Personalized Medicine Market Size And Forecast

Personalized Medicine Market size was valued at USD 96.97 Billion in 2018 and is projected to reach USD 217.90 Billion by 2026 growing at a CAGR of 10.67% from 2019 to 2026.

The growing dominance of various types of cancer, affordability of personalized medicine therapy in cancer drugs, and various other disease indications are expected to fuel the market for Personalized Medicine in the global market, as well as lesser side effects and high adoption rate in developed markets will also boost the market. The Global Personalized Medicine Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Personalized Medicine Market Definition

Advancements in science and technology are fluctuating, especially the way we describe the disease, develop drugs, and recommend treatments. The concept of personalized medicine has emerged with growing advances in genomic and proteomic science over the past decade which has given a boost to the development of “targeted” diagnostics and therapeutics that influence knowledge of an individual’s genetic makeup to construct a more personalized approach to healthcare. The advent and sustained growth of personalized medicine will enhance fundamental changes at many different levels in the future of health care and health systems.

Personalized medicine can be defined as a type of treatment which focuses on the individual physiognomies of each patient. Personalized medicine possesses a huge prospective in leading the healthcare industry with strong modifications and alterations with prime emphasis on the understanding & management of diseases integrated with advanced analytics, patient data, tailored medicines, and other possibilities.

Get | Download Sample Report @ https://www.verifiedmarketresearch.com/download-sample?rid=7106&utm_source=Free&utm_medium=004

Personalized Medicines are often referred to as the right treatment for the right person at the right moment. According to Federal Drug Administration (FDA), the main objective of personalized medicine is to “streamline clinical decision-making by distinguishing in advance those patients most likely to benefit from a given treatment from those who will incur a cost and suffer side effects without gaining benefit”.

The above-mentioned data is compiled using information from former editions of PMC’s Case for Personalized Medicine (2008–2014) with 2016 data from FDA’s Table of Pharmacogenomic Biomarkers in Drug Labeling. This suggests that the emergence of personalized medicines has elevated the adoption rate and is expected to increase even more owing to the drivers of the market as mentioned below.

Global Personalized Medicine Market Overview

The growing dominance of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications are expected to fuel the market for Personalized Medicine in the global market. According to the World Health Organization, Cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer.

Since personalized medicine has been helping target cancerous tissues, the scope of personalized medicine is expected to grow exponentially over the forecast period. Apart from this, lesser side effects and high adoption rate in developed markets will also boost the market for Personalized Medicine in the global market. However, every treatment has its own pros and cons. Personalized Medicine to has various challenges.

A survey was conducted among the healthcare and pharmaceutical executives regarding precision and personalized medicines and they claimed that unstable/non-secure legal and regulatory framework was expected to be most popular restraints in the market as the personalized medicine is a relatively new concept with similar applications as precision medicine which could slow down the market growth.

Global Personalized Medicine Market Segmentation Analysis

The Global Personalized Medicine Market is classified on the basis of Product, Application, and Geography. The gist of breaking down the market into various segments is to gather information about various aspects of the market.

Ask For Report Details @ https://www.verifiedmarketresearch.com/product/global-personalized-medicine-market-size-and-forecast-to-2026/?utm_source=Free&utm_medium=004

Personalized Medicine Market, By Product

• Personalized Medicine Diagnostics
• Personalized Medicine Therapeutics
• Personalized Nutrition & Wellness
• Personalized Medical Care

On the basis of Product, the market is bifurcated on the basis of Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Nutrition & Wellness, and Personalized Medical Care. The personalized medicine therapeutics is expected to dominate in the market. The reason for this could be the rise in the incidence rate of various types of cancers.

Personalized Medicine Market, By Application

• Cancer Management
• Infectious Diseases
• Central Nervous System (Cns) Disorders
• Blood Transfusion Safety
• Coagulation Therapy
• Diabetes
• Autoimmune Diseases
• Cardiovascular Diseases
• Neurology
• Psychiatry

In terms of Application, the market study encompasses various aspects such as cancer management, infectious diseases, central nervous system (CNS) disorders, blood transfusion safety, coagulation therapy, diabetes, autoimmune diseases, cardiovascular diseases, neurology, and psychiatry. The need to control the incidence rates of cancer is expected to boost the cancer management segment making it hold the largest share in the market.

Personalized Medicine Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Personalized Medicine Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Due to huge investments in healthcare society, the market for personalized medicine is expected to be dominated by North America region followed by Europe. The Asia Pacific is accounted to be the fastest growing market owing to the ongoing research and legal initiatives in the healthcare industry.

Key Players

The “Global Personalized Medicine Market” study report offers a valuable insight with an emphasis on the global market including some of the major players such as Abbott Laboratories, Merck & Co., Inc., AstraZeneca, Pfizer, Inc., GlaxoSmithKline PLC., Novartis AG, Amgen, Inc., Bayer AG, Mylan N.V. and Eli Lilly.

For More Information @ https://www.verifiedmarketresearch.com/download-sample?rid=7106&utm_source=Free&utm_medium=004

About us –

Verified Market Research is a leading Global Research and Consulting firm that has been providing advanced analytical research solutions, custom consulting and in-depth data analysis for 10+ years to individuals and companies alike that are looking for accurate, reliable and up to date research data and technical consulting. VMR offers insights into strategic and growth analyses, Data necessary to achieve corporate goals and help make critical revenue decisions.

Our research studies help our clients make superior data-driven decisions, understand market forecasts, capitalize on future opportunities and optimize efficiency by working as their partner to deliver accurate and valuable information. The industries we cover span over a large spectrum including Technology, Chemicals, Manufacturing, Energy, Food and Beverages, Automotive, Robotics, Packaging, Construction, Mining & Gas. Etc.

We, at Verified Market Research assist in understanding holistic market indicating factors and most current and future market trends. Our analysts, with their high expertise in data gathering and governance, utilize industry techniques to collate and examine data at all stages. They are trained to combine modern data collection techniques, superior research methodology, subject expertise and years of collective experience to produce informative and accurate research.

Having serviced over 5000+ clients, we have provided reliable market research services to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony and Hitachi. We have co-consulted with some of the world’s leading consulting firms like McKinsey & Company, Boston Consulting Group, Bain and Company for custom research and consulting projects for businesses worldwide.

Contact us:

Mr. Edwyne Fernandes

Verified Market Research

US: +1 (650)-781-4080

UK: +44 (753)-715-0008

APAC: +61 (488)-85-9400

US Toll-Free: +1 (800)-782-1768

Website:-https://www.verifiedmarketresearch.com/

Email: [email protected]

Try Our New Dashboard :-https://www.verifiedmarketresearch.com/dashboard/?utm_source=Free&utm_medium=004