Personalized Medicine Market

Market Overview

The global personalized medicine market was valued at USD 596 billion in 2019 and is expected to grow at 11.7% CAGR during the forecast study period.

Personalized medicine istailoring of specific treatment according to the individual’sgenetic makeup, disease condition, diagnosis, body physics, patient history and other relevant factors. It is also known as precision medicine, P4 medicine or stratified medicine. Diagnostic analysis is often done in personalized medicine to determine optimal and appropriate therapies based on the genetic content of the patient, or other molecular or cellular research.

Personalized medicine has the best response and the highest safety margin to ensure better patient care by enabling each patient to receive faster diagnosis, risk evaluation and appropriate treatment. Furthermore, personalized medicine provides opportunities to transform patient care by reducing the average cost of treatment. Hence this market is significantly driven by the factors briefly explained in dynamics.

Market Dynamics

Booming technological progressions

Increasing demand for technologically sophisticated tools for storage and analysis of patient data and rapid integration. Artificial intelligence, machine learning, digital biomedical biomarkers and computational biology are predicted to offer lucrative opportunity to enable precise diagnosis and treatment. The development of bioinformatics solutions and software by healthcare IT domain will support the market growth. Moreover, increasing R&D for determining the most effective treatment based on preclinical studies and tumor molecular analysis will raise the acceptance of gene therapy that will positively influence the growth of the precision medicine industry.Advances in pharmacogenomics are paving the way for drug development in precision medicine. Pharmacogenomics assists in predicting a drug's effectiveness and helps to understand the variations in pharmacodynamics and pharmacokinetics with the help of genetic dataof individuals.

Furthermore, biopharmaceutical companies are focusing more on developing specific medicine to cure diseases like cancer would further drive business development. In 2018 out of 59 new molecular species, 25 were approved for various chronic diseases by the FDA recently. Additionally, in 2018 two new biosimilar have been licensed for existing personalized medicines.

Advent of NGS technology

Widespread availability of sequencing techniques, especially Next Generation Sequencing (NGS), is expected to drive the market due to rising sequencing costs and the growth of Human Genome Project in the field of genomics. Widespread availability of sequencing techniques, especially Next Generation Sequencing (NGS), is expected to drive the market due to rising sequencing costs and the growth of Human Genome Project in the field of genomics.

NGS technology provides data relating to the patient's genetic profile and response of drugs on patients, thereby facilitating the production of precision medicine for disease management. Also, a rising number of academic medical centres and healthcare organizations are opting to internalize their NGS testing program as it gives them better control over tissue, turnaround time, and offers more opportunity for interaction between physicians and those running the tests.

In addition, NGS in conjunction with Companion Diagnostics (CDx) is projected to play a vital role in advancing customized diagnostics and therapy in the years ahead. Advent of novel CDx and biomarkers for non-oncological clinical uses compelled firms to boost their accuracy. Market players are also patenting a molecule along with its CDx to achieve a competitive edge, more usage and gain profit margin.

Segmental Analysis

The global personalized medicine market is segmented into product, application and end-use. The product segment is sectored into personalized nutrition and wellness, personalized medical care, personalized diagnostics and personalized therapeutics.

Personalized nutrition and wellness registered highest growth with value of USD 353billion in 2019.

Rising concerns of inadequate nutrition, prevalence of lifestyle related disorders and increasing elderly population is driving the segmental growth. Functional foods and plant based diet have recently gained popularity amongst consumers. Awareness-raising of eating nutritious food for longevity, increasing acceptance of personalized diet programs, and evolving devices that monitor health data create enticing incentives for market players that expand their company offerings. Consequently, food companies make major developments in the manufacture and sale of customized care goods. Newest examples include Styr delivering customized supplement powders, and MultiplyLabs offering custom 3-D printed supplement tablets. One of the new launches is Habit, a Silicone valley startup backed by Campell that created customized food (home delivered), tailored to the biology and metabolism of consumers.Companies such as, Vida, Arivale and Redbrick use the dietary and genetic information provided by a consumer, including specific DNA and health biomarkers, to tailor their products.

