$232 Billion Personalized Medicine Market to Grow 11 Percent Annually, says PricewaterhouseCoopers

The market for personalized medicine in the United States is already $232 billion, and it is projected to grow 11 percent annually, according toa new report published today by PricewaterhouseCoopers LLP, entitledThe Science of Personalized Medicine:

Translating the Promise into Practice. Personalized medicine, which targets individualized treatment and care based on personal and genetic variation, is creating a booming market, but it is a disruptive innovation that PricewaterhouseCoopers says will create both opportunities and challenges for traditional healthcare and emerging market participants.

PricewaterhouseCoopers projects that the market for a more personalized approach to health and wellness will grow to as much as $452 billion by 2015. Its estimates are based on a broad view of the market opportunity beyond drugs and devices to also include demand for high-tech storage and data-sharing as well as low-tech products and services aimed at consumers' heightened awareness of their own health risks.
According to the report:

•    The core diagnostic and therapeutic segment of the market - comprised primarily of pharmaceutical, medical device and diagnostics companies - is estimated at $24 billion and is expected to grow by 10 percent annually, reaching $42 billion by 2015.

•    The personalized medical care portion of the market - including telemedicine, health information technology and disease management services offered by traditional health and technology companies - is estimated at $4 billion to $12 billion and could grow tenfold to over $100 billion by 2015 if telemedicine takes off.

•    The related nutrition and wellness market - including retail, complementary and alternative medicine offered by consumer products, food and beverage, leisure and retail companies - is estimated at $196 billion and is projected to grow 7 percent annually to over $290 billion by 2015.