Global Personalized Medicine market is expected to reach USD 2,452.5 billion by 2022; according to a new study by Grand View Research, Inc. Growing number of approved companion diagnostics and biomarkers have aided the development of advanced personalized diagnostic tests and enhanced the level of treatment monitoring for a range of complex diseases. A significant number of diagnostics and therapeutic products, which are currently under clinical development and investigational research, are associated with one or the other proteomic or genomic markers and fall under category of companion diagnostics. Personalized medicine finds extensive and indispensable applications in the field of oncology. Furthermore, a marked technological advancement of next generation sequencing is expected to significantly enhance market usage rates owing to, a considerable decrease in the costs of whole genome sequencing and is expected to improve the demand for personalized medical diagnostic and therapeutic products over the forecast period. Personalized medical care and nutrition accounted for the largest share of the market in 2014 owing to, the presence of a significantly large consumer base, relatively less number of regulatory mandates, and the over-the-counter nature of retail nutrition products. This large share is also due to, the highly capital-intensive nature of implementation of healthcare information technology and telemedicine applications.
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Further key findings from the study suggest:
- Personalized nutrition and wellness was the largest product segment of the market in 2014. Growing population considerably high market usage and high accessibility are amongst key factors accounting for its large share. Moreover, the core segments of this market viz., personalized medicine diagnostics and therapeutics are expected to grow at the fastest rate over the forecast period due to, ongoing technological advancements in genetic medicine.
- North America was the largest regional market in 2014, with revenue estimated at over USD 500.0 billion. Presence of sophisticated healthcare infrastructure, favorable government initiatives pertaining to cancer research, and the presence of high patient and practitioner awareness levels are some key drivers of this market.
- Asia Pacific is expected to witness lucrative growth of over 13.0% over the forecast period. The presence of a large population base, high market penetration of segments such as complementary and alternative medicine, growing collaborative initiatives between western and eastern market participants are some key factors expected to drive regional market growth over the forecast period.
- Key players of this market include GE Healthcare, Illumina Inc., Quest Diagnostics, Abbott Diagnostics, Affymetrix, and Bayer Healthcare. Large presence of biotechnology and pharmaceutical manufacturers is expected to keep the industry rivalry at high levels throughout the forecast period. Moreover, the presence of extensive R&D to capitalize on novel growth opportunities is expected to further intensify competition over the forecast period.
For the purpose of this study, Grand View Research has segmented the global personalized medicine market on the basis of product and region:
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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