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Personalized medicine counts the individual characteristics of each patient. The approach drops down the genetic and molecular study of the individual make which makes them susceptible to certain diseases. Personalized medicine uses genetics to identify, and treat patients. Personalized medicine has a specific treatment approach, which differs from the traditional approach of “one size fits all”, and the treatment regimen is designed specifically around the individual/ group of people at risk. In June 2018, Precision Therapeutics Inc., announced a merger agreement with Helomics Holding Corporation.
This merger will combine precision diagnostic and integrated CRO capabilities of both the participants, aiming to improve patient care and advance the development of innovative clinical products and technologies for the treatment of cancer and other conditions.
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Personalized medicine market is expected to grow due to the rise in chronic disease and major investment in research and development by biopharmaceutical companies aiming to introduce new personalized medicines. This combined with the established clinical efficiency of personalized medicine in oncology, and rising number of clinical trials for personalized medicine in neurology and other disciplines of healthcare, are factors projected to drive the growth of the global personalized medicine market.
However, the higher cost of development of personalized medicine, leading to subsequently higher prices of drugs is among the major restraint for the adoption of personalized medicine in emerging countries. This is further augmented by lack of favorable reimbursement policies for personalized medicine in developing countries.
Some of the major companies operating in the global personalized medicine market Abbott, Merck & Co., Inc., AstraZeneca, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Amgen Inc., Bayer AG, Mylan N.V., Eli Lilly and Company, Bristol-Myers Squibb Company, Daiichi Sankyo Company, Ltd., Biogen, Inc., Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Genzyme Corporation and players.
· Nutrition & Wellness
· Blood Transfusion Safety
· Autoimmune Diseases
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· Specialty Clinics
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among applications, the oncology segment dominated the global personalized medicine market in 2018. Rising number of regulatory approvals for personalized medicine in oncology diagnostics and therapeutics, along with rising investment and R&D by market players are attributed to the dominance of oncology segment in 2018. The neurology and cardiology segments are projected to register comparatively higher CAGR’s during 2019-2026.
The global personalized medicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the global personalized medicine market in 2018. An increasing number of regulatory approvals for personalized medicine in the U.S., along with higher adoption of personalized medicine as diagnostic and therapeutic agents, are responsible for the dominance of North America in the global market. Asia Pacific and Middle East & Africa regions are projected to gain market shares during 2019-2026, owing to developing healthcare infrastructure, and increasing per capita healthcare spend
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