According to Custom Market Insights (CMI), the precision medicine market size presented an earning of USD $78.58 billion by the year 2021 and is foreseen to touch USD 189.64 billion by the end of 2030 with a compound annual growth rate of 11.5%. The awareness regarding the various modern facilities in the healthcare sector has increased the demand for precision medicine in the current market.
The increasing prevalence of chronic diseases among people which requires better and advanced medicines has boosted the demand for precision medicine to a great extent. The life expectancy of the people has been increased due to the modern medicines which have been introduced by the key market players, this gives rise to a number of chronic diseases among the people which require precision medicine with a view to bringing about a cure in a shorter period of time. The extensive research and development which has been carried out by the key market players with a view to introducing advanced medicines into the market have boosted the need for precision medicine.
Browse the full “Precision Medicine Market Size, Trends and Insights By Technology (Big data analytics, Bioinformatics, Gene sequencing, Companion diagnostics, Others), By Application (Immunology, Respiratory, Oncology, Central nervous system, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/precision-medicine-market/
The increasing demand for modern medicine due to the growing number of cases suffering from chronic diseases has propelled the demand for precision medicine. The use of precision medicine has been observed with a view to judge and evaluate the condition of a patient well in advance which will facilitate cure as soon as the disease develops. Rapid advancements which have been observed in the healthcare sector have proved to be the driving factors for the advancement of the precision medicine market during the forecast period.
The increasing cost of the various services and facilities provided by the health care sector due to the use of modern medicines and technologies has proved to be a great obstacle to the advancement of the physician medicine market. A shortage of disposable income in the hands of the people as a result of inflation has also hindered the growth of the market to a great extent. These reasons have emerged as the restraining factors for the precision medicine market as far as the future period is concerned.
The active support of the government and insurance companies in the form of reimbursement facilities has helped people to opt for precision medicine and modern technologies to treat various chronic diseases. The increasing life expectancy of people all over the world has boosted the demand for modern technologies and advanced medicines with a view to maintaining the health of the people. Rising awareness regarding the healthcare sector has also proved as a great opportunity for the precision medicine market and is expected to provide a significant return during the forecast period.
The use of modern medicine and advanced technologies has given rise to a number of side effects that the patients have to deal with, this proves as a challenge for the advancement of the market. The strict rules and regulations which have been laid by the government regarding the use of modern medicines and technologies have proved to be a challenging point for the advancement of the precision medicine market.
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On the basis of technology, the segment of drug discovery has shown tremendous growth due to the increasing demand for advanced medicines in the market. Key market players are conducting research and development programs with a view to introducing new medicines into the market which will bring about cures in the patients in a shorter duration of time.
The deficiency of the drugs is evaluated with the help of pharmacogenomics which helps to boost the market for precision medicine. Bioinformatics forms the next largest segment under this category which proves to be a major development in this sector. On the basis of application, the department of oncology has proved to be the fastest growing market due to the increasing number of cancer patients all over the world. The faulty lifestyle practices due to the rapid modernization and organization have given rise to a huge number of cancer cases globally.
The other segments which have been considered under this category are the CNS and immunology which have become a matter of concern with the increasing number of chronic diseases. Precision medicine helps in evaluating the condition of the patients well in advance and carries out a suitable treatment with a view to bringing about a cure. The lesser number of side effects which are produced with the help of precision medicine has made it the first choice among people with a view to treating various chronic diseases. On the basis of geography, the region of North America has shown tremendous growth due to the high number of individuals suffering from chronic diseases who require precision medicine with a view to being treated successfully. The existence of the key market players in this region has also boosted the demand for precision medicine in the market.
Key Market Players
- Biocrates Life Sciences
- Tepnel Pharma Services
- Quest Diagnostics
- Menarini Silicon Biosystems
- NanoString Technologies
- Eagle Genomics
- Teva Pharmaceutical
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