Personalized Medicine Market By Product (PM Diagnostics, PM Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness) Is Expected To Reach USD 2,452.5 Billion In 2022: Grand View Research, Inc.
Global personalized medicine market is expected to reach USD 2,452.5 billion by 2022; according to a new study by Grand View Research, Inc. Growing number of approved companion diagnostics and biomarkers have aided the development of advanced personalized diagnostic tests and enhanced the level of treatment monitoring for a range of complex diseases. A significant number of diagnostics and therapeutic products, which are currently under clinical development and investigational research, are associated with one or the other proteomic or genomic markers and fall under category of companion diagnostics. Personalized medicine finds extensive and indispensable applications in the field of oncology. Furthermore, a marked technological advancement of next generation sequencing is expected to significantly enhance market usage rates owing to, a considerable decrease in the costs of whole genome sequencing and is expected to improve the demand for personalized medical diagnostic and therapeutic products over the forecast period. Personalized medical care and nutrition accounted for the largest share of the market in 2014 owing to, the presence of a significantly large consumer base, relatively less number of regulatory mandates, and the over-the-counter nature of retail nutrition products. This large share is also due to, the highly capital-intensive nature of implementation of healthcare information technology and telemedicine applications. View summary of this report @ analysis/personalized-medicine-market
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