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