Research report presented by UnivDatos, Emphasis on Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Others), Disease Area (Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases, Others), End-user (Hospitals & Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare IT Firms, Others) and Geographical analysis (key regions and countries).
As per the research report, Global Precision Medicine Market is expected to reach the market valuation of US$ 105.64 billion by 2026 expanding at a reasonable CAGR of 9.95% during the forecast period (2021-2026) from US$ 58.66 billion in 2019. Because of the wide variety of applications in different disease areas and technological advances, the global precision medicine market is expected to grow. Precision medicine (PM) is a form of health care that requires physicians to choose medications based on a genetic interpretation of the patient's condition. Drug collection and dose profiling, in tandem with clinical and molecular biomarkers, will ensure the treatment's maximum effectiveness and protection. The management of "Big Data" to maintain records current is a significant impediment to the advancement of such therapies. To extract knowledge about genes, mutations, and their associations with diseases, robust automated data mining tools are being created.
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Phenotyping is a component of PM that aims to convert data obtained at the cellular and molecular levels into clinically useful knowledge. Precision medicine shifts care away from population-based protocols and toward more personalised medicine, as President Obama declared in his 2015 State of the Union speech. Medical care will shift from a one-size-fits-all to an individualised model under the programme, with details on each patient's genetic profile, climate, and lifestyle (the exposome) assisting medical practitioners in tailoring medication and prevention strategies. Researchers and clinicians need large and varied volumes of data, as well as the technologies to make the data easily available and functional, to meet the Precision Medicine Initiative's mission statement, "to allow a new age of medicine through science, technology, and policies that encourage patients, researchers, and providers to work together toward advancement of individualised treatment."
Insights Presented in the Report
“Amongst Technology, Drug Discovery segment holds the major share”
The market is segmented into big data analytics, bioinformatics, gene sequencing, drug discovery, companion diagnostics, and others based on technology type. In 2019, drug research led the industry with a 23.3 percent share. Recent technological and analytical advances in genomics have made it possible to quickly identify and interpret the genetic variation underlying a single patient's disease, providing a window into patient-specific mechanisms that cause or contribute to disease, and potentially enabling the "precise" targeting of these mechanisms in the future. Precision medicine can be used to treat a variety of diseases.
For a detailed analysis of the applications in the Precision Medicine Market browse through – https://univdatos.com/report/precision-medicine-market-current-analysis-and-forecast-2020-2026
“Amongst Disease Area, Oncology is expected to dominate the market during the analyzed period”
The market is divided into oncology, infectious diseases, central nervous system disorders, immunology, genetic diseases, and others based on application nature. Cancer therapy is shifting from a model in which treatment decisions are mainly focused on tumour position and histology, followed by molecular information, to a new paradigm in which treatment decisions are primarily based on molecular information, followed by histology and tumour location. In 2019, oncology had the highest market share of 54 percent.
“Amongst End-user, Pharmaceuticals is expected to dominate the market during the analyzed period”
The industry is divided into hospitals & laboratories, pharmaceuticals, diagnostic providers, Healthcare-IT businesses, and others based on end-user segmentation. Precision medicine suppliers that are familiar with the technologies and priorities of value-based healthcare will add value to the precision medicine value chain by providing value-based tools and channels for interpreting and connecting data points. Pharmaceuticals led the industry in 2019, with a 47 percent market share.
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“United States represents one of the largest markets of Precision Medicine market”
A thorough research was performed for various regions around the globe, including North America (the United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, Italy, the United Kingdom, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of APAC), and the rest of the world, to get a greater understanding of the consumer conditions of the Precision Medicine market. In 2019, the United States brought in $17.9 billion in sales. Because of its strong visibility, the United States has the biggest demand for Precision Medicine.
The Precision Medicine Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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