Personalized medicine also known as ‘theranostics,’ facilitates tailoring of specific medical treatment according to the specific genetic profile of an individual to better manage various medical conditions. Personalized medicine is a growing practice area in the US. Market Research Future (MRFR) has thoroughly studied the trends and patterns governing the US personalized medicine market over the forecast period in a detailed study. MRFR asserts that the market is touted to expand at a CAGR of 7.5% over the forecast period.
The US was a frontrunner in the personalized medicine where the market developed quite swiftly in comparison to other regions. Various initiatives undertaken by the government in the region has proven to be beneficial for the growth of the market. For instance, “Precision Medicine Initiative” was undertaken by the US President, Barack Obama in 2015 and a hefty amount was allocated for the same.
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Rapid advances in genomics, along with development in a number of interrelated areas such as regenerative medicine, medical imaging, and computational biology is creating a conducive environment for the growth of the personalized medicine market in the US.
Pharmacogenomics, a key area of personalized medicine, has made substantial advances in recent years, opening up new avenues for the growth of the personalized medicine market. In addition, pharmacogenomics has received the support of the US FDA for than a decade in the form of regulatory advice, policy development, and application review which has further boosted the growth of the market.
Personalized medicine can only be effective if the diagnosis that guides it is accurate. Advances in Next Generation Sequencing (NGS) has further paved the way for the growth of the US personalized medicine market. The FDA is playing a chief role in the growth of the market. The FDA is working in conjunction with stakeholders in the industry, academia, laboratories, professional societies to create a flexible regulatory environment to accommodate the growth of the personalized medicine market.
Other factors substantiating the growth of the personalized medicine market in the US include high incidence rate of autoimmune diseases, the occurrence of oncology disorders, expansion of the pharmaceutical and biotech industry, and high investment in R&D activities.
Segmentation
The US personalized medicine market has been segmented based on product, application, and end user.
By product, the US personalized medicine market has been segmented into diagnostics, therapeutics, medical care and nutrition, and wellness and others. The diagnostic and therapeutic segments account for the majority share of the market and are likely to showcase rapid growth.
By application, the US personalized medicine market has been segmented into diagnosis and intervention, drug development and usage, cancer genomics and others.
By end user, the US personalized medicine market has been segmented into hospitals, molecular diagnostic laboratories and testing centers, academic institutes, bio and health informatics companies, and others. The hospital segment is the largest segment while the molecular centers are the second largest segment.
Competitive Landscape
Sanofi, Becton Dickinson & Co., CardioDx Inc., Siemens Healthcare Diagnostics Inc., Laboratory Corporation of America, Abbott, Quest Diagnostics, Bristol-Myers Squibb, GE Healthcare, Pfizer Inc., and Asuragen Inc. are the key players in the US personalized medicine market.
Industry Updates
April 2018- Centene Corporation, a publicly-traded care organization, joined hands with Washington University School of Medicine in St. Louis to expedite personalized medicine research into treatments for Alzheimer’s disease, breast cancer, diabetes, and obesity. As per the partnership, Centene will invest a sum of up to USD 100 Mn for over a period of 10 years.
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