Market Research Report
Global Personalized Medicine Market - 2018 - 2025
|Published by||DataM Intelligence||Product code||755507|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Personalized Medicine Market - 2018 - 2025|
|Published: August 1, 2018||Content info: 130-180 Pages||
Personalized medicine market is estimated to reach a market value of USD 3,784.43 million by 2025 with the market growing at a CAGR of 11.42% in the forecasted period 2018-2025.
Personalized medicine is an approach connecting the use of individual genetics and epigenetic information to customize the drug therapy. Companies are focusing on developing and identifying effective methods to capture value for innovation in the current regulatory and reimbursement landscape
Raising prevalence of cancer, growing number of drugs with companion associated diagnostics, use of advanced diagnostic techniques for screening and risk identification, and growing usage of biomarkers for cancer therapy are some of the major factors driving the growth of the market. Lack of intellectual property regulations for personalized medicine technologies, non-structural development of biomarkers, and lack of proper reimbursement policies are the major factors restraining the growth of the market.
Segmentation by Product Type
The personalized medicine market by product type is segmented into diagnostics, therapeutics, medical care, and nutrition and wellness segments. Diagnostic test are estimated to influence 70% of the decisions made by physicians in United States with less than 2% being spent on diagnostics signifying a large potential for the personalized medicine market. Many of the companies were not successful in capturing the market majorly due to the high price of the tests, but companies are focusing on developing low cost tests which would significantly increase the market. It is estimated that 30-40% of the novel drugs in the pipeline are being developed in conjunction with a biomarker making this relevant in treatment diseases.
Segmentation by Geography
The personalized medicine market is segmented into North America, Asia-Pacific, Europe, South America, and others. North America accounted for the largest market share in 2017 and is forecasted to continue its dominance by the end of the forecasted period 2025. The market access in the Europe and Asia-Pacific region is very challenging due to the high subsidised prices in these regions. France is an exception in the European region with presence of grants for advanced molecular testing. There are very less reimbursement policies in the Asia-Pacific regions with patients bearing all the expenses restraining the growth of the market in Asia-Pacific region. Specialized tests such as Selzentry used as a single lab test, whereas the broad blood tests such as cytochrome p450 are conducting lab tests in more than 5,000 labs in Untied States.
Companies in the personalized medicine market are focusing on partnering with multiple companies and are focusing on developing diagnostic companies with oncology being the primary area of focus for the major companies in the industry. The major companies in the industry are investing around 3-4% of their R & D spend in the biomarkers while small companies are investing around 0.5% of their R & D spend.
Scope of the Report
By Product Type
Direct to consumer diagnostics
Esoteric lab services
Esoteric lab tests
Personalized nutrition & wellness
Personalized medical care
Health information technology
Rest of the World
The report also covers the key factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.