Report Code : A31893
Gene therapy is currently one of the most lucrative markets for companies engaged in hyper personalized medicine. As genome sequencing is an unavoidable phase of gene therapy, significant investments in this field are expected to boost the hyper personalized medicine market growth. Globally, the increase in the prevalence of cancer is likely to increase demand for gene therapy as an effective personalized treatment option.
Vitika Verma - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Hyper Personalized Medicine Market," The hyper-personalized medicine market was valued at $2.1 trillion in 2021, and is estimated to reach $5.9 trillion by 2031, growing at a CAGR of 11.7% from 2022 to 2031.
Hyper personalized medicine is a type of treatment that focuses on the unique physiological characteristics of each patient. Personalized medicine has the potential to transform the healthcare industry by focusing on illness understanding and management through advanced analytics, customized medicines, patient data, and other options. The development of efficient and advanced technology, increase in public awareness about personalized medicine, increase in government initiatives around the world, and the growing development of genetic databases are the primary growth drivers of the global hyper personalized medicine market size. Furthermore, rising customized medicine usage in neurology, pulmonary medicine, antiviral medicine, and psychiatry, as well as emerging economies, are expected to create new opportunities for the global hyper personalized medicine market forecast.
However, rising diagnostic costs are projected to limit the growth of the hyper-personalized medicine market. A large amount of personal data is generated during the diagnosis and treatment process, and this poses a potential threat that could limit the growth of the hyper-personalized medicine market. Strict regulations and standards are also hampering the growth of the hyper personalized medicine market size.
The hyper personalized medicine industry is expected to grow as chronic disease rates rise and biopharmaceutical companies majorly invest on R&D to produce new personalized medicines. The rising number of clinical trials for personalized medicine in neurology and other disciplines of healthcare, along with the established clinical efficiency of hyper-personalized medicine in oncology, are factors driving the growth of the hyper-personalized medicine market. Furthermore, the primary focus of hyper personalized medicine market share players is mostly to be on the development of new cancer therapies in the upcoming years.
The hyper personalized medicine market share is segmented on the basis of type, application, end user, and region. By type, it is classified into hyper personalized medicine diagnostics, hyper personalized medicine therapeutics, hyper personalized medical care, and hyper personalized nutrition and wellness. By application, it is divided into oncology, neurology, blood transfusion safety, diabetes, autoimmune diseases, and cardiology. By end user, it is classified into hospitals, diagnostic centers, research and academic institutes, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the hyper personalized medicine market analysis report include QIAGEN, Exagen Inc., Abbott, Dako A/S, GE Healthcare, Illumina, Inc., ASURAGEN, INC., Exact Sciences Corporation, Danaher Corporation (Cepheid, Inc.), and Decode Genetics, Inc.
The report offers a comprehensive analysis of the global hyper personalized medicine market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the hyper personalized medicine Industry.
Impact of COVID-19 on the Global Hyper-Personalized Medicine Industry
Key Findings of the Study
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Hyper Personalized Medicine Market by Product (Hyper Personalized Medicine Diagnostics, Hyper Personalized Medicine Therapeutics, Hyper Personalized Medical Care, Hyper Personalized Nutrition and Wellness), by Application (Oncology, Neurology, Blood Transfusion Safety, Diabetes, Autoimmune Diseases, Cardiology), by End User (Hospitals, Diagnostic Centers, Research and Academic Institutes, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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