Personalized Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

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Personalized Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029

Status : January, 2023 | Pharmaceutical

Report Digest

Global Personalized Medicine Market: Overview

The global personalized medicine market is all set to register high growth trajectory during the forecast period of 2019 to 2029. This growth is attributed to increased preference to use personalized medicines in various countries, specifically in developed regions. In recent period, the worldwide healthcare sector is experiencing advancement in patient treatment techniques. Introduction of personalized medicine is one of such advancement that holds remarkable potential to serve patient needs. This technique offers diagnosis and treatment based on data pulled from a holistic view of an individual patient.

The segmentation of the global personalized medicine market is performed based on various key factors including product and region. Based on product, the market for personalized medicine is bifurcated into therapeutics, personalized medical care, and personalized nutrition and wellness.

Global Personalized Medicine Market: Growth Dynamics

The global personalized medicine market is growing on the back of a wide range of reasons. Gene therapies are used in the diagnosis of both genetic as well as chronic disorders as per an individual's genetic makeup.  Rise of sequencing methodologies, specifically next generation sequencing (NGS), is one of the key reasons driving market growth.

In recent years, there is remarkable increase in number of cancer cases in all worldwide locations. Similarly, there is considerable growth in the use of biomarker PM cancer therapy. This factor is working as a driver for the growth of the global personalized medicine market. Apart from this, the growing number of retail clinics in developed countries from Europe and North America is fueling the growth of the market for personalized medicine.

Global Personalized Medicine Market: Notable Development and Competitive Analysis

The global personalized medicine market is highly fragmented in nature. Presence of many well-established players denotes that the competitive landscape of the market for personalized medicine is highly intense. To sustain in this high competition, new entrants will need to execute diverse strategies. In this effort, many well-established players are taking initiatives to help startups. Some vendors are offering financial support for these new companies.

Many vendors working in the global personalized medicine market are focused on advancing the quality of services they offer. To achieve this motive, they are growing investments in research and development activities. This aside, players are pouring efforts to grow their regional presence. All these moves show that the global personalized medicine market will grow at rapid speed during the forecast period of 2019 to 2027.

The list of important players in the global personalized medicine market includes:

  • Illumina, Inc.
  • GE Healthcare
  • Abbott Laboratories
  • Asuragen, Inc.
  • Exact Science Corporation
  • Dako A/S
  • Decode Genetics, Inc.
  • Danaher Corporation (Cepheid, Inc.)
  • Exagen Diagnostics, Inc.
  • Celera Diagnostics LLC

Global Personalized Medicine Market: Regional Assessment

The global personalized medicine market is spread across five key regions, namely, North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of them, North America is one of the prominent regions in the market for personalized medicine. Key reason for this growth is growing acceptance of NGS techniques in this region. Apart from this, growing use of healthcare IT systems in clinical workflow and favorable government policies are working as a driver for the growth of the North America personalized medicine market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?