The global personalized medicine market is expected to cross USD 2452.50 billion by 2022 with a rise in CAGR of 11.8%. Personalized medicine is a branch of medical science encompassing the unique attributes of patients, particularly the genetic design, previous treatment history, behavioural attributes and environmental factors. It enables therapeutic and preventions for emphasizing the most beneficial treatment with low side effects.

To cope up with biopharmaceutical research & development, companies such as Pfizer have introduced “precision medicine”, which is capable of delivering treatments based on disease mechanism and the capacity to target and develop therapies for patients.

Personalized medicine market is driven by rise in reimbursement support & regulatory framework coupled with increase in R&D activities for next generation sequencing for genetic mapping of patients by clinicians and medical practitioners. Rise in healthcare expenditures stimulates the need for effective diagnostics for cancer and increase in prevalence of chronic ailments coupled with use of biomarkers for therapeutics is expected to bolster the market growth during the forecast period. Product segmentation for personalized medicine (PM) market includes PM diagnostics, PM therapeutics, personalized nutrition & wellness and personalized medical care.

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Geographical segmentation for personalized medicine industry comprises North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America dominates the global market due to rise in government funding, healthcare enhancements and technological innovations. In addition, awareness about genetic diagnostics, genome sequencing and therapeutics is likely to contribute to the market growth in the forecast period.

Asia-Pacific regions are likely to grow in the estimated period due to rise in technical advances, unmet medical needs and a mass awareness throughout the industry for infectious disease, psychiatry and CNS disorders. The key players in the personalized medicine market include Quest Diagnostics, 3G Biotech, Laboratory Corporation of America, Abbott, Asuragen Inc, Becton Dickinson & Co, CardioDX Inc.

Market Segment:

Global Personalized Medicine Product Outlook (Revenue, USD Billion, 2012 - 2022)
• PM Diagnostics
• Genetic Testing
• Direct-to-consumer Diagnostics
• Esoteric Lab Services
• Esoteric Lab Tests
• PM Therapeutics
• Pharmaceutical
• Genomic Medicine
• Medical Devices
• Personalized Medical Care
• Telemedicine
• Healthcare Information Technology
• Diseases Management
• Personalized Nutrition & Wellness
• Retail Nutrition
• Complementary Medicine
• Alternative Medicine

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Personalized Medicine Regional Outlook (Revenue, USD Billion, 2012 - 2022)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Asia Pacific
• China
• Japan
• Latin America
• Brazil
• MEA
• South Africa

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The global Personalized Medicine Market size is expected to reach USD 3.18 trillion by 2025 registering a CAGR of 10.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing number of approved companion diagnostics and biomarker products have been proved promising avenues for the development of advanced precision diagnostic tests. Several personalized diagnostics and therapeutic products based on companion diagnostics are under clinical trials and development pipelines, which also add an incremental opportunity to accelerate this market.

Gene therapies are widely utilized to diagnose both chronic and genetic disorders according to individual’s genetic makeup. Growing adoption of gene sequencing and data analytics technologies is anticipated to escalate precision medicine market growth. Decreasing cost of whole genome sequencing, advancement in cell biology sector, and the development of “Human Genome Project” are several other factors influencing the demand for gene therapy hence, boosting the overall market. Moreover, key leaders are undergoing numerous strategic developments to launch novel personalized products, which will also contribute to the market expansion.

For instance, in September 2018, Vertex Pharmaceuticals collaborated with Genomics for the delivery of precision medicine based on individual’s genetic differences and lifestyle. Similarly, in January 2018, Foundation Medicine collaborated with European Organization for Research and Treatment of Cancer (EORTC) to facilitate Foundation’s comprehensive genomic profiling to across personalized medicine and clinical trial enrolment.

Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/personalized-medicine-market

Further key findings from the study suggest:

• PM therapeutics is projected to register the fastest CAGR over the forecast period owing to the development of high-capacity rapid sequencing platforms for medical therapies
• Reduction in sequencing cost leads to an expected growth of genomic sequencing and genetic research, thus contributing to lucrative opportunities for genomic medicine
• Asia Pacific is projected to be the fastest-growing regional market due to rising number of collaborative initiatives between eastern and western market leaders
• Chinese personalized medicine market is benefitted due to initiatives implemented by the Chinese government and reimbursements for disease treatment
• Prominent companies include GE Healthcare; Illumina, Inc.; Asuragen, Inc.; Abbott Laboratories; Dako A/S; Exact Science Corp.; and Biogen, Inc.