Dallas, Texas, United states, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Global Personalized Medicine Market was valued at USD 493.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2027.
Personalized medicine is drugs made based on the response produced by the patient suffering from a specific disease and carry certain biomarkers to provide the requirement of an individual patient. The main objective of personalized medicine is to identify most suitable treatment option for patient population.
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Key Development
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)
In October 2020, Diaceutics PLC launched DXRX – The Diagnostic Network, which has been designed to accelerate the end-to-end development and commercialization of precision medicine diagnostics by reducing time to peak biomarker test adoption for cancer testing from years to months.
Pfizer Inc. and GlaxoSmithKline PLC announced they have entered into an agreement to create a premier global consumer healthcare company with robust iconic brands.
Key Players
Some of the key players of the Personalized Medicine Market are Illumina, Inc., GE Healthcare, Danaher Corporation (Cepheid, Inc.), Abbott, QIAGEN, Exact Sciences Corporation, ASURAGEN, INC. Biogen, Dako A/S, Exagen Inc., Precision Biologics, Celera Diagnostics LLC, Decode Genetics, Inc., Genelex.
Impact of the COVID-19
The outbreak of the pandemic created havoc globally and impacted badly on the financial and the health sector. The lockdown limits resulted in the shutting of numerous industrial operations and manufacturing processes. Still, according to the market analysis, the market continued its growth rate even in these difficult times because of the global health crisis resulted in immense demand for medicines in the healthcare sector.
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Market Segmentation
By Product
- Personalized Medicine Diagnostics
- Personalized Medicine Therapeutics
- Personalized Nutrition & Wellness
- Personalized Medical Care
By Application
- Cancer Management
- Infectious Diseases
- Central Nervous System (CNS) Disorders
- Blood Transfusion Safety
- Coagulation Therapy
- Autoimmune Diseases
- Neurology, And Psychiatry
- Cardiovascular Diseases
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
North America led the personalized medicine market and reported for the highest revenue share in 2020 and anticipated to continue its domination in the forecast period because of the high adoption rate of healthcare, IT systems in clinical workflows and next-generation sequencing technologies, that help to generate personalized and pharmacogenomic data effortlessly and proficiently. In Asia Pacific region, the market is projected to grow fast in the forecast period due to the low cost associated with conducting clinical trials of afresh developed precision medicines and diagnostics in the region.
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