The global personalized medicine market size is expected to reach USD 796.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2021 to 2028. The market growth can be attributed to several factors such as the high adoption of advanced genome sequencing instruments, the launch of companion diagnostics, and the rising incidence of cancer and other genetic disorders.
In addition, the growing number of retail clinics is further boosting the market growth. There is a high adoption rate of telemedicine solutions observed in retail clinics. With the integration of these solutions, retails clinics provide online scheduling solutions to patients along with contactless check-in and payment modes. Hence, such advanced solutions based on telemedicine are contributing to the growth of the market.
Moreover, the robust funding for supporting research on PM and cell therapy is contributing to the market growth. For instance, in May 2020, the Minderoo Foundation and the Federal government granted around USD 67.0 million for the Zero Childhood Cancer program (ZERO). The funding facilitated the development of a comprehensive genomic databank of individual patient’s cancer and healthy cells, facilitating in better understanding of childhood cancer.
The expanding presence of established players in distinct sectors of PM is also set to propel market growth. These are inclusive of companies such as Google and IBM among others. In November 2020, DeepMind, a Google company, announced that it had made a huge leap in the 3D analysis of proteins from their amino-acid sequence. This is expected to be a revolutionary development in the field of PM diagnostics.
Furthermore, PM is bringing a new paradigm in the ongoing COVID-19 pandemic. With the application of PM, researchers can identify the best management strategies for accurate diagnosis. This in turn will facilitate in designing the therapeutic approaches based on individual COVID-19 patients. However, these medicines are better suited for inherited diseases and conditions such as cancer that are developed owing to genetic mutations, rather than infectious diseases.
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Personalized Medicine Market Report Highlights
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Personalized Medicine Market Segmentation
Grand View Research has segmented the global personalized medicine market based on product and region:
Personalized Medicine Product Outlook (Revenue, USD Billion, 2017 – 2028)
Personalized Medicine Regional Outlook (Revenue, USD Billion, 2017 – 2028)
List of Key Players of Personalized Medicine Market
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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