Personalized Medicine Market - Global Industry Analysis, Size, Growth and Demand, 2023

The global personalized medicine market is expected to witness significant growth due rapid advancement in diagnostic techniques, population heterogeneity across the globe, increasing awareness about the benefits of genetic makeup based drugs, and improving quality of disease diagnosis. The key vendors in the global personalized medicine market are focusing on oncology, infectious disease and cardiovascular targeted treatment and diagnostics.

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The pharmaceutical companies and biotechnology companies are actively involved in the research and development of personalized medicine. Different companies are developing and manufacturing biologics, such as blood products, vaccines, nutritional products, and gene therapies, to improve the quality of patient life. In December 2014, U.S. Food and Drug Administration (FDA) approved Lynparza, a poly (ADP-ribose) polymerase inhibitor as monotherapy in patients with deleterious or suspected deleterious germline breast cancer mutated advanced ovarian cancer, who have been treated with three or more prior lines of chemotherapy. Also in the same year, the organization approved the VIMIZIM, an enzyme replacement therapy for the treatment of patients with Morquio A syndrome.

National Cancer Institute, a part of the U.S. National Institutes of Health (NIH) defined personalized medicine as a form of medicine that uses information about a person’s genes, proteins and environment to prevent, diagnose and treat disease. In cancer, personalized medicine uses specific information about a person’s tumor to help diagnose, plan treatment, find out how well treatment is working, or make a prognosis. Personalized medicine uses targeted therapies to treat specific types of cancer cells, such as HER2-positive breast cancer cells, and to develop tumor marker for the diagnosis of cancer.

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Some of the key players operating in the global personalized medicine market are GE Healthcare, Illumina Inc., Quest Diagnostics Incorporated, Abbott, Affymetrix, Inc., Bayer AG, F. Hoffmann-La Roche AG, AstraZeneca PLC, Pfizer Inc., Valeant Pharmaceuticals International, Inc., and Vertex Pharmaceuticals Incorporated.