The global Personalized Medicine Market size is expected to reach USD 796.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. The market growth can be attributed to several factors such as the high adoption of advanced genome sequencing instruments, the launch of companion diagnostics, and the rising incidence of cancer and other genetic disorders.
In addition, the growing number of retail clinics is further boosting the market growth. There is a high adoption rate of telemedicine solutions observed in retail clinics. With the integration of these solutions, retails clinics provide online scheduling solutions to patients along with contactless check-in and payment modes. Hence, such advanced solutions based on telemedicine are contributing to the growth of the market.
Moreover, the robust funding for supporting research on PM and cell therapy is contributing to the market growth. For instance, in May 2020, the Minderoo Foundation and the Federal government granted around USD 67.0 million for the Zero Childhood Cancer program (ZERO). The funding facilitated the development of a comprehensive genomic databank of individual patient’s cancer and healthy cells, facilitating in better understanding of childhood cancer.
The expanding presence of established players in distinct sectors of PM is also set to propel market growth. These are inclusive of companies such as Google and IBM among others. In November 2020, DeepMind, a Google company, announced that it had made a huge leap in the 3D analysis of proteins from their amino-acid sequence. This is expected to be a revolutionary development in the field of PM diagnostics.
Furthermore, PM is bringing a new paradigm in the ongoing COVID-19 pandemic. With the application of PM, researchers can identify the best management strategies for accurate diagnosis. This in turn will facilitate in designing the therapeutic approaches based on individual COVID-19 patients. However, these medicines are better suited for inherited diseases and conditions such as cancer that are developed owing to genetic mutations, rather than infectious diseases.
Related Press Release@ Personalized Medicine Market Report
Personalized Medicine Market Report Highlights
- The personalized nutrition and wellness segment accounted for the largest revenue share in 2020 owing to the growing demand for products of this segment, and less regulatory compliance
- The expanding pool of operational entities in this segment is expected to boost the sales of personalized nutrition products
- The therapeutics segment is expected to witness lucrative growth over the forecast period owing to the extensive usage of pharmacogenomics for developing biopharmaceuticals
- In therapeutics, the genomic medicine segment is expected to witness substantial growth through the forecast period owing to a reduction in costs of whole-genome sequencing
- North America held the largest revenue share in 2020. The growth of the market in this region is owing to intensive research for the development of new therapies
- In Asia Pacific, the market is expected to witness the fastest CAGR over the forecast period owing to growing PM startups and favorable government initiatives
- Companies operating in the market are receiving the U.S. FDA approvals for their personalized medicines. For instance, in February 2021, Biogen Inc. received the U.S. FDA approval for PLEGRIDY (peginterferon beta-1a) for treating patients with relapsing forms of Multiple Sclerosis (MS)