Personalized medicine or precision medicine is a novel approach by doctors and clinicians to separate patients on the basis of their response to certain medications. The US personalized medicine market report by Market Research Future (MRFR) compiles a list of trends, drivers, and opportunities which are deemed to predict the value and year-on-year growth rate from 2017 to 2023 (forecast period).
US Personalized Medicine Market Outlook
The US personalized medicine market is predicted to gain significant revenue at 7.5% CAGR over the forecast period due to pharma and biotechnology companies turning to personalized medicines to improve the accuracy and potency of the drug. Policies designed to reform the testing, development, marketing, and prescription of drugs and medicines for safe use by customers is likely to define the U.S. market.
High prevalence of cancer cases is expected to be one of the biggest drivers of the regional market. This is buttressed by the World Health Organization (WHO) report of 2017, which pegs cancer related deaths in the U.S. to amount to 17.5 million. Targeted medicine or theranostics aim to increase the efficacy of the medicine by specifically targeting the site of the tumor. Moreover, approval of companion diagnostics and biomarker products driven by successful clinical trials can work in favor of the market.
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US Personalized Medicine Market Segmentation Analysis
The U.S. personalized medicine market is segmented by product, application, and end-user.
By product, the market is segmented into nutrition and wellness, therapeutics, medical care, and diagnostics.
By application, the market is segmented into cancer genomics, drug development and usage, diagnosis and intervention, and others. The cancer genomics segment accounted for close to 30% market share in 2016, followed by diagnosis & intervention, drug development and usage, and others. This can be attributed to the use of genomic technologies for analyzing the seriousness of tumor samples and developing biomarkers capable of sufficient resistance.
By end-user, the market is segmented into bio and health informatics companies, molecular diagnostic laboratories and testing centers, academic institutes, hospitals, and others.
US Personalized Medicine Market Regional Analysis
The U.S. personalized medicine market is expected to expand continuously in size due to the large healthcare expenditure accorded by the government and huge pool of cancer patients. Technological breakthroughs in diagnostic tests and liquid biopsy can bode well for the market over the forecast period. In addition, the inclination of the elderly towards personalized medicine can open the floodgates for the industry. However, the younger populace with high level of awareness can also bode well for the regional market.
US Personalized Medicine Market Competitive Outlook
GE Healthcare, Bristol-Myers Squibb, Abbott, CardioDx Inc., Laboratory Corporation of America, Pfizer Inc., Siemens Healthcare Diagnostics Inc., Asuragen Inc., Becton Dickinson & Co., Quest Diagnostics, Sanofi, and others are some of the prominent manufacturers in the market.
US Personalized Medicine Industry News
The Blue Shield of California has launched its own wellness platform for members to achieve their individual goals. The data acquired can give the company insights to cater to patients and their specific needs. The metrics can assist doctors in prescribing the right medicine and dietary programs as well as new areas for the personalized medicine to expand in the coming years. The company has partnered with Solera Health, an online application for chronic disease management platform.
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Wearables which are becoming common among the populace can hold the key to trigger the next development in precision medicine. Physiological and biochemical sensors within these devices can record useful data of customers for registering alcohol and glucose levels and be used for clinical use. Concerted effort by clinicians and doctors can rely on the data for creating an foolproof approach towards patient care.