Global Precision Medicine Market was Estimated to Grow at a Rate of 20.9% During the Forecast Period due to Increasing Focus of Healthcare Sector on Delivering Customized Personal Care: Absolute Markets Insights
The primary participants engaged in precision medicine market include Novartis, Qiagen, Biocrates Life Sciences, Pfizer, Eagle Genomics, Tepnel Pharma Services
PUNE, India, March 11, 2020 /PRNewswire/ -- Precision medicine is a healthcare model that enables the dynamic methodology of healthcare, with medical choices, diagnosis, policies, or items being custom-made to the specific patient. Methodologies involved in precision medicine majorly include molecular diagnostics, imaging, and analytics. The global precision medicine market is growing at a spectacular rate owing to growing online interactive forums, growing attempts to classify genes and advances in cancer biology which have become the key factors driving the growth of this sector. The basic concept of precision medicine is to understand the genetic makeup and variation at a population level, and further at an individual level, in order to tailor a medication that targets a specific gene type. Sequencing or characterizing genes is therefore the most important method of gathering information on genes and their possible mutations. Precision medicine includes the administration of panomic examination to examine the after effects of individual patient's disease and then to utilize targeted treatments to identify the individual patient's disease timeframe and to provide better diagnostic solutions.
Technological advances in big data analysis and the introduction of new technologies will have a positive impact on the growth of the precision medicine market. It is anticipated that the attention of healthcare and diagnostic companies on providing several new oncology and respiratory technologies among others will help the overall growth of the industry. In addition, precision medicine software is specifically designed to develop precise medicines which are used in the treatment of chronic and genetic diseases to ensure faster recovery of patients. Massive demand for such software will increase the growth of the precision medicine market in healthcare companies for better patient engagement. Furthermore, rising applications in artificial intelligence is further advancing the precision medicine initiative. Machine learning algorithms are applied for changing genomic sequence and to analyze and draw conclusions from the massive volumes of patients' information.
The detailed research study provides qualitative and quantitative analysis of precision medicine market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
On the basis of application, the oncology segment is expected to dominate the market due to increasing incidences of cancer in the developed economies. The growth of the segment is also supported by the rising government expenditures and pharmaceuticals investment in developing new treatment.
On the basis of geography, North America led the market, with U.S. spearheading the region's growth. The regional development will be driven by a favorable policy scenario coupled with increased support for precision medicine research. The presence of well-established players and increasing healthcare spending for effective patient health management will drive growth in the industry.
The primary participants engaged in precision medicine market include Novartis, Qiagen, Biocrates Life Sciences, Pfizer, Eagle Genomics, Tepnel Pharma Services, Intomics, NanoString Technologies, Quest Diagnostics, Menarini Silicon Biosystems, Teva Pharmaceutical and Roche amongst others. The players follow strategic initiatives such as innovation, product development, expansion, and acquisition to strengthen their market position.
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