Report Code : BII 942 Jan-2022 Healthcare Format : PDF Pages : 210
Science and technology are always changing, including how we describe the disease, create medications, and prescribe therapies. Over the last decade, developments in genomic and proteomic science have fueled the development of targeted diagnostics and therapies that use knowledge of an individual's genetic composition to create a more tailored approach to healthcare.
The introduction and continued growth of personalized medicine will accelerate fundamental changes in health care and health systems at many levels. The rise in interest in biomarker discovery for therapy, diagnosis, and prognosis for customized medicine development is primarily responsible for the market's growth.
Researchers are concentrating their efforts on identifying and monitoring various biomarkers that can be utilized to produce effective personalized medicine and pharmacogenomics in the future. Increased research and development expenditures, as well as a larger risk of side effects, are limiting the worldwide personalized medicine market. The government establishes the norms and laws for the packaging and labeling of personalized medicine.
The Food and Drug Administration is one such government regulating agency (FDA). Market participants must adhere to these standards while producing individualized medicine. Government authorities have the right to take legal action against people who do not obey these rules. As a result, over the projected period, strong government regulations would limit the growth of the personalized medicine market.
According to Business Intelligence Insights "Personalized Medicine market is expected to grow from USD 2.10 trillion in 2021 to USD 4.87 trillion by 2028, at a CAGR of 11.10% during the forecast period 2022-2030
COVID-19 has had an impact on several aspects of the Personalized medicine business. Personalized medicine is advancing at a breakneck pace in the midst of the present pandemic. To better understand COVID-19 susceptibility, assess its impact, and uncover possible remedies, the healthcare industry is focusing on Personalized medicine and genomics research. Personalized medicine has prompted governments, medical institutions, and researchers to work together to produce effective medicines quickly. COVID-19 is predicted to have a minor and short-term influence on the industry. The market quickly recovered once the lockdowns were removed and supply was resumed. because Personalized medicine focuses on lethal diseases like cancer and life-saving medications, the COVID-19 pandemic is unlikely to have a significant impact on the market during the evaluation period. Personalized medicine is a new technique of preventing and managing diseases.
Drivers
Restraints
By Product
Personalized Nutrition and Wellness category dominated the market with more than 30% of the market share
In 2021, the market for Personalized Medicine was dominated by Personalized Nutrition and Wellness. High usage rates and market penetration are driving the segment's growth. Furthermore, the high over-the-counter nature of these drugs' selling increases their access to customers while reducing regulatory repercussions. Making them more readily available to the general public. Companies are also releasing new tailored nutrition solutions, which is propelling the industry forward. Nestlé, for example, developed nesQino, a tailored nutritious superfood drink created from natural ingredients, in April 2020. The new drink is made from vegetables, fruits, nuts, microalgae, and seeds, and it may be customized.
By Application
The oncology category dominated the market with more than 30% of the market share
The mode of application in which Personalized Medicine can be taken Oncology, CNS, Immunology, Respiratory, and Others.The infectious coronavirus has the potential to have an economic impact and repercussions across a wide range of industries, including oncology. The pandemic has hampered operations and, as a result, biopsy tissue testing. For example, according to a survey conducted by Breastcancer.org in 2020 and published in July 2020, 31.7 percent of people diagnosed with breast cancer reported a delay in care, with 22 percent reporting a delay in screening and 9.3 percent reporting a delay in treatment due to COVID-19 in the United States. As a result of the delayed biopsies and other difficulties, such as missed medical appointments and preventative screening, more advanced cancer cases are projected in the coming years.
By Product
By Application
By End-use
By Region
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North America dominated the market with more than 40% of the market share
Because of the rising prevalence of cancer and genetic disorders, the growing use of precision medicine approaches, and the presence of prominent companies such as Pfizer, Qiagen, Quest Diagnostics, and Roche, North America is leading the market. Cancer is the leading cause of mortality in Canada and the second-highest cause of death in the United States, according to the American Cancer Society. In the United States, almost 1.8 million new cancer cases will be diagnosed in 2020. High awareness of precision medicine in the region, as well as rising demand for individualized cancer therapy, will drive industry revenue in the region.
Report Attributes |
Details |
---|---|
Market Size Value in 2021 | USD 2.10 trillion |
Market Size Value in 2030 | USD 4.87 trillion |
Growth Rate | 11.10% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2018-2020 |
Forecast Units | (USD trillion) |
Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
Segments Covered | By Product, By Application, By End-use, By Region |
Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
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