According tStratistics MRC, the Global Personalized Medicine Market accounted for $94.49 billion in 2015 and is expected treach $178.78 million by 2022 growing at a CAGR of 9.5% from 2015 t2022. Increased healthcare spending, growing incidence of cancer and rising adoption of next generation sequencing are few factors expected tfuel the market growth. Furthermore, government reimbursements for personalized medicine and regulatory scenariare the factors anticipated tpropel the demand during the forecast period. However, complexity involved in usage of the drugs, huge development costs and inter-patient changeability of effects are some of the factors hindering the market.
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North America commanded the market owing ttechnological advancements and increased R&D investments by various biotechnology companies in the region. However, the Asia-Pacific is expected tobserve significant growth over the forecast period owing tthe presence of a huge base of unmet market demand. Personalized medicines have major impact on SME’s and offer lucrative opportunities for these companies texpand their industrial boundaries across the world.
Some of the key players in the market are Siemens Healthcare Diagnostics Inc., Sanofi, Quest Diagnostics, Qiagen Inc., Pfizer Inc., Laboratory Corporation of America, Illumina Inc., GE Healthcare, Foundation Medicine Inc., CardioDx Inc., Bristol-Myers Squibb, Becton Dickinson & Co., Asuragen Inc., Amgen Inc., Agendia NV, Abbott and 3G Biotech.
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