Product Code: RP-ID-10085008 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10085008
Market Overview:
Global Personalized Medicine Market Size and Forecast to 2030
In 2021, the global personalized medicine market is projected to around USD 500 billion, and it is expected to expand at a compound annual growth rate (CAGR) of ~7% from 2022 to 2030. Identify biomarkers for treatment, diagnosis, and prognosis for personalized drug development. Researchers are focusing on identifying and tracking different biomarkers that can be used to develop efficient personalized medicine and pharmacogenomics. For example, according to a recent study published in July 2020, researchers are developing a multi-analyte test strip to monitor the smallest deviations in the biomarker spectrum. This technology combines big data analysis with advanced technologies such as wearable devices to ensure accurate and continuous data collection. Therefore, these advances in biomarker analysis will promote the development of personalized medicine. In addition, the increase in the number of companion diagnoses can be further attributed to the growth of the market.
Complementary diagnostic tests (CDx) are designed to determine whether a patient is suitable for and/or responds to a particular treatment. Precision medicine is a specific treatment based on the environment, the patients unique biological composition and lifestyle, so supplementary diagnosis plays a vital role in the successful development of precision medicine. For example, in October 2020, Roche received FDA approval to expand the cobas EGFR v2 mutation test as a (CDx) statement for the treatment of non-small cell lung cancer (NSCLC). Therefore, FDA approval of this new and innovative method may pave the way for patient identification in personalized medicine.
In addition, the current status of the COVID-19 pandemic has driven the demand for personalized medicine (PM) methods, especially in researcher applications. These methods help to understand the individuals susceptibility to COVID-19 and changes in the immune response. For example, according to a study conducted in 2020, it has been shown that COVID-19 infection is related to genetic variation and variants of chromosome 9 (9q34.2), ApoE e4 genotype 1, 2, and 3 (3p21.31). Exist in the X chromosome TLR7.3, the application of customized programs can make targeted treatment programs for different patients according to the specific immunophenotype of the patient. Therefore, the PM method has a promising solution in identifying genetic, biological, and environmental variables that may affect the response to vaccines, and it also suggests alternative doses required by specific populations.
PRODUCT INSIGHT: The personalized health and nutrition segment dominates the market, with the largest revenue share in 2020, at 60.8%. The growth of this segment is driven by high usage and market penetration. In addition, the high-counter nature of these products further increases the availability of these products to consumers and reduces their regulatory impact. Make it relatively easier for consumers to obtain them. In addition, the company is launching new personalized nutritional products to drive the growth of this segment. For example, in April 2020, Nestl launched nesQino, a personalized healthy superfood and beverage made with natural ingredients. The new product is a customizable beverage made from ingredients such as vegetables, fruits, nuts, microalgae and seeds. It is expected that the personalized medicine treatment sector will experience a considerable growth rate during the forecast period. The continuous development of genome and biopharmaceutical drugs based on specific sequencing data is mainly due to the growth of this market segment. In addition, the development of large-capacity advanced sequencing platforms will reduce the cost of genome sequencing, thereby facilitating the development of customized drugs.
REGIONAL INSIGHT: North America dominates the personalized medicine market and will account for the largest revenue share in 2020, at 48.6%. The region is expected to continue to dominate during the forecast period. This growth can be attributed to the high adoption rate of medical IT systems in clinical workflows and next-generation sequencing technologies, which facilitate the easy and effective generation of personalized and pharmacogenomic data. This can also be attributed to the growth of the market in this region. According to the 2020 Progress Scope and Significance Report, personalized medicines accounted for approximately 39% of the total number of new medicines approved by the FDA that year. For example, in January 2020, the US FDA approved avapritinib for the treatment of patients with unresectable or metastatic gastrointestinal stromal tumor (GIST).
It is the first treatment approved for GIST patients with PDGFRA exon 18 mutations. In the Asia-Pacific region, the market is expected to grow rapidly during the forecast period. This is mainly due to the low cost associated with the recently developed precision diagnosis and drug clinical trials in the region, attracting foreign investment in the region, and the governments favorable measures for personalized medical solutions are promoting market growth. In the area. For example, in Singapore, the National Precision Medicine Plan and the Three Beyond Plan were launched to promote the adoption of new technologies and digital infrastructure to support personalized medicine.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS: More and more personalized medicine alliances between companies and organizations are driving the development of new treatment solutions. For example, in February 2021, Illumina, Inc. and the Belgian Society of Medical Oncology (BSMO) signed a national pilot program to evaluate the complete genome profile (CGP) of patients with advanced metastatic cancer. And NovaSeq 6000 sequencing platform for the analysis of genes and biomarkers. Therefore, these efforts will promote the development of new and effective therapies. In addition, entities are launching strong partnerships to gain a competitive advantage. One such example is Tempus, a technology company that has established a data partnership with a leading cancer center in the United States, dedicated to personalized cancer care. Some of the major players in the personalized medicine market include: Illumina, Inc. GE Healthcare Danaher Corporation (Cepheid, Inc.) Abbott QIAGENxact Sciences Corporation ASURAGEN, INC BiogenDako A / SExagen Inc. Precision Biologics Celera Diagnostics LLC Decode Genetics, Inc Genelex IBMGenentech, Inc .23 and ME, C .
MARKET SEGMENTS COVERED BY THE REPORT: The report predicts global, regional and national revenue growth, and analyzes the latest industry trends in each market segment from 2022-2030. In this study, Grand View Research conducted a segmentation of the global personalized medicine market. A report based on products and regions: Product outlook (revenue, billion US dollars, 2022-2030): Personalized medical, diagnostic genetic testing, DTC diagnostic , esoteric laboratory Service, laboratory testing esoteric. Personalized Medicine Therapy: Pharmacogenomic Medicine, Medical Devices. Personalized Healthcare: Telemedicine Health Information, Technology Personalized . Nutrition and Health: Retail Nutritional Supplements and Alternative Medicine.
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