designing medicine treatment on the basis of diagnosis, disease condition, patient history, body physics, and other factors related to patients and diseases.
Personalized medicine is also known as precision medicine, stratified medicine, or P4 medicine.
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Rise in the prevalence of various types of cancer, affordability of personalized medicine therapy in cancer drugs and various other disease indications, less side-effects of personalized medicine therapy, high adoption in developed markets, and development of innovative drugs are factors driving the global personalized medicine market.
However, high competition among existing market players, stringent government regulations regarding product approval, and lack of awareness among the rural population in developing economies are likely to hamper the market in the next few years.
The global personalized medicine market is can be segmented based on product, application, distribution channel, and region.
In terms of product, the market has been categorized into personalized medicine therapeutics, personalized medicine diagnostics, personalized nutrition & wellness, and personalized medical care.