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Personalized Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2028

  • Report ID : 100102
  • Category : Pharmaceuticals
  • Pages : -----
  • Reporting status : Published Jan, 19
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“Targeted” diagnostics and therapeutics are one of the latest and anticipated healthcare technologies on the block. Genomic and proteomic sciences have brought the concept of personalized medicine that leverages knowledge of genetic makeup to build a more personalized approach to healthcare. Personalized Medicine is essentially a treatment process that is tailor made for the individual characteristic of a patient. Individual characteristic involves a patient’s unique molecular and genetic profile which is either responsible for or is susceptible to diseases like cancer, cardiovascular diseases, neurodegenerative disorders or other diseases. Personalized Medicine involves scientific breakthroughs that allows to predict the kind of medication and treatment method suits a particular patient, instead of following a generalized method of treatment. One of the advantages of personalized medicine over traditional healthcare is its precise approach cuts down costs of treatment considerably as compared to the “trial and error” method of treatment.

Pharmaceutical companies’ revenue was so far majorly based on “one-size-fits-all” medicines manufactured by them. However, the advancements in genetics and advent of Next Generation Sequencing (NGS), knowledge of a patient’s exact genetic makeup has become possible and it was evident that an individual’s disease is as unique as their genetic structure. Therefore, drug makers are developing tools which can decipher minute inborn differences for making certain individuals particularly susceptible to certain diseases. The drug makers are developing a safer, more potent drug which can target the biological differences forming the basis of diseases more precisely. Their target is to produce a myriad of personalized medicines that can yield huge profits over the forecast period.

Personalized medicines are related to the field of pharmacogenomics, pharmacogenetics, pharmacoproteomics and metabolomics. Basic technologies of molecular diagnostics like single nucleotide polymorphism (SNP) genotyping and biomarkers play an essential role in personalized medicine. It also involves biological therapies which may use patient's own cells that may or may not be tumorous. Vaccines, Monoclonal antibodies are therefore directed to specific genetic and immunologic targets. There is an increased focus on early detection and prevention of disease by using Biochip/microarray technologies and next generation sequencing in modern medicine. Thus, personalized medicine will involve a great deal of knowledge in nanobiotechnology, bioinformatics, genetics and pharmacology.

Lower probability of medication flaws, rapid results and customized effects and adverse drug reactions are few major factor behind the increased traction for R&D and revenue potential of the medicines. Furthermore, increasing favorable government policies for personalized medicine and development of genetic databases is also expected to add potential opportunities to boost the market growth.

Although, the advent of personalized medicines can bring about an increase in quality of clinical care and also might decrease the cost of healthcare, with a handful of diagnostic tests and medicines have accepted by the market, with mixed success. Thus, the market is still projected to overcome challenges like ethical issues regarding tissue engineering and some major barriers related to economics.

The global personalized medicine is segmented based on the therapeutic area, and end-user. The therapeutic area segment is further bifurcated into oncology, neurology, antiviral, cardiology, psychiatry and others whereas the end-users segment is segmented into hospitals, molecular diagnostics laboratories and testing facilities, contract research organizations, academic institutes and research laboratories, bio and health informatics companies and others (venture capitals, service providers).

The demand of personalized medicine is projected to increase over the forecast period and has resulted in Pharma companies to accelerate the research entailing drugs that come under personalized medicine. Pfizer’s drug Xalkori and Roche's drug Zelboraf, both of which are personalized medicine and are prescribed for certain types of cancer were one of the fastest through the pipeline in recent years. Some of the leading companies in this field are Roche, Johnson & Johnson's, Novartis, AstraZeneca, Bristol-Myers Squibb, Pfizer, Eli Lilly, Sanofi, Amgen, Merck and GlaxoSmithKline.

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