The Global Market for Personalized Medicines is Projected to Reach US$347.4 Billion by 2024

The Ever-Present Need for More Effective Therapies to Drive the Global Market for Personalized Medicines, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Personalized Medicines market. The global market for Personalized Medicines is projected to reach US$347.4 billion by 2024, driven by unrelenting focus on developing more effective medications, advancements in genomic and proteomic technologies, and increasing drug approvals.

Personalized medicine is an advanced approach to treatment that entails precision diagnosis and analysis of patient data for better disease stratification using genetic and other markers, and subsequent selection of therapies that particularly suit to a patient based on genetic information secured. While stratification of patients based on various parameters is an age-old practice and personalized medicine has been in existence for several years, the modern day personalized medicine is differentiated by the availability of technological advancements that provide genetic level information of patients never before available. Advancements and growing availability of molecular and genetic tests that enable precise understanding of DNA and RNA level variations in patients with same diseases is a key driver of the personalized medicines market. Inherent capabilities of the approach such as disease diagnosis and anticipation of disease progression, enabling uptake of preventive approach as opposed to a reactive one while eliminating or minimizing adverse reactions caused by inappropriate drugs or inaccurate dosing through trial and error are driving demand for approved personalized medicines.

Growing population worldwide, rising incidence and prevalence of various chronic conditions, and unmet needs are macro level factors driving growth in the market for personalized medicines. More specific to this field, limited efficacy of conventional mass therapies, declining costs of genomic and proteomic sequencing, increasing knowledge of disease heterogeneity, potential savings in healthcare costs, and advancements in genomics, metabolomics and proteomics are some of the other major factors driving growth in this area. Rising emphasis on improving longevity of approved medications due to impending patient cliff is driving pharmaceutical companies to explore possibilities of identifying newly defined molecular patient subsets for their drugs, which has met with considerable success in recent years with several such drugs being approved by FDA and other regulatory agencies. Advancements in underlying molecular diagnostic tests for identification of biological markers are further driving R&D in this space. Increasing approval of new personalized medicines and rising indication expansions of some existing medications into personalized medicine is contributing to increasing presence of personalized medicines on the market, thereby driving adoption.

While genetic markers continue to dominate personalized medicines presently available, other biomarkers such as RNA and proteins are gaining interest among researchers for advancing personalized medicine, given that RNA provides a real-time indicator of health reflecting day-to-day changes and even detect gene expressions not feasible through DNA analysis. Targeted immunotherapy represents one of the most recent advancements in personalized medicine, with some therapies recently approved for marketing. An emerging trend in the research domain is the study on combination targeted therapeutics that targets multiple pathways in a disease with an overarching aim to either prevent or delay drug resistance.

As stated by the new market research report on Personalized Medicines, the United States represents the largest market worldwide. Significant research advancements, availability of various therapies, relatively higher awareness, high incidence and prevalence of chronic diseases, regulatory support, and supportive reimbursements are some of the major factors supporting growth in the country. Asia-Pacific ranks as the fastest growing market with a CAGR of 17.8% through the analysis period, driven by increasing expenditure on healthcare, growing awareness albeit from a lower level, increasing availability of advanced therapies, and improving healthcare infrastructure.

Major players in the market include Abbott Molecular Inc., Beckman Coulter Genomics, bioMérieux SA, Bristol-Myers Squibb Company, Dako Denmark A/S, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., Hologic Inc., Lab 21 Limited, Macrogen Inc., NeoGenomics Laboratories Inc., Novartis AG, QIAGEN NV, Rosetta Genomics Ltd and Thermo Fisher Scientific Inc., among others.

The research report titled “Personalized Medicines: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Personalized Medicines in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World. The market is further analyzed by the following segments: Targeted Therapeutics and Tests & Lab Services.

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