Personalised medicine refers to drugs and treatments tailored or customized to the specific genetic profile of an individual. Rather than following the policy of common drug for all, it follows the concept of customized therapy that is best for a patient. Global personalised medicine market is categorised into diagnostics, therapeutics, medical care and nutrition & wellness. Diagnostics & therapeutics include direct-to-consumer diagnostics, genetic testing, esoteric lab tests & services, pharmaceutical & genomic medicine and medical devices. Additionally, personalised medical care and nutrition & wellness encompass disease management, health information technology, complementary & alternative medicine, telemedicine and retail nutrition. Out of these, medical care accounts for the highest market share followed by nutrition & wellness leading to rapid increase in over-the-counter (OTC) drugs and rising adoption of complementary medicines.
Industry is also witnessing increase in research & development investments in anticipation of higher revenues contributed by factors like faster results with lower probability of medicinal restraints and adverse drug effects. Favourable government policies and improvement in pharmacogenomics are expected to further drive personalised medicine market.
Over the past, personalised medicine focus more on oncology; however, in next few years emphasize is expected to shift towards CNS disorders, psychiatry and cardiovascular & infectious diseases. Trends like integration of healthcare IT systems and telemedicine along with implementation of genomic health record systems are expected to witness continued developments in future. However, complex nature of drugs, high R&D costs, inter-patient variability and sub-optimal development framework may hamper growth of the market.
Technological developments in genomic testing and next-generation sequencing like ultra-high throughput sequencing in therapeutics is expected to drive global personalised medicine market. Also, rising implementation of accurate genetic diagnostic techniques such as adoption of biomarkers for identification of DNA sequence variation and presence/absence of drug receptors for medical treatment are expected to underpin the market revenues.
ASDReport.com has a good collection of reports on personal medicine. The reports provide insights on topics related to market dynamics, technologies, trends & challenges pertaining to genetic diagnostic, nanovelcro chip devices, genomic sequencing, among others.