Personalized Medicine Market size in terms of volume and value 2016-2026
Future Market Insights has announced the addition of the “Personalized Medicine Market: Global Industry Analysis and Opportunity Assessment 2016-2026" report to their offering.
Personalized medicine are drugs that are based on individual patient or intended patient groups carrying certain biomarkers and are created to cater the requirement of an individual patient based on the response produced by the patient suffering from a particular disease. The personalized medicines are currently in focus due to their effectiveness in cancer patients and patients suffering from rare genetic disorders. The fact that this approach could do away with the “One Size Fits All” approach leads to anticipations regarding higher treatment effectiveness through customization of prevention, prediction and treatments. In this regard, funds worth EUR 1 Bn has been invested by the EU as of 2015, focused on the development of personalized medicine, through its Seventh Framework Program for Research and Technological Innovation. The EU is also known to be coordinating with the member states on Health Technology Assessment for better understanding on cost-benefit-efficiency of including personalized medicines in their respective health systems. Constructive dialogue among global stakeholders could streamline the clinical trial processes and regulations regarding the same over the forthcoming years.
Personalized Medicine Market: Drivers & Restraints
Personalized medicine market is expected to witness rapid growth due to increasing disease incidence and deep focus of creating medicines for cancer patients where effectiveness has been proved to be higher as compared to other therapies. Rapid results & customized effects, lower probability of medication flaws and adverse drug reactions are some of the other factors that could create suitable traction in both R&D and revenue potential for these medicines. Favorable policies of the governments in relation to the personalized medicine will also add incremental opportunity to exploit this market. Recent developments in the pharmacogenomics are expected to create suitable environment for developing drugs, which are specific to one patient or group. Development of genetic databases could provide additional boost to the market. Upcoming therapeutic application opportunities in fields such as cardio-renal, neurology, antiviral, pulmonary, psychiatry among others could create R&D traction across all regions.
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Complex nature of the drugs, high development costs, sub-optimal development framework and inter-patient variability of effects are some of the restraints that could hamper revenue growth of the personalized medicines market over the forthcoming years.
Personalized Medicine Market: Segmentation
This market can be segmented on the basis of Therapeutic area, End user and Application as follows:
Segmentation based on Therapeutic area
Segmentation based on End User
Molecular Diagnostic Laboratories and Testing facilities
Academic Institutes, clinical care and Research Laboratories
Contract Research Organizations
Bio and health informatics companies
Others (Service providers, partners, venture capitalists, etc.)
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Segmentation based on Application
Personalized Medicine Market: Overview & Region wise Outlook
This market is mainly driven by increasing disease incidence of various cancers and other autoimmune diseases during the forecast period. The major growth in revenues is estimated to be contributed by markets in North America followed by Europe. This can be attributed to increasing pool of cancer patients along with high healthcare per capita expenditure. The ongoing research and legal initiatives in personalized medicine in Japan could promote the market growth in the country during the forecast period. In markets in Asia pacific and Latin America regions, accelerated development of R&D infrastructure could lead bigger drug makers to create their regional R&D centers focused on personalized medicine during the forecast period. The opening up research in the bioinformatics industry and active peer levels discussion and dialogues are factors that contribute to sustainable growth of the personalized medicines market in the medium to long term.
Personalized Medicine Market: Key Players
Some key players in this market are Roche Holding AG, Astra Zeneca PLC, Vertex Pharmaceuticals Inc., Qiagen Inc., BD (Becton Dickinson & Co., Merck & Co. Inc., Pfizer Inc., American Association for Cancer Research, Siemens Healthcare Diagnostics, Inc. among others.
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