With the increasing knowledge of human DNA, a new segment called personalized medicines has emerged in the healthcare industry, which includes therapeutics, diagnostics, and theranostics tailored towards the treatment or prevention of disease. Even though personalized medicines are in their nascent stages, it is expected to transform the biopharmaceutical and molecular diagnostics markets in the coming years.
According to our new research report, “Personalized Medicine Market Analysis”, the US market for personalized medicine is anticipated to grow at a CAGR of around 9.5% during 2009-2015. The growth will be driven by factors, such as treatment cost savings, early detection of diseases, patient compliance, drug safety, and optimization of therapies.
According to our report, the US has the major share in the global personalized medicine market. But with the advancements, countries like the UK, France, Germany, India, China, and Japan have also been trying to establish themselves in the market. In order to promote the development of personalized medicines, huge money is being invested. For instance, US$ 780 Million have been invested in the UK to establish an institute for aiding the development of clinical applications to fight cancer, heart diseases, and neurodegenerative disorders.
Strategic alliances, like the Abbott Laboratories with Pfizer are also being formed. Academic and private research institutions as well as small biotech and major pharmaceutical companies are increasingly looking for alternative ways to strengthen their pipelines.
The research reveals that personalized medicines for cancer are dominating the market, accounting for more than half of the total personalized medicines which are commercially available. The therapeutic applications of personalized medicines have been extending to new areas, like HIV, cardiovascular disorders, neurological disorders, etc. It is expected that these applications will grab a bigger pie in the coming years.
Providing an extensive information and rational analysis of the global personalized medicine market, the research report thoroughly examines current market trends and industrial developments to enable clients with a proper understanding of the market structure and its future progress. The study also provides an insight into the segment-wise competitive landscape, which includes the profiles of Pharmaceutical/Biotech, Diagnostic, IT/Informatics, and Research Tool companies across the globe.
