.6% in 2020. The region is expected to continue its dominance during the forecast period. This growth can be attributed to the high adoption rate of healthcare IT systems in clinical workflows and next-generation sequencing technologies, which help generate personalized and pharmacogenomic data easily and efficiently.
  • In Asia Pacific, the market is expected to grow fast over the forecast period. This is primarily owing to the low cost associated with conducting clinical trials of newly developed precision medicines and diagnostics in this region, which attracts foreign investments in this region.

 

Browse through Grand View Research’s Biotechnology Industry Research Reports.

  • Protein Labeling Market: The global protein labeling market size was valued at USD 2.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2022 to 2030. An increase in R&D spending for proteomics research supports protein analysis, which propels the demand for protein labeling techniques.

 

  • Biomaterials Market: The global biomaterials market size was estimated at USD 135.4 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 15.4% from 2022 to 2030. The rising prevalence of musculoskeletal and chronic skeletal medical conditions is expected to boost the demand for biomaterial-based implants, thereby augmenting the market growth.

 

Market Share Insights

  • February 2021: Illumina, Inc. signed an agreement with the Belgian Society of Medical Oncology (BSMO) for a national-level pilot program aimed at evaluating Comprehensive Genomic Profiling (CGP) in advanced metastatic cancer patients.
  • October 2020: Roche received U.S. FDA authorization for expanded claims of the cobas EGFR Mutation Test v2 as a (CDx) for the treatment of non-small cell lung cancer (NSCLC).
  • April 2020: Nestlé launched nesQino, a personalized healthy superfood drink made from natural ingredients. The new product is a customizable drink made from ingredients such as vegetables, fruits, nuts, microalgae, and seeds.
  • January 2020:  The U.S. FDA approved avapritinib for treating patients with unresectable or metastatic Gastrointestinal Stromal Tumor (GIST). It is the first therapy approved for patients with GIST having PDGFRA exon 18 mutation.

 

Key Companies Profile:

The growing number of personalized medicine coalitions between companies and organizations is promoting the development of new therapeutic solutions.

Some of the prominent players in the personalized medicine market include:

  • Illumina, Inc.
  • GE Healthcare
  • Danaher Corporation (Cepheid, Inc.)
  • Abbott
  • QIAGEN
  • Exact Sciences Corporation
  • ASURAGEN, INC.
  • Biogen
  • Dako A/S
  • Exagen Inc.
  • Precision Biologics
  • Celera Diagnostics LLC
  • Decode Genetics, Inc.
  • Genelex
  • IBM
  • Genentech, Inc.
  • 23andME, Inc.

 

Order a free sample PDF of the Personalized Medicine Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web https://www.grandviewresearch.com/

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Website: https://www.grandviewresearch.com/industry-analysis/personalized-medicine-market

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