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The Global Personalized Healthcare Market is expected to value USD XX.XX million in 2021 and is expected to grow at a CAGR of XX.X% during the forecast period. Personalized healthcare is a process where patient’s unique characteristics are taken into account such as clinical history and risk factors and to provide them with personalizes treatment and care.
The prevalence of innovative treatments with advanced technology for the treatment of various diseases are driving the personalized healthcare market.
Also, fewer reimbursement policies available in underdeveloped countries and lack of knowledge over the applications usage are restraining the personalized healthcare market.
Some advantages of personalized healthcare are that, it can be highly used to detect and diagnose diseases in a specific manner which allows treatment to be specific and effective by improving the prognosis. And these factors are creating opportunities for the service providers of personalized healthcare.
However, there are some factors involved in the field of personalized healthcare market such as ethical concerns relating to incidental diseases discovery are challenging the market growth.
Impact of COVID-19 on Global Personalized Healthcare Market
The emergence of Covid-19 has shown disrupted changes in every organization but it has shown positive impact on healthcare sectors due to increasing health disorders.
During the pandemic situation, patients who has faced coronavirus infections are at higher risk with cardiovascular and lungs disorders which have increased the personalized healthcare market growth.
Also, the rapid spread of infections during the pandemic has increased the number of patients to adopt the advantages of personalized healthcare service. And hence anticipated to uplift its revenue structure during the coming projected period.
TABLE 1: GLOBAL PERSONALIZED HEALTHCARE MARKET OVERALL SNAPSHOT
The global personalized healthcare market report has been segmented by application, therapeutic area, end user, and region.
FIGURE 2: GLOBAL PERSONALIZED HEALTHCARE MARKET SEGMENTATION
Global Personalized Healthcare Market, by Application
Based on application, the global personalized healthcare market is segmented into clinical research, health informatics, biomarker identification, and companion diagnostics. Among these, companion diagnostics holds the highest market share in 2021 and anticipated to remain highest during the coming forecast period.
Factors attributing the growth of companion diagnostics segment is due to its advantages such as it confers multiple benefits to drug development.
Also, they can identify patients more likely to respond to a targeted drug, which can deliver right drugs to right patient at right time. And hence, these factors are driving the market growth for companion diagnostics segment.
Global Personalized Healthcare Market, by Therapeutic Area
Based on therapeutic area, the global personalized healthcare market is bifurcated into cardiology, oncology, neurology, antiviral, psychiatry, and others. Oncology segment captures the largest market share in 2021 and anticipated to remain largest during the coming forecast period.
Factors attributing the growth of oncology therapy is because of increasing cancers due to various changes in food habits and lifestyles.
Hence, with technological advancement for the treatment of various cancers increasing in western countries are driving the growth of oncology segment in personalized healthcare market.
Global Personalized Healthcare Market, by End User
Based on end user, the global personalized healthcare market is segmented into hospitals, contract research organizations (CROs), bio and health informatics companies, academic institutes, clinical care, research laboratories, others (service providers, venture capitalists, partners, etc.).
Among these, hospitals segment is the dominating the global personalized healthcare market in 2021 and expected to remain largest during the projected period due to increasing health disorders such as cardiovascular, cancer, and others.
Additionally, advanced technologies with innovative equipment mostly serves quality treatments in hospitals. And hence, increasing the demands for hospitals segment.
Global Personalized Healthcare Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these, North America is the dominating market for personalized healthcare in 2021 and expected to remain dominant during the forecast period.
Factors uplifting the growth of North American market is because of increasing investments for the development of healthcare sectors along with rising R&D sectors are boosting the global personalized healthcare market growth.
TABLE 2: GLOBAL PERSONALIZED HEALTHCARE MARKET OVERVIEW
FIGURE 3: GLOBAL PERSONALIZED HEALTHCARE MARKET (USD MILLION), 2021–2030
Recent Developments in the Global Personalized Healthcare Market
What Does This Report Provide?
This report provides a detailed understanding of the global personalized healthcare market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global personalized healthcare market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
By Therapeutic Area:
By End User:
North America Personalized Healthcare Market
Europe Personalized Healthcare Market
Asia Pacific Personalized Healthcare Market
Middle East and Africa Personalized Healthcare Market
South America Personalized Healthcare Market
Major Companies: In this report, the major companies studied are: GE Healthcare, Illumina Inc., Cepheid, Abbot Incorporated, Exagen Diagnostics Inc., Biogen, Genelex Corp., Asuragen Incorporated, Dako A/S, DNA Direct, Agendia N.V., and Qiagen Inc.
Objectives of this Report:
Key Questioned Answered in the Study:
This study is customized to meet your specific requirements:
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