- The worldwide personalized medicine market is projected to rise at about 9.5 percent CAGR from 2010 to 2015. This rise is estimated to be steered forward by the untimely detection of diseases and cost reductions on treatments. Additionally, drug safety, therapy optimization and patient conformity are also predicted to drive the market ahead.
Rising technological innovations and advancements in DNA technology are likely to lead towards the formation of the personalized medicine market in France, United Kingdom, China, India and Japan. The worldwide market is anticipated to experience imperative expansion in the years to come. Personalized medicines are powerful customized remedies for individual patients.
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Other factors propelling the personalized medicine market forward are increased consciousness regarding health, enhancements in technologies and innovations in the medical sector. The market is also expanding further on account of rising life threatening illnesses, like cancer and AIDS. Moreover, poor lifestyles, escalating consumption of unhealthy food and amplified population of the aged are leading to increasing chronic illnesses.
These illnesses lead towards accessing personalized medicines to take care of the former. This factor also steers the sales of the personalized medicine market.
The market can be sliced on account of four categories. These include technologies, applications, products and regions. The technologies market can be divided further into point of care, stem cell therapy, pharmacoproteomics, pharmacogenetics, pharmacokinetics, pharmacodynamics and metabolomics.
The applications personalized medicine market can be segmented in view of government, diagnostics, medical and pharmaceuticals. Rising demand for personalized medicines across these sectors is also projected to drive increased demand for the market.
The products personalized medicine market can be segmented, considering PM therapeutics; PM diagnostics; personalized nutrition and wellness; and personalized medical care. The regions market is sliced on the strength of four regions. These are Asia Pacific, rest of the world, North America and Europe.
Escalating demand for personalized medicines across these regions also drives the demand for the personalized medicine market.
The technologies market was dominated by pharmacogenomics. Point of care followed pharmacogenomics and occupied the second position. This was with respect to share in the personalized medicine market.
The applications market was leaded by medical. Medical captured majority of the shares. The products personalized medicine market was dominated by personalized nutrition and wellness. Personalized nutrition and wellness captured the biggest share.
High accessibility and large population drive this segment. PM diagnostics and PM therapeutics are predicted to rise most rapidly through the forecast period. This is on account of innovations in the sector of genetic medicine. The regions personalized medicine market was dominated by North America.
High-tech medical infrastructure, supportive governmental policies in relation to research on cancer and rising consciousness levels are the major factors, driving this region. Asia Pacific is anticipated to undergo profitable expansion through the forecast period.
High infiltration of personalized medicines and massive population are responsible for driving this region. Rising joint proposals between eastern and western market members are also estimated to steer the Asian Pacific personalized medicine market ahead.
China and India contribute revenue to this regional market. Presently, they are facing growing demand for personalized medicines.
Information Source: Grand View Research
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