DUBLIN–(BUSINESS WIRE)–The “Global Precision Medicine Market By Type, By Application, By End-use & By Region Forecast and Analysis 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
Global Precision medicine market was valued at USD 65.89 Billion in 2021 and it is expected to reach a value of USD 146.57 Billion by 2028, at a CAGR of 12.10% over the forecast period (2022-2028).
The novel concept that two people infected with the same disease do not have to physically respond to the same illness is the foundation of precision medicine. However, it is affected by genes as well as the patient’s symptoms and the surrounding environment. In addition, doctors and researchers are able to plan the necessary treatment because it is contingent on the patients’ capacity to respond to that particular condition.
In precision medicine, system biology and panomics are frequently utilized to ascertain the molecular root of a specific patient’s illness. Following that, the disease of each patient is treated with concentrated medications. Precision medication has various advantages, including compelling treatment that is custom fitted to the patient’s necessities and ailment classification. In addition, precision medicine has the potential to minimize pharmaceutical administration and reduce treatment costs.
Segments covered in this report
The Global precision medicine market is segmented based on Product type, Application, End-User and Region. Based on Product Type it is Categorized into Diagnostics {Genetic Tests, Biomarker Based Tests}, Therapeutics. Based on Application it is Categorized into Oncology, CNS, Immunology, Respiratory, Based on End-use it is Categorized into Hospitals, Diagnostic Centers, Research & Academic Institutes. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Drivers
The growth of precision medicine will be fueled by advancements in cancer biologics. Market expansion will be driven by the development of newer therapeutic methods, such as gene therapy for the treatment of cancer, and by an increase in the number of patients receiving predictive diagnostics. However, the Precision Medicine Market’s growth may be stymied by high costs and the risk of personal health data being damaged. It has been determined that COVID-19 will only have a brief effect on the industry. Supply chain disruptions and lockdowns in a number of nations primarily contributed to this damage. However, the Precision Medicine Market quickly recovered once supply was released and the lockdowns were lifted.
Restraints
There is no doubt that precision medicine is reaching new heights. However, the market’s expansion may be stifled by rising diagnostics costs. During the process of diagnosis and treatment, a significant amount of personal data is generated, which raises the possibility of a threat that could impede the expansion of the precision medicine market. The personalized medicine industry is experiencing a slowdown in expansion due to stringent regulations and standards.
Trends
New cancer treatments will almost certainly continue to be the primary focus of precision medicine. Oncological diseases are treated with precision medicine 30% more frequently than the next most common application. Oncology applications of precision medicine are more prevalent in Europe and the United States, where research is conducted. Government funding is expected to accelerate the expansion of the precision medicine industry for the treatment of oncological diseases.
Using tools that help with decision-making in precision medicine, clinical practitioners will be able to decide whether tests are necessary and how to apply genetic data to the results.
Patients will also be able to avoid delays and denials thanks to precision medicine. The kinds of tests that will be required in the subsequent five years will also be affected by this. Compared to the current tests, which only examine a small number of genes, broad panel tests that examine a portion of the gene will become more common over the next five years.
Companies Mentioned
- F. Hoffmann-La Roche AG (Switzerland)
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Qiagen (Germany)
- Quest Diagnostics (US)
- Laboratory Corporation of America Holdings (US)
- Novartis AG (Switzerland)
- AstraZeneca (UK)
- Bristol-Myers Squibb (US)
- Eli Lilly And Company (US)
For more information about this report visit https://www.researchandmarkets.com/r/3oqbks.
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