US Personalized Medicine Market Overview
Personalized medicine has cropped up as a new treatment paradigm to treatment and patient care. Personalized medicine promises to get the right treatment to the right patient at the right time through the use of targeted therapies. It is an emerging field of medicine that enables early detection of diseases at the molecular level. The US personalized medicine market is perceived to be a steadily growing market at a CAGR of 7.5% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in a detailed research report.
Various trends are responsible for influencing the growth trajectory of the US personalized medicine market. Personalized medicine promises enormous potential in the treatment of cancer. Personalized medicine has entered the mainstream in the treatment of oncology diseases and is changing the way such diseases are identified, treated and classified. According to the World Health Organization (WHO), cancer is one of the prime reasons for 31% of the deaths globally and each year about 17.5 Mn people die due to cancer. Surging prevalence of cancer across the US is a prime reason for the growth of the US personalized medicine market.
Strong research & development activities in the field of personalized medicine by industrial, academic, and government agencies continue to remain strong in the region which also supports the growth of the US personalized medicine market.
Increasing incidences of autoimmune diseases stimulate the growth of the US personalized medicine market. Also, the government in the US is extending its support in the form of funding for R&D activities; favorable NIH policies create a conducive environment for the growth of the US personalized medicine market.
Furthermore, a growing number of companies from outside the health industry are entering the personalized medicine space which is likely to provide an impetus to the growth of the US personalized medicine market.
US Personalized Medicine Market Segmentation
The US personalized medicine market has been segmented based on product, application, and end user. By product, the US personalized medicine market has been segmented into diagnostic, therapeutics, medical care and nutrition, and wellness and others. The diagnostic and therapeutic segment accounts for the largest share of the market.
By application, the US personalized medicine market has been segmented into diagnosis and intervention, drug development and usage, cancer genomics and others.
By end user, the US personalized medicine market has been segmented into hospitals, molecular diagnostic laboratories and testing centers, academic institutes, bio & health informatics companies, and others. End user-wise, the hospitals segment commands the largest share of the market owing to growing usage in hospitals. The molecular diagnostic laboratories and testing centers segment is the second largest segment.
US Personalized Medicine Market Competitive Landscape
Personalized medicine is presenting new challenges as well as opportunities to the market players who are continually endeavoring make their mark in the market. Collaborations through mergers, acquisitions, partnerships, and others are key strategies utilized by the market participants to stay competitive and improve their product offerings. Sanofi, Pfizer Inc., Laboratory Corporation of America, Abbott, Becton Dickinson & Co., Quest Diagnostics, GE Healthcare,
CardioDx Inc., Asuragen Inc., Bristol-Myers Squibb, Siemens Healthcare Diagnostics Inc., are the notable players in the US personalized medicine market.
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US Personalized Medicine Industry Updates
In December 2018, researchers at the University of Utah developed a novel personalized medicine tool for inherited colorectal cancer syndrome. The results for the same was published in the journal Genetics in Medicine.
In December 2018, researchers at the Columbia University have made advancements in personalized medicine that can be helpful in the treatment of kidney diseases.
It is a process of diagnosing and preventing a disease by providing treatment to a patient using the information regarding his/her genetic structure, proteins, and the external environment.
The major advantage of this medicine therapy is that, it incorporates the usage of highly precise equipment and tools, coupled with specialized doctors who determine the treatment on the basis of patient’s molecular profile after the analysis of harmful side effects.
This saves the patient from unnecessary delay in the treatment and extra cost which is caused by the conventional trial and error approach.
For example, the EU has already sanctioned a fund of more than 3 billion euros for the personalized medication research.For Better Understanding, Try Sample PDF Brochure of Report (including full TOC, Tables and Figures) @ https://www.esticastresearch.com/report/personalized-medicine-market/#request-for-sampleMarket OverviewThe new report titled “Global Personalized Medicine Market” is one of the vast depositories added in the directory of Esticast Research and Consulting”.
The accessing is monitored by technological advancements, diversified investment habits, in-depth study on a product by defining overview and specifications.The report further shifts the focus on the global Personalized Medicine market through industry status, growth opportunities, forecasts, key participants, and key players.Important facts about the Personalized Medicine market reportThe global keyword market report compares different approaches and methods that are very well calibrated by the key players of the Personalized Medicine market to make accurate business decisions.The Personalized Medicine market report designs several parameters that include strategic analysis, emerging factors, production value and capacity, and others are also well presented in the research report.The report also helps to reveal market definition, product specifications, market share, value chain analysis, demand and supply ratio, and import/export details.Competitive LandscapeKey players profiled in the report include:Abbott LaboratoriesASURAGENINC.bioMerieux SABristol-Myers SquibbCETICS Healthcare Technologies GmbHGlaxoSmithKlineIBM CorporationIlluminaInc.Intomics A/SJOHNSON & JOHNSONLaboratory Corporation of AmericaF.
Hoffmann-La Roche AGGE HealthcareGilead SciencesInc.Merck KGaANovartis AGPfizerInc.Quest DiagnosticsRandox LaboratoriesSANOFIAlmac GroupAmgenInc.Astellas PharmaInc.AstraZeneca PLC Teva Pharmaceuticals LimitedThermo Fisher ScientificThe prominent industry players profiled in the report that are functional in the Personalized Medicine market are profiled on the basis of quality, product differentiation, product portfolio, and among others.
