USA's already $232 billion personalized medicine market to grow 11% a year, says PricewaterhouseCoopers

In the USA, the market for personalized medicine is already worth $232 billion, and it is projected to grow 11% annually, according to a new report published by industry advisory firm PricewaterhouseCoopers entitled The 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 PwC says will create both opportunities and challenges for traditional health care and emerging market participants.

PwC 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% 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% annually to over $290 billion by 2015.