{"id":603251,"date":"2022-06-08T06:04:01","date_gmt":"2022-06-08T06:04:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=603251"},"modified":"2022-06-08T06:04:01","modified_gmt":"2022-06-08T06:04:01","slug":"personalized-medicine-market-to-grow-at-a-significant-cagr-of-62-by-2028-owing-to-rising-interest-in-biomarkers-identification-for-therapy-diagnosis-and-prognosis-grand-view-research-inc","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/personalized-medicine-market-to-grow-at-a-significant-cagr-of-62-by-2028-owing-to-rising-interest-in-biomarkers-identification-for-therapy-diagnosis-and-prognosis-grand-view-research-inc_603251.html","title":{"rendered":"Personalized Medicine Market To Grow At A Significant CAGR of 6.2% By 2028, Owing To Rising Interest in Biomarkers Identification For Therapy, Diagnosis And Prognosis | Grand View Research, Inc."},"content":{"rendered":"
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Grand View Research, Inc. \u2013 Market Research And Consulting.<\/div>\n<\/div>\n<\/div>\n
According to a new report published by Grand View Research, personalized medicine (PM) is bringing a new paradigm in the ongoing COVID-19 pandemic. With the application of PM, researchers can identify the best management strategies for accurate diagnosis.<\/div>\n

Personalized Medicine Industry Overview<\/strong><\/p>\n

The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to reach USD 796.8 billion by 2028, at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.<\/p>\n

The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development. Researchers are focusing on the identification and monitoring of different biomarkers that can be later used for developing efficient personalized medicine and pharmacogenomics.<\/p>\n

Gather more insights about the market drivers, restrains and growth of the <\/strong>Global <\/strong>Personalized Medicine Market<\/strong><\/a><\/p>\n

For instance, based on a recent study published in July 2020, researchers are developing a multi-analyte test strip that is used for monitoring even the slightest deviations in the biomarker profile. The technology will combine big-data analysis along with advanced technologies such as wearables for ensuring continuous precise data acquisition. Hence, such advancements in biomarker analysis will promote the development of personalized medicines.<\/p>\n

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In addition, the growing number of companion diagnostics can be further attributed to the market growth. Companion diagnostic tests (CDx) are designed for determining whether a patient is a viable candidate for a specific treatment and\/or is responding to the treatment. Precision medicines are specific treatments based on environment, patient’s unique biological makeup, and lifestyle hence, companion diagnostics play an essential role in developing successful precision medicine.<\/p>\n

Companies are focusing on launching new companion diagnostics for different cancers. For instance, in October 2020, Roche received U.S. FDA authorization for expanded claims of the cobas EGFR Mutation Test v2 as a (CDx) for the treatment of non-small cell lung cancer (NSCLC). Hence, the approval of such a new and innovative approach by the FDA can pave the way for identifying patients for personalized medicine.<\/p>\n

Moreover, the ongoing situation of the COVID-19 pandemic has propelled the demand for personalized medicine (PM) approaches, particularly in researcher applications. These approaches are useful in understanding variations in an individual’s susceptibility and immune response against COVID-19. For instance, based on a study conducted in 2020 has indicated that COVID-19 infections are linked with gene variants on chromosome 9 (9q34.2), 1 ApoE e4 genotype, 2, chromosome 3 (3p21.31), and loss of variants present on X-chromosomal TLR7.3.<\/p>\n

The application of personalized solutions has the scope in developing specific treatment solutions for different patients based on the specific immunophenotype of the patient. Hence, PM approaches hold a promising solution for identifying genetic, biological, and environmental variables that could affect the vaccine response and also suggest the alternative dosage required by a certain population group.<\/p>\n

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Personalized Medicine Market Segmentation<\/strong><\/p>\n

Based on the Product Insights the market is segmented into Personalized Medicine Diagnostics, Personalized Medicine Therapeutics, Personalized Medical Care, Personalized Nutrition & Wellness<\/strong><\/p>\n