Rising Need for More Effective Therapies Drives Demand for Personalized Medicines, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Personalized Medicines markets. Global market for Personalized Medicines is projected to reach US$200 billion by 2020, driven by aging population, escalating healthcare costs, growing focus on improving patient outcomes and the ensuing need for more effective therapies and treatment options.
San Jose, CA (PRWEB) March 24, 2014
Follow us on LinkedIn -Conventional trial and error treatment method based mass prescription therapies, although useful to a sizeable patient population, are also known to cause adverse drug reactions in a significant number of patients. For instance, in the United States, adverse drug reactions (ADR) are responsible for more deaths than diabetes every year. This leaves considerable room for further improvement in development of effective and safe drugs. Therefore, providing the right drug to the right patient at the right time has nurtured the concept of personalized medicine which is based on examination of the patient’s genetic composition to identify the most suitable medicine. Although personalized medicine has been around for more than a quarter of a century, it has gained momentum only a few years ago with the advent of molecular revolution in genetic testing.
Several factors driving the popularity of personalized medicine include limited efficacy of conventional mass therapies, advancements in genomics, metabolomics, and proteomics, increasing research in the area of human DNA, declining costs of genomic and proteomic sequencing, and increase in processing power and expansion of storage capabilities that allow complex data collection and analysis. Growth has also been driven by increasing awareness among medical professionals and patients.
There currently exists high prevalence of chronic degenerative diseases (CDD) including cardiovascular diseases, neurodegenerative disorders, cancer and autoimmune diseases in developed economies largely as a result of high life expectancy. Unhealthy dietary habits, sedentary lifestyles, and habits such as smoking and alcohol consumption are additionally contributing to the rise in obesity, diabetes, heart disease, stroke and other medical conditions especially in developing countries. Against this backdrop of growing unmet medical needs, the importance of personalized medicine is rising. Modern medical advancements in the field of genetics, informatics and proteomics are resulting in the identification of biomarkers that are linked to various diseases. This in turn is helping revolutionize disease susceptibility testing in individuals at risk, thereby providing a fertile environment for the growth of personalized medicine.
As stated by the new market research report on Personalized Medicines, the United States represents the single largest market worldwide. Growing instances of patient casualty as a result of adverse drug side effects, and medication errors, is a key factor driving interest in personalized medicine in the country. Physicians are therefore shifting towards personalized medicines, which are deemed to be effective and safe, thus benefitting growth in the market. Asia-Pacific is forecast to emerge as the fastest growing market led by China and India, which are home to over a third of the world’s population. With governments making active efforts to provide better healthcare to its citizens, the two nations have emerged as key players in the global market. Growth in the region is forecast to grow at a compounded annual rate of 13.3% over the analysis period.
Major players covered in the report include Abbott Molecular Inc., Affymetrix Inc., AstraZeneca plc, Beckman Coulter Genomics, Dako Denmark A/S, F. Hoffmann-La Roche Ltd., IRIS Personalized Medicine, Lab 21 Limited, and Rosetta Genomics Ltd. among others.
The research report titled "Personalized Medicines: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific and Rest of World. The report also analyzes the global market for Personalized Medicines by market segments such as Targeted Therapeutics and Tests & Lab Services.
For more details about this comprehensive market research report, please visit –
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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