Dallas, Feb. 04, 2022 (GLOBE NEWSWIRE) -- Precision medicine is a new tailored also known as individualized medicine is a healthcare approach which is based on each patient’s unique genetic makeup as opposed to traditional medicine. Owing to developments and deeper understanding of genetics and human genetic makeup and how they drive health, develop, and response to drug is enabling medical professionals develop safer and effective treatment methods and drugs for various health conditions. Precision is benefitting the health and healthcare in different ways. For example, healthcare adopting personalize medicine has shifted its focus from reaction to prevention. It acts better in predicting susceptibility to disease, stop disease progress, enable doctors to prescribe effective drugs based on individual health and genetic makeup, reduced time, cost & failure rate, and is proving highly beneficial in eliminating inefficiencies.
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Although the global personalized medicine is at a competitive edge, it is grappled with several challenges such as patient empowerment, ethical, social & legal issues surrounding patient information, cost, underdevelopment of technologies needed to meet the goals of precision medicine, lack of knowledge about molecular genetics and biochemistry, and reimbursement issues are likely to hamper the growth of global personalized medicine market in the forecast years 202-2028. Nevertheless, rising interest in biomarkers, developments in genomic sequencing, expansion of precision medicine in health and healthcare areas, and advancements in biomarker analysis are promoting the development of global personalized medicine market.
Major personalised medicine Market Manufacturers:
23andME, Inc.
Genentech, Inc.
IBM, Genelex
Decode Genetics, Inc.
Celera Diagnostics LLC
Precision Biologics
Exagen Inc.
Dako A/S, Biogen
ASURAGEN, INC.
Exact Sciences Corporation
QIAGEN, Abbott
Danaher Corporation (Cepheid, Inc.)
Illumina, Inc.
GE Healthcare
Personalised Medicine Market Types
Personalized Medicine Diagnostics
Personalized Medicine Therapeutics
Personalized Medical Care
Personalized Nutrition and Wellness
Personalised Medicine Market Applications
Neurology
Diabetes
Oncology
Cardiology
Blood Transfusion Safety
Autoimmune Diseases
Moreover, the current pandemic situation has also propelled the demand of personalized medicine. Personalised medicine approaches are important for understanding the response or immunity of an individual to covid widening opportunities for developing specific treatments. This has been the key for growing demand for personalized medicine thereby driving the global personalized medicine market.
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As an effective marketing strategy the enterprises focus on hyper hyper-personalization marketing, precision medicine activities as a strategy to create enormous patient data. In addition to this, the firms are undertaking research and innovation to come up with new personalized medicines into clinical practices.
Moreover, to achieve consumer acceptances, target customer needs, and consumer’s preferred usages, the market players are implementing suitable market strategies and coming up with different solutions. With advanced solutions the firms try to address immediate business needs. Thus the products provided by these firms are preferred than any other firms in the world making them dominant in the market.
Based on product type the global personalized medicine market is categorised into different products namely personalized medicine, personalized nutrition & wellness, telemedicine, diagnostics, and others. Among these the personalised medicine segment accounted for highest market share owing to potential health benefits. Owing to key factors such as high usage rates, market penetration, availability, new launches of personalized nutritional products, launch of personalized healthy superfoods, new developments in genomic medicines and biopharmaceuticals based genomic sequencing are propelling the market growth of personalized medicine segment in global personalized medicine market. The North American region held the highest market share of global personalized medicine market in 2020 and id poised for substantial growth in future. The growth of this region in the market high adoption of health IT systems in next-generation sequencing technologies, rising approval for personalised medicines companies, FDA approvals for new drugs, favourable government initiatives to adopt personalised medicines are some key factors driving the growth of global personalized medicine market.
Key Questions Answered in the Market Research Report:
• What are the key factors driving the global personalized medicine market growth?
• What is Key outcome of leading countries and personalized medicine market five forces analysis?
• What is global personalized medicine market 5-year growth forecast with revenue and CAGR?
• What is the region wise industry size, growth drivers and challenges key market trends?
• Who are the Leading key players and what are their Key Business plans in the personalized medicine market?
• What is the market share of the leading vendors in the personalized medicine market?
• What was the size of the emerging personalized medicine market by value in 2020?
• What will be the size of the emerging personalized medicine market in 2028?
Table of Contents:
1. Introduction
1.1. Introduction
1.2. Market Definition and Scope
1.3. Units, Currency, Conversions, and Years Considered
1.4. Key Stakeholders
1.5. Key Questions Answered
2. Research Methodology
2.1. Introduction
2.2. Data Capture Sources
2.3. Market Size Estimation
2.4. Market Forecast
2.5. Data Triangulation
2.6. Assumptions and Limitations
3. Market Outlook
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. Porter’s Five Forces Analysis
3.4. PEST Analysis
4. Personalized Medicine Market by Product, 2018-2028 (USD Billion)
4.1. Personalized Medicine Therapeutics
4.2. Personalized Medicine Diagnosis
4.3. Personalized Medical Care
4.4. Personalized Nutrition and Wellness
5. Personalized Medicine Market by Application, 2018-2028 (USD Billion)
5.1. Neurology
5.2. Diabetes
5.3. Oncology
5.4. Cardiology
5.5. Blood Transfusion Safety
5.6. Autoimmune Diseases
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
