Personalized Medicine is the largest segment driving the growth of Precision Medicine Market
The global Precision Medicine Market is estimated to be valued at US$ 236.02 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision Medicine involves the use of diagnostic tools and therapies tailored to individual patients based on their genetics, lifestyle and environment. It offers benefits of improved health outcomes, patient satisfaction and economic savings compared to conventional medicinal practices.
Market key trends:
One of the key trends in the Precision Medicine Market is the increasing adoption of next-generation sequencing (NGS) technologies. NGS allows researchers to read the genetic code faster and cheaper. It helps determine the precise changes in a patient's DNA or RNA that are related to their disease. This new trend has led to significant progress in developing personalized therapies for cancer and other complex diseases. The development of combined diagnostic and therapeutic tools known as theranostics is another major trend. Theranostics utilizes molecular imaging to detect markers in tumors or other sites of diseases and then employs targeted drug therapies accordingly.
Market Key Trends:
The global precision medicine market is witnessing high growth owing to increasing adoption of personalized therapy options among patients and healthcare practitioners. Precision medicine requires analyzing a patient's genetic makeup and lifestyle factors to develop targeted treatment and preventive strategies. With advancements in genomic profiling technologies, more healthcare facilities are adopting precision diagnosis and treatment planning to offer better clinical outcomes.
SWOT Analysis:
Strengths: Precision medicine enables customized treatment based on individual patient's genetic profile. It can improve diagnosis and targeted drug delivery.
Weaknesses: High costs associated with genomic profiling and lack of healthcare infrastructure in developing nations. Interpreting large genomic data is also challenging.
Opportunities: Rising R&D investments by pharmaceutical companies in precision therapeutics. Growing focus on targeted drug development to address unmet needs.
Threats: Stringent regulations for approval of personalized therapies. Concerns around data privacy and security of genomic information.
Key Takeaways
Global Precision Medicine Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for targeted disease management.
Regional analysis: North America dominated the market in 2023 with a share of over 35%, owing to presence of key market players and rising adoption of advanced therapies. Asia Pacific is expected to exhibit fastest growth through 2030 backed by increasing healthcare spending and focus on modernizing healthcare infrastructure in countries like China and India.
Key players operating in the precision medicine market 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
Read More- https://makuv.com/advancements-in-genomics-and-proteomics-to-spur-growth-of-precision-medicine-market/
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