Industry Trend Analysis
In 2012, the global personalized medicine market was evaluated around USD 806.97 billion and is expected to reach approximately USD 5208.68 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 12.01% over the forecast period. Major driving factors of the global market are increasing development of whole genome, companion diagnostics, next-generation sequencing technology, and rising retail clinics. Rising healthcare spending levels stimulating the demand for an efficient cancer diagnostic procedure, rising incidence of cancer and growing utilization of amalgamation biomarkers for diagnostics are some factors projected to boost the growth of the global market. Rising implementation of next-generation sequencing by medical practitioners and clinicians for genetic mapping of patients worldwide and increasing support for the personalized drug by regulatory and reimbursement landscape are also expected driving factors for global demand over 2022. Global market growth is also projected to augment via the new drugs introduction that is linked and companion diagnostics, and increasing usage of accurate and extremely sensitive genetic diagnostic method for disease testing as well as risk assessment. The expected rise in advanced DNA diagnostic use along with the decline in implementation price for whole genome sequencing is anticipated to significantly increased rates.
Product Outlook and Trend Analysis
The personalized medicine industry comprehends custom-made medical products split into PM therapeutics, PM diagnostics, nutrition & wellness, and PM care. PM diagnostics and therapeutics cover direct-to-consumer diagnostics, genetic testing, esoteric lab tests and services, medical devices and pharmaceutical & genomic medicine. PM therapeutics and diagnostics sections are anticipated to grow at a significant rate over the next few years due to the increasing adoption of DNA/RNA screening for medical treatment and therapy and expansion of next-generation sequencing over the forecast years. Introduction and development of companion diagnostics and linked medicines are also projected to lead towards the global personalized medicine market growth. Nutritional wellness and medical care segments involve health information technology, telemedicine, retail nutrition, diseases management, alternative and complementary medicine. These reported for a considerably large section of the global market revenue in 2014 and are anticipated to maintain the leading market position till 2022, due to excessive usage rates, across the distribution and counter sale, growth, and development of retail clinics and growing complementary medicine adoption. Further integration and implementation of healthcare IT systems and telemedicine with hospital workflow frameworks and operation are also anticipated to boost the demand for the global personalized medicine market during the next few years. Although this industry has key application in oncology currently, it is anticipated that during the forecast years, the market will experience growth in applications section like CNS disorders, psychiatry, and cardiovascular & infectious diseases.
Regional Outlook and Trend Analysis
In 2014, North American regional personalized medicine market ruled global demand, due to supportive NIH policies and government funding, rising adoption of clinical practitioners, central consolidation of healthcare IT and EHR systems with hospital operations, and incorporation into clinical trials. Technological advancements of next-generation sequencing ensuing in cost decline of genomic sequencing is too an elevated impact providing factor projected to bestow towards the growth of the market. Though, the Asia-Pacific regional personalized medicine industry is anticipated witness major gains during the forecasted years due to the existence of a considerably large base of unfulfilled industry demand, rising technological progression of the regional medical framework and rising awareness regarding genetic diagnostics, therapeutics, and genomic sequencing.
Competitive Outlook and Trend Analysis
Market players ruling personalized medicine market are occupied in the progression of these testing methodologies to improve public application rates of genetic therapeutic, personalized tailor-made therapy prescriptions and companion diagnostic tests. Major market players are Quest Diagnostics, 3G Biotech, Laboratory Corporation of America, Agendia NV, Abbott, AsuragenInc, CardioDx Inc., Becton Dickinson & Co., Foundation Medicine Inc., Siemens Healthcare Diagnostics Inc., Qiagen Inc., Amgen Inc., GE Healthcare, Bristol-Myers Squibb, Pfizer Inc., 23andMe, Sanofi, Illumina Inc., Astra Zeneca PLC, Roche Holding AG, Vertex Pharmaceuticals Inc., American Association for Cancer Research and Merck & Co. Inc.
The global personalized medicinemarket is segmented as follows –
Esoteric Lab Services
Esoteric Lab Tests
Personalized Medical Care
Healthcare Information Technology
Personalized Nutrition & Wellness
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2012 and forecast from 2013 to 2022?
· What will be the industry market growth from 2013 to 2022?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?