Precision Medicine Market Report: Features Of Investment Opportunities, Market Share & Future Trends To 2030
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Precision Medicine Market |
In order to create a customized therapeutic pill to treat a specific ailment, Precision Medicine analyses the genes and proteins present in the patient's body. With significant advancements in Precision Medicine, including single nucleotide polymorphism and microarray/biochips, the industry is predicted to expand in the upcoming years. Precision medicine's future lies in the knowledge of a patient's genetic makeup, molecular profile, and clinical features in order to develop the most effective course of therapy.
The market for precision medicine is anticipated to reach an estimated value of US$ 73,946.2 million in 2022 and grow at a CAGR of 10.3% from 2022 to 2030.
This is where research on the human genome comes in. Precision Medicine Market is expected to become increasingly popular in the near future due to the aforementioned considerations. The increased incidence of cancer is also anticipated to increase the need for personalized therapies and diagnostics, which would positively impact market growth. In the United States, there were around 1.7 million new cases of cancer diagnosed in 2018.
In addition, it is anticipated that difficulties with reimbursement regulations and the high cost of the Precision Medicine Market would restrain market expansion. Precision Medicine is quite expensive on the market because it uses high-end calculation methodologies and complex computational tools, which add various forms of costs to the treatment process.
In addition, ongoing developments in genetic technology and computational tools make it possible to evaluate the functional impact of genetic mutations that ultimately result in the development of cancer. Therefore, it is anticipated that the use of genetic diagnostics would dramatically accelerate the development of the Precision Medicine Market, particularly in the area of cancer therapy. One of the most profitable industries for firms that specialize in Precision Medicine right now is gene therapy. Genome sequencing is a necessary step in gene therapy, thus the significant expenditures being made in this area will help the precision medicine business flourish.
Globally, the prevalence of cancer is expected to rise, driving up demand for gene therapy as an efficient, individualized therapeutic option. The vast potential of the emerging markets has gone largely unrealized since the majority of firms offering Precision Medicine Market solutions have restricted their activities to the developed economies. Countries like China, India, and Australia, as well as those in the Middle East and Africa, have populations who are highly susceptible to illnesses (whose treatment necessitates gene sequencing) and present a significant market potential for the development of Precision Medicine.
Key Players - Intomics Precision Medicine Market, Merck & Co., GENinCode, Tepnel Pharma Services Limited, Pfizer Inc., Precision Medicine Market, Teva Pharmaceutical Industries Ltd., QIAGEN, Inc., NanoString, Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Medtronic, Thermo Fisher Scientific Inc., bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline pl
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