Precision Medicine Market
There’s a new medical specialty called “precision medicine” that tailors patient care to their unique genetic makeup, environmental factors, and way of life. The successful application of precision medicine in the treatment of cancer has contributed to the field’s rise to prominence. As a result, healthcare providers and researchers are better able to foresee how patients will respond to various treatments and develop effective preventative measures. Precision medicine, also called individualized or personalized medicine, is a form of cancer treatment that specifically targets cells that have mutated from their normal state. Compared to traditional drugs, precision medicine’s targeted treatment for cancer has fewer adverse effects and a faster recovery time.
As of 2022, the world market for precision medicine is predicted to be worth US$ 73,946.2 Mn (2022-2030).
To Get More Business Strategies Request for Sample Copy @ https://www.coherentmarketinsights.com/insight/request-sample/145
Growing advancement of big data analysis and IT sector are anticipated to push market of the precision medicine and its growth
As the big data analysis and IT sector continue to advance, it is expected that the time and money needed to develop novel precision medicines will decrease. By creating innovative precision medicines, doctors will be able to better prescribe treatments that will actually work, boosting the health of their patients. As part of the process of delivering precision medicines, a plethora of genetic tests and diagnostic procedures must be conducted, generating a mountain of data that can be used for individualizing prescriptions. Because of the capabilities of big data analysis and IT, doctors can practice precision medicine. The government supports the efforts of key market players to develop bioinformatics technology for precision medicine research applications. Example: in August of 2017, Albuquerque’s Armonica Technologies, Inc. received $1.5 Mn from the New Mexico state’s US$ 40 Mn Catalyst Fund, which is designed to aid seed and early-stage companies in New Mexico.
Growing advancements in technology is anticipated to push the growth of the market in the predicted period.
During the forecast period, the market is anticipated to grow as a result of technological developments like the introduction of diagnostic tools that could aid physicians in the evaluation or performance of a correct diagnosis, ultimately leading to the guidance of patients in the selection of an appropriate therapy. Example: On 16th February, 2022, Invitae Corporation, a pioneer in the field of medical genetics, announced the introduction of the company’s FusionPlex Dx and LiquidPlex Dx in vitro diagnostic (IVD) products are among the most advanced in the world of Anchored Multiplex PCR chemistry in Europe. For the treatment of cancer, Invitae is at the forefront of providing cutting-edge innovations through precision oncology. More people will have access to effective cancer treatment when it counts thanks to the FusionPlex and LiquidPlex tests.
Global Market for Precision Medicine– Effect of Coronavirus (COVID-19) Pandemic
Due to the rapid global spread of the COVID-19 virus following its initial outbreak in December 2019, the WHO (World Health Organization) declared a public health emergency on 30th January, 2020.
COVID-19 has the potential to influence the economy in three key areas: through direct effects on production and demand, through interruptions in distribution channels, and then through monetary effects on businesses and financial markets. China, Saudi Arabia, India, the United Arab Emirates, Egypt, and other countries are all experiencing difficulties with the movement of drugs from one location to another as a result of nationwide lockdowns.
The 2019 coronavirus disease (COVID-19) outbreak has affected the precision medicine industry in the same ways it has affected other parts of healthcare. The pandemic delayed surgeries and, consequently, the testing of biopsy tissue, which could raise the incidence of advanced cancers in the future.In light of recent research that has been made public by the Breast Cancer Surveillance Consortium (BCSC) in 2021, the number of screen-detected cancers in the breast decreased significantly between March and September of 2020, resulting in 1,650 fewer recommendations for breast biopsies with cancer diagnoses in 2020 compared to 2019. This data comes from 66 different places in seven different BCSC registries.
However, the COVID-19 pandemic provides a great chance for scientists and healthcare providers to adopt a more personalized approach that takes into account the requirements of people. Age, gender, drug use, health status, ethnicity, and other factors all play a role in COVID-19 incidence and consequences. Therefore, it is crucial that doctors carefully tailor treatment plans to each individual. Consequently, the growth of the global precision market is anticipated to be driven by the expanding study of precision medicines in the predicted period.
Get Purchase this Premium Report, click here (Up To 45% Discount) @ https://www.coherentmarketinsights.com/promo/buynow/145
Global Precision Medicine Market: Restraint
High costs associated with genetic testing and the lack of insurance coverage for such testing are the two main restraints on the market for precision medicine worldwide. Genetic testing is essential for analyzing mutations and prescribing the appropriate precision medicines. According to a report from the September 2019 issue of the U.S. National Library of Medicine, the price of genetic testing can vary from one hundred to two thousand dollars, depending on the type and level of intricacy of the analysis required. If more than one test is required, or if testing multiple family members is required to get an accurate diagnosis, the price will rise.
Key Players
The main companies functioning in the market for precision medicine worldwide are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Foundation Medicine, Inc.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Technology
- Market Snapshot, By Application
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Market Trends
- Acquisitions and Partnerships Scenario
- Ongoing Developments
- Porter’s Analysis
- PEST Analysis
- Market Dynamics
Get customized report as per requirement @ https://www.coherentmarketinsights.com/insight/request-customization/145
Check Out More Reports:
Hospital information system market
Remote Patient Monitoring Devices Market
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Contact Us:
Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame
CA 94010, United States
Email: sales@coherentmarketinsights.com
Phone: U.S.: +1-206-701-6702
U.K.: +44-020-8133-4027
JAPAN: +81-50-5539-1737
INDIA: +91-848-285-0837