PUNE, India, Sept. 6, 2021 /PRNewswire/ -- According to latest report "Personalized Medicine Market Size, Share & Trends Analysis Report By Product (Personalized Medicine Diagnostics Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness), By Application (Cancer Management, Blood Transfusion Safety, Coagulation Therapy, Diabetes, Infectious Diseases, Central Nervous System Disorders, Autoimmune Diseases, Cardiovascular Diseases, Neurology, Psychiatry) Based On Region, And Segment Forecasts, 2021 - 2027", by Brand Essence Market Research the market valuation of Personalized Medicine will cross $751 billion by 2027. Technological advancements and increasing demand for Personalized Medicine will foster the market growth.
Global Personalized Medicine Market is valued at USD 489.1 Billion in 2020 and Growing with a CAGR of 6.32% over the forecast period. Rising prevalence of chronic diseases, increasing demand for personalized medicine and growing technological advancements in healthcare are anticipated to drive the growth of Global Personalized Medicine Market.
What is Personalized Medicine - Personalized medicine is also referred as precision medicine. It is the field of medicine that finds the best treatment for each patient at the correct time. Like, physicians use medical history, circumstances, diagnostic tests and values, as well as information from prior patient therapies, to prevent disease and develop targeted therapies that can speed up a patient's treatment and recovery. Application of personalized medicine in health care industry is truly advantageous for exact ongoing diagnosis and therapy of conditions, like a few sorts of diabetes and cardiovascular diseases. Personalized medicine is mainly used in clinical decision making by using biological information available through a genetic test or biomarker. Personalized medicine is better than traditional medicine, because it is based on each patient's unique genetic test. It can be used to overcome the limitations of traditional medicine.
What Development has Provided to Increase in Personalized Medicine?
News: Infosys Launched SAP-based Personalized Medicine Solution for Pharmaceutical Companies
On June 29th, 2020; Infosys announced the launch of an all-new, Personalized Medicine solution for the pharmaceutical industry. The solution leverages SAP S/4HANA, the SAP C/4HANA suite, the SAP Analytics Cloud solution, and SCI platform to derive intelligent insights, enabling pharmaceutical companies to address critical business and regulatory requirements while delivering personalized experiences to patients. The Infosys Personalized Medicine Solution enables pharma companies to digitally transform their processes and drive stronger business outcomes. The modular solution uses advanced analytics to manage individual patient treatment lifecycle from enrollment and scheduling to post medical treatments and can notably reduce patient treatment lifecycle. It uses IoT and blockchain to manage critical cold chains and outcome-based invoicing. The solution incorporates seamlessly into an existing business process with minimal disruptions, reducing implementation time, thus enabling quicker product launches for pharma companies.
The growing prevalence of various types of cancer and increasing demand of personalized medicine therapy in cancer and various other disease indications like diabetes are some of the major factors expected to drive the growth for global personalized medicine market. According to the World Health Organization; Cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths occurred due to cancer. As per report by WHO, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally in 2020. In addition, growing demand for personalized medicine real-time analysis is also supplementing the market growth. For example; personalized medicine is used in target cancerous tissues diagnosis which gives lesser side effects. For the reason that, personalized medicines can reduce the number of adverse drug reactions during treatments. Because, drug reactions are the third or fourth largest cause of deaths in the United States.
North America is Expected to Dominate the Global Personalized Medicine Market
North America is expected to dominate the personalized medicine market with the highest share due to the rising prevalence of chronic diseases like, cancer, diabetes, rising expenditure on healthcare and R&D in this region. For instance; for cancer treatments, like colorectal cancer and breast cancer, personalized medicine provides significant advances. According to the American Cancer Society journal, in 2020, there were an estimated 1.8 million new cancer cases diagnosed and 606,520 cancer deaths in the United States. According to the United Nations, around 70% people died because of chronic diseases and expected to reach about 60% by 2030. In addition, increasing awareness among the patients about the significance of personalized medicine for treatment of various diseases is also supplementing the market growth in this region.
The Asia Pacific is expected to emerge as the fastest-growing region in the global personalized medicine market due to the rising prevalence of chronic diseases, rising awareness about early diagnosis, developing healthcare infrastructure, and availability of effective treatment in emerging countries, such as China and India in this region. For example; chronic diseases like mental health disorders, cardiovascular diseases, diabetes, and cancer are the leading causes of death and disability in India.
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