DUBLIN, December 2, 2022 /PRNewswire/ — The report “Personalized Medicine Market, Size, Share, Forecast 2023-2027, Industry Trends, Growth, Overview, Inflation Impact, Business Analysis” has been added to from ResearchAndMarkets.com offer.
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.
Personalized medicine has gained popularity due to the positive results achieved by precision medicine in the treatment of cancer. It allows researchers and physicians to predict more accurate treatment and develop preventative strategies for any disease.
Personalized medicine is also known as individualized medicine or precision medicine, which targets mutations of normal cells in the body into cancerous cells. The use of precision medicine, especially in cancer, has fewer side effects with rapid recovery than conventional drugs. According to the results of our research around the world, the personalized medicine industry should be valued at US$89.49 billion in 2022.
Personalized Medicine Industry Expected to Grow with a CAGR of 11.72% (2022 to 2027)
Precision medicine procedures are in high demand around the world due to the increasing prevalence of cancer and the growing number of candidate treatments in clinical trials. Additionally, the increasing number of cases of genetic diseases will be a significant factor influencing the growth of the precision medicine market.
Along with this, increasing disposable income and growing urbanization are the driving factors accelerating the development of the precision medicine market. Additionally, increasing geriatric population and spending on healthcare infrastructure are the major market drivers that will further accelerate the growth of the precision medicine market. For example, in February 2022Oncodesign and SEngine Precision Medicine Inc. announced a research collaboration agreement to develop a novel cancer treatment tailored for aggressive and incurable cancers.
Increase technological advancements
Growing technological developments such as the launch of diagnostic tools that will help physicians to properly assess or diagnose a disease and then guide patients with appropriate treatment are expected to drive the market growth over the analyzed period.
For example, in February 2022Invitae Corporation, a medical genetics company, announced the launch of LiquidPlex Dx and FusionPlex Dx in Europe as part of its in vitro diagnostic (IVD) products. Invitae is a leading provider of high-quality innovations for precision oncology in the fight against cancer. The LiquidPlex and FusionPlex tests will allow more patients to access the right cancer treatment at the right time.
The increasing number of personalized medicine therapies will drive the progress of the market:
The therapeutic segment of the personalized medicine market is expected to witness a double-digit growth rate during the forecast period. There has been continued growth in precision therapeutics for the targeted treatment of diseases such as genetic diseases and cancer.
Moreover, the companies are also involved in the development of targeted therapies for various indications, including gastroenterology, infectious diseases and cardiovascular diseases. The increasing use of drugs in precision medicine treatment plans and the development of new drugs will propel the growth of the therapeutics segment.
Nanostring Technologies Inc, Quest Diagnostics, Qiagen, Medtronic, Novartis AG, Pfizer Inc, Merck & Co, Roche Diagnostics, Eli Lilly and Company, and Abbott Laboratories are the major competitors in the precision medicine market. Additionally, these organizations use various techniques to drive their portfolio of companies around the world, including innovative product launches and R&D.
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1 Engine of growth
5. Global Personalized Medicine Market
6. Market Share – Global Personalized Medicine Market
6.1 By type
6.2 By request
6.4 End user
6.5 By region
7. Type – Global Personalized Medicine Market
8. Application – Global Personalized Medicine Market
8.2 Infectious diseases
8.5 Lifestyle and endocrinology
9. Technology – Global Personalized Medicine Market
9.1 Big Data Analytics
9.3 Gene sequencing
9.4 Drug Discovery
9.5 Companion diagnostics
10. End User – Global Personalized Medicine Market
10.3 Research Institute and Academic
11. By Region – Global Personalized Medicine Market
11.1 North America
11.3 Asia Pacific
11.4 Middle East &Africa
11.5 South America
12. Global Key Players Analysis – Global Personalized Medicine Market
12.1 Nanostring Technologies Inc.
12.1.2 Recent initiatives
12.1.3 Net sales
12.2 Quest Diagnosis
12.2.2 Recent initiatives
12.2.3 Net sales
12.3.2 Recent initiatives
12.3.3 Net sales
12.4.2 Recent initiatives
12.4.3 Net sales
12.5 Novartis AG
12.5.2 Recent initiatives
12.5.3 Net sales
12.6 Pfizer Inc.
12.6.2 Recent initiatives
12.6.3 Net sales
12.7 Merck & Co.
12.7.2 Recent initiatives
12.7.3 Net sales
12.8 Roche Diagnostics
12.8.2 Recent initiatives
12.8.3 Net Sales
12.9 Eli Lilly & Company
12.9.2 Recent initiatives
12.9.3 Net Sales
12.10 Abbott Laboratories
12.10.2 Recent initiatives
12.10.3 Net Sales
For more information about this report visit https://www.researchandmarkets.com/r/tlgnia
For EST office hours, call +1-917-300-0470
For USA/CAN call toll free +1-800-526-8630
For GMT office hours call +353-1-416-8900
US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716
View original content: https://www.prnewswire.com/news-releases/the-worldwide-personalized-medicine-industry-is-expected-to-reach-155-7-billion-by-2027–301692427. html
SOURCE Research and Markets
#Global #personalized #medicine #industry #expected #reach #billion