Precision Medicine Market Size and Growth Rate:
The global
precision medicine market size is anticipated to reach USD 88.25 billion by
2023 at a 11.60% CAGR during the projected period 2018 to 2023.
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Precision Medicine Market Overview:
Trends such as the
introduction of cost-effective genomic and molecular biology testing
techniques, growing prevalence of cancer and rare diseases, and increasing use
of big data in precision medicine are some of the important factors boosting
the market.
The Human Genome
Project started some marvelous cutting-edge techniques so as whole genome
sequencing and targeted sequencing. These technologies are used by researchers
for the study of genomes and the creation of personalized therapies for the
treatment of various illnesses. Today, the currency of diseases in areas such
as immunology, oncology, and neurology has rapidly expanded across the globe.
Precision Medicine Market Growth Drivers and
Restraints:
Increasing adoption
of big data analytics and gene sequencing utilized in gene therapy will
increase precision medicine market growth in the near future. Gene treatments
are utilized to treat genetic as well as chronic disorders according to a
person’s genetic makeup. Development of Human Genome Project and improvements
in cell-biology has further developed the gene therapy treatment patterns
propelling business growth. In addition to the aforementioned factors, the
rising burden of metabolic disorders including diabetes and hypothyroidism will
escalate the market for gene therapy thereby, making precision medicine
exchange demand during the forecast timeframe. But, violation of privacy law
and misinterpretation of genetic and health data may hamper business growth.
Drug discovery
section in precision medicine market was valued at USD 10.50 billion in 2017
and high segmental revenue can be associated with the increasing prevalence of
cancer and other chronic diseases. Chief pharmaceutical companies such as
Novartis and Lupin are included in the drug discovery process that enables
efficient treatment for life-threatening diseases. Pharmaceutical, as well as
biopharmaceutical companies, utilize bioinformatics software to produce novel
drugs that are customized according to the patient’s genome. Availability of
technologically superior platforms for facilitating the method of drug
discovery will trigger segmental growth.
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Precision Medicine Market Geographical Segmentation:
North America
currently manages the market for precision medicine and is expected to continue
its stronghold for some more years. In the North American region, the United
States holds the highest market share. Former President Barack Obama, in 2015,
revealed the Precision Medicine Initiative (PMI), a bold new plan to
revolutionize medicine and generate the scientific data needed to move the
concept of precision medicine into every-day clinical practice.
Key Players of the Precision Medicine Market:
Leading industry
players operational in the precision medicine market include Ferrer inCode,
Intomics, Biocrates Life Sciences AG, Eagle Genomics Ltd, NanoString
Technologies, Laboratory Corporation of America Holdings, Novartis, Pfizer,
Qiagen, Silicon Biosystems, Tepnel Pharma Services, Quest Diagnostics, F.
Hoffmann-La Roche, and Teva Pharmaceuticals.
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