The global market for personalized medicine technology is projected to be $14.4 billion in 2009 and is expected to reach $29.2 billion in 2014, for a compound annual growth rate (CAGR) of 15.2%
Pharmacogenomics is a major revenue generating market, contributing about 28.7% to the total personalized medicine market in 2009, at $4.1 billion; this should reach $9.5 billion in 2014, for a CAGR of 18%
The point-of-care market has the second largest share of the market, at $2.7 billion in 2009. This is expected to increase to $5.1 billion in 2014, for a CAGR of 18%.
STUDY GOALS AND OBJECTIVES
To measure the personalized medicine market, which has experienced high growth year to year.
To analyze the current personalized medicine business model and to evaluate the commercial use of the personalized medicine technology platform.
To analyze individual submarkets for personalized medicine in terms of technology, products, services, application areas and geography.
To estimate the growth rate of all the submarkets based on various factors.
To analyze and forecast the market data for each subsegment for the next 5 years.
To define and identify the high growth markets among the subsegments of the personalized medicine market.
To strategically discuss the trends and market opportunities for the various stakeholders in identifying the focus areas within the market.
To strategically analyze the competitive landscape and the participation of all the top companies in the market.
REASONS FOR DOING THE STUDY
Personalized diagnosis and treatment – or personalized medicine – is the most recent trend in the multibillion–dollar molecular diagnostics industry. Pharmaceutical and biotechnology companies are increasingly turning to personalized medicine in order to improve the drug development process and also to speed up the approval of new drugs.
According to the industry consensus, personalized medicine will not only form an integral part of mainstream medicine in the next few years, it is also expected to reform the development, testing, marketing and prescription of drugs during the next decade. The big pharmaceutical companies eventually will change their tried–and–tested blockbuster business model to more–targeted and effective healthcare solutions.
Several diagnostic and life–science companies have yet to tap the complete personalized medicine market, which is experiencing rapid growth all over the world. A detailed study of the different subsegments within personalized medicine is required for existing and new players to develop new strategies to harness the expanding market. This research report will address this need by analyzing market trends, new and available opportunities and the current competitive landscape in the personalized medicine market.
SCOPE OF REPORT
The personalized medicine market is segmented according to products, services, technology, applications and geography. Each section will provide market data, market drivers, trends and opportunities, top–selling products and the profiles of key market players. Along with the company profiles, the report will feature market tables to provide complete insight on the market. All market tables are categorized according to products, services, technologies, applications and geography. The report also highlights the strategic issues involved in tapping the personalized medicine market, which is reporting double–digit growth year–on–year.
The intended audience includes all the stakeholders (except end–users) of the personalized medicine market: Equipment manufacturers, specialized technology providers, pharmaceutical companies, biotechnology companies and diagnostic companies and physicians.
This report provides all the necessary information for all industry participants to understand the market scenario and develop marketing strategies based on the opportunities highlighted here. The market data and forecasts made up to the year 2014 explain the demand for products and services.
INFORMATION SOURCES AND METHODOLOGY
The market data will consist of aggregate revenues generated from all submarkets within the personalized medicine market. We have analyzed existing and new technologies in the personalized medicine market, and studied the new products introduced in these categories. The report examines all the application areas and also identifies the unexplored markets. We have researched all technology patents over the last 5 years. We have also analyzed the key market developments of the top companies, and provided profiles for each of these players. Information has been collected through paid and unpaid secondary sources; and primary research was conducted to get a more in–depth understanding of the facts and facets of the industry.
The author of the report, Manoj Kumar, is a senior research manager with a postgraduate degree in engineering from University of Cambridge in England. He has published market research reports on various aspects of the healthcare industry, such as e–homecare, domiciliary care, therapeutic radiopharmaceuticals, nuclear medicine, and diagnostic imaging.
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The information developed in this report is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or its use.
Published - Aug-2005|
Analyst - Amy Brock|
Code - PHM044A
The worldwide market for pharmacogenomics reached $1.24 billion in 2004 and is projected to rise at an average annual growth rate (AAGR) of 24.5% to reach $3.7 billion by 2009.
Diagnostics comprised 39.2% of the total market in 2004 and are projected to rise at an AAGR of 28.4% to account for 45.3% of the total in 2009.
Genotyping technologies are expected to expand at an AAGR of 26.5% to reach $1.7 billion or 44% of the total market.
SNP identification technologies reached sales of $200.7 million in 2004 and are projected to increase at an AAGR of 14.6% to reach $397.2 million in 2009.
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