Personalized Medicine Market worth $~500 billion by 2027
The report "Personalized Medicine Market by Product (Personalized Medicine Testing, Personalized Medicine Therapeutics), Application (Oncology, Neurology, Cardiology) - Global Forecast to 2027", is projected to reach USD ~500 billion by 2027 from USD 300 Billion in 2022, at a CAGR of 11% during the forecast period
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Factors such as integration of genetic profiles of an individual to guide diagnostic, preventive, and treatment decisions, insights on the unique genetic and molecular profile of patients, which helps in predicting the patient’s response to the treatment and increase in genomic research activities for diseases such as oncology and diabetes amongst others are expected to support the growth of the personalized medicine market.
The personalized medicine therapeutics segment accounted for the largest share of the personalized medicine market in 2021.
Based on product, the market is segmented into personalized medicine diagnostics and therapeutics. In 2021, the personalized medicine therapeutics segment accounted for the largest share of the personalized medicine market. The key factors driving the growth of this market include growing research and development in biomarkers identification for therapy, diagnosis, and medication for personalized medicine development and for the treatment of high prevalence diseases such as cancer, neurodegenerative diseases, and rare genetic conditions.
North America to command the largest share of the personalized medicine market in 2021
Based on region, the personalized medicine market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the personalized medicine market in 2021. The growth of the North American market is primarily driven by the financial, and clinical requirements for finding personalized therapy-based cures and the growing incidence of cancer diseases in the region. Moreover, ease of availability of genetic or other biomarker information for better treatment enhances the market North America.
Prominent players in the personalized medicine market include Abbott Laboratories, Merck & Co., Inc., Astrazeneca, Pfizer, Inc., Glaxosmithkline Plc., Novartis AG, Amgen, Inc., Bayer Ag, Eli Lilly And Company, and Mylan N.V., among others.
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