Personalized medicine or precision medicine is referred as the customization of treatment for an individual as per their genetic makeup and molecular profile. The ongoing research on its tools and its capacity in preventing mortality rates to unknown chronic diseases.
The U.S. personalized medicine market report by Market Research Future (MRFR) takes a deeper look at the changing business models in healthcare, perceptions of patients, healthcare burden, and economic policies supporting the transition for the forecast period of 2017 to 2023. The impact of the COVID-19 pandemic on the market has been included owing to its impact on growth and revenue estimations.
The U.S. personalized medicine market is expected to expand at 7.5% CAGR over the forecast period. It is driven by the rising incidence of chronic diseases and the lacking efficiency of current treatments. The positive impact on clinical research and patient care can drive its growth. In addition, the adoption of the technology by pharmaceutical and biopharmaceutical companies for offering medicines according to the genetic profile can bode well for the market in the coming years. For instance, trastuzumab was approved for use for medicine intake with chemotherapy for the treatment of breast cancer.
Clinical trials and study of the effect of new drugs can drive the U.S. personalized medicine market. Development of monoclonal antibodies which can bind to growth receptors have been studies to see its inactivation of protein molecules as well as its diagnostic sensitivity. The outbreak of the COVID-19 pandemic will lead to personalized medicine being opted even more. Digitization of processes in the production line will assist pharmaceutical companies in tracking their progress and drive business outcomes. This is exemplified with the launch of a Personalized Medicine platform by Infosys, one of the biggest IT players globally.
The U.S. personalized medicine market is segmented on the basis of product, application and end users.
Based on the product, the market has been segmented as diagnostic, medical care and nutrition and wellness, therapeutics, and others.
Based on application, the market has been segmented into cancer genomics, diagnosis and intervention, drug development and usage, and others.
On the basis of end users, the market has been segmented into academic institutes, hospitals, bio and health informatics companies, molecular diagnostic laboratories and testing centers, and others.
U.S. accounts for the maximum market share of the personalized medicine market. This can be attributed to increasing pool of cancer patients along with high healthcare per capita expenditure allocated for their welfare. Reimbursement policies as well as awareness programs have culminated in many patients opting for clinical trials. Advancing technologies within the liquid biopsy or cancer market is also driving the market and will see strategic growth over the next five years.
Sanofi, Laboratory Corporation of America, Abbott, GE Healthcare, Siemens Healthcare Diagnostics Inc., Becton Dickinson & Co., CardioDx Inc., Asuragen Inc., Bristol-Myers Squibb, Pfizer Inc., and Quest Diagnostics are key players of the U.S. personalized medicine market. Venture capital funding for expediting the research and development of novel drugs can positively impact the regional personalized medicine market. For instance, Elevation Oncology attained close to USD 32.5 million in funding from Aisling Capital, Qiming Venture Partners USA, BVF Partners, Driehaus Capital Management, and Vertex Ventures HC.