Overview:
The
global precision medicine
market share is witnessing unprecedented growth due to people turning
their focus more on personal healthcare. It could attain an astonishing CAGR of
12.5% during the forecast period (2023-2032). Precision medicine evolved from
the concept that same medicine cannot function equally for two different
individuals with the same disease as they have different gene structure. At the
same time, medication depends on how well patients can respond to its dosage.
Hence, the need for precision medicine. Market Research Future (MRFR), in their
report, has included various drivers and segments that can produce a reliable
prediction for the future market. Prevalent diseases such as cancer, diabetes,
and others are boosting the precision medicine market as treatment of such
diseases gets a better result with personalized medicine structure.
Furthermore, its impact can significantly lower the cost of treatment.
However, a personal data breach can be seen as a major precision medicine market growth prohibition. The diagnostic cost can incur a high cost, stringent government policies, the risk with hardware and software failure, and lack of medical framework can hold back the market during the forecast period.
Industry Trends:
Precision
medicine is showing great promise for the cure of the Alzheimer’s disease. Two
new drugs are waiting on the sideline for final approval; one called BAN2401
and the other Anavex 2-73. BAN2401’s use on patients shows a reduction in
generation of proteins called amyloid plaques that cause memory loss.
Recently,
an article published in SLAS Technology (Society for Laboratory Automation and
Screening) revealed that artificial intelligence (AI) is all set to impact
precision medicine industry significantly as it can efficiently analyze small
datasets and assist in the optimal design of drug combinations.
Segmentation:
The
global precision medicine market insights can be segmented by ecosystem,
sub-market, and therapeutics.
Based
on the ecosystem, the precision medicine
market outlook can be segmented into clinical laboratories, diagnostic tool
companies, healthcare IT/ big data companies, and pharma & biotech
companies. Diagnostic tools segment has the largest market volume.
Sub-market
segment of the precision medicine can be segmented by biomarker-based test,
companion diagnostics, molecular diagnostics, pharmacogenomics, targeted
therapeutics, and others. Company diagnostics is leading the segment.
Therapeutics-based
segmentation of the precision medicine market includes cancer/oncology,
cardiovascular disease, central nervous system, infectious diseases, and
others.
Market Insights:
Mergers, acquisitions, collaborations and other strategies dominate the market substantially when it comes to strategic decisions. For instance, Roche purchased Foundation Machine to better their portfolio. On the other hand, New Medicine Partners is trying to increase their market reach by proposing a plan based on personalized medicines to Kazakhstan officials to develop a plant there.
Global precision medicine market players include Abbott Laboratories (USA), Ab-Biotics SA (USA), Almac Group Ltd. (UK), Asuragen Inc (USA), Biobase GmbH (Germany), Biomérieux SA (France), Caris Life Sciences (USA), Cepheid Inc. (USA), Cetics Healthcare Technologies Gmbh (Germany), GE Healthcare (USA), GlaxoSmithKline PLC (UK), Healthcore Inc. (USA), IBM (USA), Innventis (Israel), Intel Corporation (USA), Johnson & Johnson (USA), Laboratory Corporation Of America Holdings (USA), Medtronic (USA), Molecular Health GmbH (Germany), Novartis (Switzerland), Pfizer Inc. (USA), Qiagen (Germany), Quest Diagnostics Inc (USA), Randox Laboratories Ltd. (UK), Sanofi Pharma (France), Takeda Pharmaceutical Company Limited (Japan), Teva Pharmaceutical Industries Ltd. (Israel), and others.
Releted reports-
https://www.click4r.com/posts/g/13297088/
https://www.social-vape.com/read-blog/92285
Regional Analysis:
Region-specific
analysis of the precision medicine market encompasses North America, Europe,
Asia Pacific (APAC), and the Middle East & Africa (MEA).
North
America is the largest market for global precision medicine. The region has
superior infrastructure, both in healthcare and biotechnology. It sets up the
zone perfectly for research and developments assisting further in new product
development.
Europe
is the second-largest market for global precision medicine. Various investors
are taking an interest in the sector and is helping in the development of new
drugs. However, the developing regions market particularly, the APAC will be
the fastest growing and is likely to be the key to the future. But the MEA
region may not find much thrust due to but can expect steady growth.
About US:
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Research Future (MRFR), enable customers to unravel the complexity of various
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