Acumen Research and Consulting, a global provider of market research studies, has recently published a report titled “Precision Medicine Market By Technology: (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others); By Application: (Oncology, Immunology, CNS, Respiratory); By End Use: (Homecare, Hospitals, Clinical Laboratories, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers detailed insights of the market entailing insights on its different market segments.
The global precision medicine market size is expected to reach around US$ 84 Bn by 2026 and is anticipated to grow at a CAGR of around 10% in terms of revenue during the forecast period 2019 to 2026.
Precision medicine is an approach to patient care that enables physicians to choose medicines that assist patients to understand their disease genetically. This can also be called custom medicine. The report provides analysis of global precision medicine market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
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Coronavirus has influenced a wide range of spaces of the precision medication market. In the midst of the current pandemic, precision medication is progressing dangerously fast. The medical care industry is centered around leading precision medication and genomics examination to more readily comprehend COVID-19 vulnerability, measure its effect and find possible treatments. Precision medication has prodded collective endeavors between governments, clinical organizations, and analysts to quickly foster successful medicines. For example, in 2020, the San Antonio Partnership for Precision Therapeutics reported financing for three tasks that pointed toward speeding up intercession for COVID-19. These ventures will zero in on how organic substances, like proteins in the safe framework and respiratory plot, influence the person’s reactions to the infection, and how scientists can use this information to foster therapeutics.
Likewise, in 2020, Cleveland Clinic started the genomic medication venture to recognize hereditary components that move weakness to the infection and utilize these to foster remedial and anticipation systems against the infection. With headways in precision treatments and diagnostics, combined with advancement developments, for example, Next Generation Sequencing (NGS) and huge genomic information, the business is required to observe fast development during the figure skyline.
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Besides, in the previous few years, various quality treatments, diagnostics, and medications have been presented in this field, because of the rising occurrence of perilous ailments, like malignant growth and uncommon infections. For example, according to the information distributed by the Globocan 2020 report, 19.29 million individuals were living with malignant growth. Subsequently, portraying or sequencing qualities is the main strategy to acquire data about qualities and their plausible changes.
Market Segmentation Analysis
North America is driving the accuracy medication industry. What’s more, the expanded frequency of respiratory and oncologic conditions because of changing ways of life is the principle driver of market interest.
Europe held the extensive offer in the worldwide accuracy medication market and is projected to develop at a consistent development rate during the figure time span. The developing utilization of exact symptomatic instruments, electronic wellbeing records, and medications endorsed particularly for sickness are expected to build market improvement around here.
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Asia-Pacific to develop at a most noteworthy CAGR in the midst of the projected stretch of time attributable to flood in rate of malignant growth and expansion in maturing populace helpless to illness is required to support the interest of accuracy meds.
The Middle East and Africa head acquire an extensive offer in the worldwide exactness medication market. Be that as it may, because of high ventures by private parts in the Middle East nations, the market is relied upon to be developing.
In Africa because of solid arrangements of the public authority and helpless economies, Africa has minimal portion of the worldwide market for accuracy medication. Then again, the developing mindfulness identified with the medical services area in the steady nations like Botswana, Ghana in Africa is acquiring force as far as improvement.
Major players include in this report are Tepnel Pharma Services, Novartis, Qiagen, Biocrates Life Sciences, NanoString Technologies, Roche, Pfizer, Eagle Genomics, Quest Diagnostics, Menarini Silicon Biosystems, Intomics, and Teva Pharmaceutical and Others.
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