Amsterdam, NL - July 20, 2020 -
Precision medicine (PM) is a medical model that proposes the customization of healthcare, being tailored to an individual patient. This technology classifies individuals based on their susceptibility to a particular disease or response to a specific treatment before progressing with their diagnostics. It focuses on the use of subjects like system biology and panomics to find the cause for an individual patient's illness at the molecular level and utilize adept medical procedures or the treatment.
Growing advancements in the field of gene therapy in addition to various clinical benefits is expected to drive the market for precision medicines. Rising demand for gene therapy in the advent of an increasing number of people with chronic illness has been a key driver for this market. Moreover, the availability of large-scale human genome databases including next-generation sequencing (NGS) has a positive impact on market growth. Therefore, a surge in the increase of novel treatment techniques based on the understanding of individual genes, the environmental impact on the patient and his/her lifestyle has been contributing to the growth of this market.
The report titled, “The Global Precision Medicines - Market and Technology to 202
8" is segmented based on technology, region and application.
Based on technology, the market is segmented as Genomics, Transcriptomics and Epigenomics. Based on region the market is segmented as North America, Europe, APAC, Middle East and Rest of the World. On the basis of application, the market is segmented as Oncology, CNS, Immunology, Respiratory Medicine , Infections and Others.Based on end-user Pharmaceutical Companies, Diagnostic Companies, Healthcare IT companies, and Others. The regions understudy for this report includes NA, EU, APAC, the Middle East, and RoW.
The Precision Medicines market is expected to account for a value of USD 63 Billion in 2020 and is anticipated to grow to USD 146 Billion by 2028 with a CAGR of approximately 11% globally. Oncology emerged as the largest segment in terms of application 2019. Increasing incidence and prevalence of cancer globally is anticipated to cause a surge in the demand for precision medicine as an effective therapeutic approach. Based on end-use, pharmaceutical companies is expected to hold hold the largest market share.
NA is predicted to dominate this market owing to the presence of key players in this region coupled with favorable government initiatives and growing investment in this field. Initiatives like project GENIE (Genomics Evidence Neoplasia Information Exchange) which is a data-sharing enterprise launched by AACR (American Association for Cancer Research) further supports the market growth. UK personalized medicines market held a sizable market share in 2019 due to the emergence of big data in healthcare, government regulations favoring this initiative, and the rising incidence of cancer.
The study period of the report titled, “The global precision medicines - Market and Technology to 2028
” has a study period from 2018-2020 and a forecast period of 2020-2028. The CAGR of this market is expected to be 11% during the forecast period. The report is segmented by the technology, region and application.
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