The report is titled ‘Precision Medicine Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the precision medicine market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The precision medicine market is expected to grow at a significant rate in the near future.
The precision medicine market is estimated to reach at a value of 62.5 Bn by the end of 2022 and expected to reach at a value of US$ 131.1 Bn by 2030 with a significant CAGR of 9.8%.
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Precision Medicine Introduction
Precision medicine or more commonly known as personalized medicine, can be perceived as a medical paradigm that implies that the healthcare can be customized or individualized, along with medical treatments, decisions, products, or practices being tailor-made to a bunch of patients, instead of a one‐drug‐for‐all pattern. To put it in other words, Precision medicine is an emerging idea for disease prevention and treatment that takes into consideration personal unevenness in environment, genes, and lifestyle for each individual.
Precision Medicine Market Dynamics
The rapidly growing prevalence of severe diseases like cancer among the population worldwide is majorly driving the idea of precision or personalized medicine across the global markets. For instance, as per the freshly published article, in the year 2018, in the U.S. approximately 1.7 million cases were diagnosed with cancer solely. Owing to which, the global precision medicine market is projected to grow substantially in the years to come.
By the same token, the surge in advancements in the approach of precision medicine owing to availability of wide-scale human genome databanks involving next-generation sequencing (NGS) is further expected to boost the growth of the global precision medicine market in the forthcoming future.
Other than that, in the present-day world, the invariable advancements of data-processing tools and development of groundbreaking genetic technologies analyzes the operational effects of genetic alterations that induce cancer growth and progress. Attributing to which, the global precision medicine market is expected to witness significant growth in the coming years.
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Precision Medicine Market Segmentation
The global precision medicine market is segmented on the basis of technology, application, end-use, and region.
- Big Data Analytics
- Gene Sequencing
- Drug Discovery
- Companion Diagnostics
- Pharmaceutical Companies
- Diagnostic Companies
- Healthcare IT companies
- North America
- Latin America
- Asia Pacific
- Middle East
Precision Medicine Market Key Players
The key participating players of the global Precision Medicine market include Tepnel Pharma Services, Biocrates Life Sciences, Qiagen, Novartis, NanoString Technologies, Menarini Silicon Biosystems, Pfizer, Eagle Genomics, Roche, Intomics, Quest Diagnostics, and Teva Pharmaceutical, among others.
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