Industry Research Report – US Personalized Medicine Market forecast till 2023, is latest research report on published by MRFR. The Market is segmented on the basis of Product, Application, End User, and Region.
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.
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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.
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