The rising number of clinical trials on neurology and other disciplines of healthcare is propelling the growth of the personalized medicine market, says Fortune Business insights in a report, titled “Personalized Medicine Market Size, Share and Global Trend by Product (Therapeutics, Diagnostics, Nutrition & Wellness), By Application (Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology), By End-User (Hospitals, Specialty Clinics), and Geography Forecast till 2026”.The research and development by biopharmaceutical companies for the production of new personalized medicine is escalating the growth of the global market.
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R&D Activities by Leading Companies to Aid Expansion
Personalized medicine are designed to cater to the individual characteristics of each patient. Personalized medicine uses genetic analysis to identify, and then involves treating the patients. They have a specific treatment approach, which differs from the traditional approach of “one size fits all”, and the treatment regime is designed specifically around the individual/ group of people at risk. In 2018, Precision Therapeutics Inc. announced a merger agreement with Helomics Holding Corporation. The merger is aimed at combining precision diagnostic and integrated CRO capabilities with the focus to improve patient care and facilitate the development of innovative clinical products and technologies for the treatment of cancer and other conditions. These factors are expected to encourage growth for the personalized medicine market. Furthermore, the rising incidence of chronic diseases and increasing investments by biopharmaceutical companies in R&D activities with an aim to launch personalized medicines are some of the factors propelling the growth of the market. In addition, the clinical efficiency of personalized medicine in oncology along with a rising number of clinical trials on personalized medicine in neurology are driving the global personalized medicine market.
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Segmentation of the Global Personalized Medicine Market
- Nutrition & Wellness
- Blood Transfusion Safety
- Autoimmune Diseases
By End User
- Specialty Clinics
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
North America to Dominate the Global Market
Geographically, the global personalized medicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the global personalized medicine market owing to the recent regulatory approvals for personalized medicines. It is also expected to lead the personalized medicine market during the forecast period, owing to the higher adoption of personalized medicine as diagnostic and therapeutic agents in the region. Asia Pacific and Middle East & Africa markets are predicted to grow considerably during the forecast period, owing to developing healthcare infrastructure and increasing per capita healthcare expenditure in the regions.
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