Oncology segment to dominate the application segment with market share of 38% in 2019.

Increasing prevalence of cancer will substantially augment the market growth in coming years. As per the WHO, cancer is responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is due to cancer. Increasing usage of biomarkers for precision medicine cancer therapy, development of targeted therapies based on genetic composition over traditional chemotherapy will foster the market growth.

Favourable policy policies such as the Precision Medicine Initiative (PMI), initiated by the National Health Institute (NIH) in 2016, spurred the growth of the sector. The National Cancer Institute will further expand funds to facilitate clinical trials that provide distinct methods for cancer diagnosis, to promote precision medicine usage.

The below mentioned info-graph depicts the estimated share of segment in the global personalized medicine market

Regional Analysis

The regional analysis have been made considering the trends of the personalized medicine, in the regions of North America, Europe, Asia Pacific, South America, Middle East, and Africa.

The below mentioned info-graph depicts the estimated market share for the regions in 2019.

North America leads the personalized medicine market and is predicted to grow at 11.4% CAGR in the forecast study period.

Both existence of major players and rising cancer incidence in the area may fuel growth in the market. The need for precision medicine is due to favorable policy policies and increasing innovations for the creation of new, efficient disease control strategies.

In addition, the American Association for Cancer Research (AACR) has introduced the GENIE (Genomics Proof Neoplasia Knowledge Exchange) project, which provides the data- initiative which further promotes oncology precision by combining genomic and clinical data from patients with cancer. In Sept 2018, the All of Us Research Program initiated by NIH granted funds of USD 28.6 million to 3 genome centres of the U.S. This funding helped these centres produce genomic data from bio samples, which is a crucial component of the development of precision medicines.

Europe personalized medicine market was valued at USD 147 billion in 2019.

Beneficial government policies combined with the advent of big data in healthcare and increasing cancer incidence would drive the growth of the sector. According to Health Europa, the British government spent nearly USD 272.1 million in precision medicine in 2018 to create new research devices, medicinal products and therapies.

The nation will sequence the genomes of 500,000 biobank volunteers as a result of this project and the results will further help the researchers identify the disease cycle.Increasing healthcare spending is expected to drive consumer demand to ensure improved results by individualized services. In addition, numerous conferences held in the country will pave the way for new initiatives and also raise understanding of customized medicine which will dramatically boost business growth.

Nonetheless, Asia Pacific is expected to experience the fastest CAGR of 13.2% over the forecast years, owing to the low cost of clinical trials of newly produced specialty medicines and diagnostic devices. In turn, rising disposable income and emerging-country growth would further fuel the sector.

Recent Developments

In March 2020, sports nutrition firm Science in Sport, launched a service aimed at providing customized solutions for atheletes to enhance sporting performance.

In October 2018, Qiagen declared the introduction of new RNA-seq library preparation tools for next generation sequencing, thereby substantially increasing its range and user base

In May 2018, Foundation Medicine announced the approval of FoundationOneCDx for Advanced Diagnostic Laboratory Test (ADLT) used for solid tumors that incorporate multiple companion diagnoses. The new product clearance may help to broaden the current portfolio of products.

Personalized Medicine Market Segmentation

By Product

• Personalized Nutrition & Wellness

1. Nutrition Care
2. Alternative medicines care
3. Medical Retail
4. Others

• Personalized Medical Care

1. Telemedicine & Remote Patient Monitoring
2. EMR
3. Other

• Personalized Diagnostic
• Personalized Therapeutic

By Application

• Disease Treatment

1. Oncology
2. Psychiatry
3. Infectious Diseases
4. Cardiology
5. Endocrinology
6. Neurology
7. Gastroenterology
8. Rheumatology
9. Others

• Biomarker Identification

1. Clinical Research
2. Others

By End Use

• Hospitals & clinics
• Diagnostic laboratories and testing facilities
• Others

By Regions

• North America
• Europe
• Asia Pacific
• Central, South America and Caribbean
• Middle-East and Africa