Precision Medicine Market Overview
Precision medicine is an emerging way of disease prevention and management. Precision Medicine Market size is predicted to reach USD 126.14 billion at a CAGR of 11.5% during the forecast period. It involves tailored approaches, which include prevention and treatment strategies and predictive diagnostic for an individual based on genetic makeup and genetic modification. These approaches are used for designing drugs to target specific mutations for better treatment and improved patient outcomes. The advancement in cancer biologics is driving the growth of the precision medicine market. The increasing number of patients undergoing predictive diagnosis and the development of newer therapeutics like gene therapy for cancer treatments will push the market growth.
On the other hand, the potential threat and the high cost to personal health data are some of the factors that are a threat to market expansion. The outbreak of the Nobel virus Covid 19 is observed to impact the market. But the impact is not going to stay longer as there are now loose restrictions by the government. The major impacts are the breakage in the supply chain and lockdowns in many countries. But now, when lockdowns are lifted, the supply chain is restored, and the market is recovered quickly. This medicine deals with fatal disorders like cancer involving life-saving drugs, so the covid 19 is composed to have no impact on the precision medicine market during the assessment period.
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Precision Medicine Market segmentation
The precision medicine market is segmented into submarkets, therapeutics, region, and ecosystem players.
By submarkets, the market is split into pharmacogenomics or PGX, molecular diagnostics, targeted therapeutics, companion diagnostics, biomarker-based tests, and many more.
By therapeutics, the precision medicines market is segmented into cardiovascular disease or CVD, cancer or oncology, infectious disease, central nervous system and others.
By ecosystem players, the precision medicine market is divided into clinical laboratories, diagnostics companies, pharmaceuticals and biotechnology companies, healthcare IT specialists or big data companies, and many more.
Precision Medicine Market Regional analysis
In the precision medicine market, America will hold the majority globally. The customized medicine market share in the united states will be the fastest growing in terms of global market growth. The advanced gene mapping technologies help in the U.S. personalized medicine market scope. This helps in the growth of the market.
The European region has better diagnostics drugs, tools, and electronic health care records, which will make it the second-biggest shareholder of the market. In the Asia Pacific region, Singapore precision medicine will outgrow the other market share as increased disposable income and better healthcare infrastructure are available there, which will drive the precision medicine market growth in the predicted years.
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In 2021 Oncodesign. And SEngine Precision Medicine Inc. announced a research collaboration agreement for the research and development of new personalized cancer treatment for aggressive and untreatable tumors.
In 2022 AstraZeneca has signed a collaboration agreement with Scorpion Therapeutics to develop, discover, and commercialize precision medicines against previously hard-to-target cancer proteins, with the potential to transform oncology treatment.
In 2019 Pfizer announced the collaboration with Syapse to advance cancer research. This collaboration was targeted to focus on molecular testing and therapy choices on precision oncology thereby expanding the product portfolio.
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