New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Personalized Medicine Global Market Report 2023" - https://www.reportlinker.com/p06479734/?utm_source=GNW
, Precision Biologics Inc., Genelex Corp., AstraZeneca, GlaxoSmithKline plc, Novartis AG, Bayer AG, Genentech Inc., and Eli Lilly and Company.
The global personalized medicine market is expected to grow from $318.23 billion in 2022 to $352.73 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The personalized medicine market is expected to reach $527.19 billion in 2027 at a CAGR of 10.5%.
The personalized medicine market consists of sales of topical creams, serums, dietary supplements, customized meal plans, nutritional products, and drugs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Personalized medicine is tailoring medical treatment to an individual’s specific genetic, environmental, and lifestyle factors by considering an individual’s unique characteristics to help prevent, diagnose, and treat disease. It seeks to deliver the correct therapies to the right patients at the right time.
North America was the largest region in the personalized medicine market in 2022.Asia-pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in personalized medicine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of personalized medicine are personalized medicine diagnostics, personalized medicine therapeutics, personalized medical care, and personalized nutrition and wellness.Personalized medicine diagnostics refers to studying an individual’s specific genetic, molecular, and clinical characteristics to guide the diagnosis, treatment, and management of their disease.
It is used in disease diagnosis, treatment selection, monitoring treatment response, and clinical trial selection. The various applications of personalized medicine include oncology, neurology, blood transfusion safety, diabetes, autoimmune diseases, cardiology, and others that are used in hospitals, diagnostic centers, research and academic institutes, and others.
The increasing prevalence of rare diseases is expected to propel the growth of the personalized medicine market going forward.The increasing prevalence of rare diseases refers to the growing number of people who are diagnosed with rare diseases such as Klinefelter Syndrome, Aarskog Syndrome, Abetalipoproteinemia, and others.
Personalized medicine approaches helps to provide more tailored treatment options for individuals with rare diseases which are on the rise. For instance, in March 2021, according to the Journal of the European Academy of Dermatology and Venereology, the population prevalence of rare diseases was estimated at 3.5%-5.9%. this is equal to 260-440 million individuals affected across the world at a time. Moreover, according to an article published by Global Genes, a US-based non-profit advocacy organization, Globally 400 million people are suffering from a rare disease. Therefore, the increase in the prevalence of rare diseases is driving the growth of the personalized medicine market.
Technological advancements are a key trend gaining popularity in the personalized medicine market.Major companies operating in the personalized medicine market are adopting new technologies to sustain their position in the market.
For instance, in June 2020, Infosys an India-based information technology, digital, and consulting services provider company, launched SAP S/4HANA, the SAP Analytics Cloud solution, the SAP C/4HANA®suite, and SCI platform for personalized medicine solutions for pharmaceutical companies.This technology use enables to reduction patient treatment lifecycle, schedule to post medical treatments and enables outcome-based invoicing.
This technology will help pharmaceutical companies to speed up the product launch process.
In January 2020, Nestlé Health Science, a Switzerland-based nutritional science and health management company acquired LivingMatrix personalized medicine platform for an undisclosed amount.This acquisition broadens, diversifies, and enriches Nestle Health Science’s personalized medicine platform and enables the effective generation of personalized medicine plans and tracking of patient outcomes.
LivingMatric is a US-based personalized medicine platform.
The countries covered in the personalized medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The personalized medicine market research report is one of a series of new reports that provides personalized medicine market statistics, including personalized medicine industry global market size, regional shares, competitors with a personalized medicine market share, detailed personalized medicine market segments, market trends and opportunities, and any further data you may need to thrive in the personalized medicine industry. This personalized medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479734/?utm_source=GNW
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