Personalized Medicine Market By Therapeutic Area (Oncology, Neurology, Others) By Application (Biomarker Identification, Clinical Research, Others) By Technology (Pharmacogenomics, Metabolomics, Others) Regional Analysis and Forecast - 2026

The personalized medicine aim is to match the right drug to the right patient and even to design the suitable treatment for a patient according to his/her genotype. Personalized medicines, also called as individualized medicines or precision medicines are an evolving field used where diagnostic tests are performed by physicians to identify the biological markers. This helps in identifying the medical treatment that acts best for the patient. Personalized healthcare is able to detect diseases at an early stage and thus, helps in increasing the quality, efficiency, and accessibility. These medicines enhance the healthcare system and increase the target approach that needs molecular information of a patient instead of going to a generic treatment. Personalized medicine is known to reduce the burden of diseases by targeting treatment and prevention effectively. This medicine improves the ability to predict and differentiate the diagnosis of diseases, reduced severity of illness, short timelines for product development, better therapy responses, and increased success rates.

The global personalized medicine market is valued at xx million USD in 2018 and is expected to reach xx million USD by the end of 2026, growing at a CAGR of xx% between 2018 and 2026 and is driven by the rise in healthcare expenditure that in turn, leads to the requirement of effective diagnosis and treatment procedure for treating cancer and other life-threatening diseases. The increasing use of combination for diagnostics and development of companion diagnostics, growth in regulatory and reimbursement policy, next-generation sequencing, and retail clinics enhance the market growth. Introducing novel drugs and the use of highly accurate and sensitive techniques for diagnosing diseases are projected to increase the penetration rates of the personalized medicine market in the near future.

In 2018 alone, there were found a record number of 25 personalized medicines that are approved, accounting 42% of all 2018 drug approvals. This increase in approvals is due to policy initiatives advanced by the FDA in 2018 that “demonstrate the agency’s continued commitment to accelerate personalized medicine.” Notably, of the 25 personalized medicines that are received FDA approval in 2018, 24 underwent some form of FDA review. In the last year, the FDA also took steps in advancing digital health technologies; modernize the frameworks applicable to the oversight of emerging types of diagnostic tests, and facilitate the use of direct-to-consumer (DTC) genetic testing. During early November, the U.S. Food and Drug Administration (FDA) approved a new molecularly targeted therapeutic, lorlatinib (Lorbrena), and expanded the use of the immunotherapeutic pembrolizumab (Keytruda). These new approvals that are to treat certain patients with lung cancer and liver cancer, respectively, are highlighting the progress in the fields of precision medicine and immunotherapy is continuing unabated. In Nov 2018, Oasmia Pharmaceutical received a patent allowance for 'nanotech method to produce novel pharmaceutical formulations with XR17 nanotechnology platform' in the USA. In Feb 2019, Genentech announced that the USFDA has accepted the company’s New Drug Applications (NDAs) and granted Priority Review for personalized medicine entrectinib for the treatment of adult and pediatric patients locally advanced or metastatic solid tumors and for the treatment of people with metastatic, ROS1-positive non-small cell lung cancer (NSCLC).

Recent developments made in the pharmacogenomics are expected to create a suitable environment for developing drugs that are specific to one patient or group. Development of genetic databases could provide an additional boost to the market growth. Upcoming therapeutic application opportunities in fields including cardio-renal, neurology, pulmonary, psychiatry, antiviral among others will create R&D traction across all regions. Complex nature of the drugs, sub-optimal development framework, high development costs, and inter-patient variability of effects are some of the restraints that will hamper revenue growth of the personalized medicines market over the forthcoming years.

By Therapeutic area: Oncology, neurology, antiviral, psychiatry, cardiology, and others. Neurology leads the therapeutic area segment owing to the increase in research and development activities for the development of novel precision medicines for the cost-effective treatment of neurological disorders.

By Application: Biomarker identification, clinical research, companion diagnostics, and health informatics. Biomarker identification is the leading application segment due to increased adoption of personalized medicines for the identified genes specific to the disease subtypes, which would assist in the estimation of disease risk and therapy response.

By End-user: Contract research organizations, hospitals, bio, and health informatics companies, molecular diagnostic laboratories and testing facilities, clinical care, and research laboratories, academic institutes, and others. Hospitals are the dominating end-user segments due to the increased adoption of personalized medicines by the hospital patients for low-cost personalized treatment.

North America is projected to grow at a significant rate over the forecast period in the personalized medicine market due to the increase in healthcare facilities and research and development of personalized medicine. The European personalized medicine market is expected to be the second largest growing region over the forecast period, due to the rapidly growing population and various lifestyle disorders.

The Asia Pacific region is likely to experience moderate growth over the forecast period in the personalized medicine market. Further, the increasing prevalence of cancer, increase in the per capita income, growing oncological research conducted by various institutions and hospitals are likely to be the major factors driving the personalized medicine market in this region.

The Middle East and Africa region are likely to experience considerable growth over the forecast period in the personalized medicine market, owing to the increase in government funding and initiatives taken by government bodies.