Global Personalized Medicine Market is segmented by Product Type (PM Diagnostics (Genetics Testing, Direct to consumer diagnostics, Esoteric lab services, Esoteric lab tests), PM Therapeutics (Pharmaceuticals, Genomic medicine, Medical devices), Personalized nutrition & wellness (Retail nutrition, Complementary medicine, Alternative medicine), Personalized medical care (Telemedicine, Health information technology, Disease Management)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Personalized medicine market is estimated to reach a market value of USD YY million by 2025 with the market growing at a high CAGR in the forecasted period 2022-2029.
- Personalized medicine is an approach connecting the use of individual genetic and epigenetic information to customize drug therapy. Companies are focusing on developing and identifying effective methods to capture value for innovation in the current regulatory and reimbursement landscape.
- The rising prevalence of cancer, the growing number of drugs with companion-associated diagnostics, the use of advanced diagnostic techniques for screening and risk identification, and the increasing usage of biomarkers for cancer therapy are some of the major factors driving the growth of the market.
- Lack of intellectual property regulations for personalized medicine technologies, non-structural development of biomarkers, and lack of proper reimbursement policies are the primary factors restraining the growth of the market.
by Product Type
- The personalized medicine market by product type is segmented into diagnostics, therapeutics, medical care, and nutrition and wellness segments.
- The diagnostic test is estimated to influence 70% of the decisions made by physicians in the United States with less than 2% being spent on diagnostics signifying a significant potential for the personalized medicine market. Many of the companies were not successful in capturing the market majorly due to the high price of the tests, but companies are focusing on developing low-cost tests which would significantly increase the demand.
- It is estimated that 30-40% of the novel drugs in the pipeline are being developed in conjunction with a biomarker making this relevant to the treatment of diseases.
Segmentation by Geography
- The personalized medicine market is segmented into North America, Asia-Pacific, Europe, South America, and others. North America accounted for the most significant market share in 2017 and is forecasted to continue its dominance by the end of the predicted period of 2025.
- The market access in the Europe and Asia-Pacific region is very challenging due to the highly subsidized prices in these regions. France is an exception in the European area with the presence of grants for advanced molecular testing.
- There are decidedly fewer reimbursement policies in the Asia-Pacific regions with patients bearing all the expenses restraining the growth of the market in the Asia-Pacific region.
- Specialized tests such as Selzentry are used as a single lab test, whereas extensive blood tests such as cytochrome p450 are conducting lab tests in more than 5,000 labs in the United States.
- Companies in the personalized medicine market are focusing on partnering with multiple companies and are focusing on developing diagnostic companies with oncology being the primary area of focus for the major companies in the industry.
- The major companies in the industry are investing around 3-4% of their R & D spending on the biomarkers while small companies are investing approximately 0.5% of their R & D spend.
The scope of the Report
By Product Type
- PM Diagnostics
- Genetic Testing
- Direct to consumer diagnostics
- Esoteric lab services
- Esoteric lab tests
- PM Therapeutics
- Genomic medicine
- Medical devices
- Personalized nutrition & wellness
- Retail diet
- Complementary medicine
- Alternative medicine
- Personalized medical care
- Health information technology
- Disease Management
- North America
- South America
- Rest of the World
- The report also covers the key factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
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