New York, US, July 12, 2021 (GLOBE NEWSWIRE) — Precision Medicine Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Precision Medicine Market Information by Therapeutics, Sub-Markets, Ecosystem Players, and Region – Forecast till 2025”, the market is forecasted to garner USD 126.14 Billion at a CAGR of 12.48%.
Precision medicine is an emerging trend in the healthcare industry that has been growing quickly in recent years. Precision medicine market trends, also known as tailored medications, first emerged in 2003 and have dominated the healthcare business ever since. Individualized medications are the primary focus of healthcare departments working on the human genome overall sequencing. Modern and advanced technical advancements have paved the way for many new medical, scientific, and business models to emerge.
The precision medicine market is rapidly growing worldwide and will reach its pinnacle in the next years. Recent advancements in technology, such as ultra-high-throughput sequencing and next-generation sequencing, have allowed doctors to better understand their patients’ health. More precise and targeted therapies for patients have become possible due to ultra-high-throughput sequencing and next-generation sequencing advancements. Precision medicine market expansion will be supported by integrating pharma and biotech sectors with big data health care industries over the projected period.
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- Sanofi Pharma
- ASURAGEN, Inc.
- Cepheid Inc.
- CETICS Healthcare Technologies GmbH
- Intomics A/S
- Takeda Pharmaceutical Company Limited
- Roche Holding AG-Br
- Caris Life Sciences
- Randox Laboratories Ltd
- Quest Diagnostics Inc.
- Teva Pharmaceutical Industries Ltd.
- HealthCore, Inc.
- AB-Biotics SA
- BIOBASE GmbH (Subsidiary)
- Glaxosmithkline Plc (GSK)
- LABORATORY CORPORATION OF AMERICA HOLDINGS
- ABBOTT LABORATORIES
- Johnson & Johnson
- Almac Group, Ltd.
- bioMérieux SA
- Pfizer Inc
- Molecular Health GmbH
Precision medicine is unquestionably advancing to new heights. The higher expenses of diagnostics, however, may limit the market’s development. A substantial amount of personal data is collected during the diagnosis and treatment procedure, and there is a possible threat associated with it that could stifle the precision medicine market’s growth. The rise of the personalized medicine sector is hampered by stringent laws and standards. However, the rising prevalence of genetic illnesses and the demand for efficient remedies will keep the precision medicine industry growing steadily.
Browse In-depth Market Research Report (313 Pages) on Precision Medicine: https://www.marketresearchfuture.com/reports/precision-medicine-market-925
COVID 19 Analysis
The COVID-19 pandemic wreaked havoc over the world, wreaking disaster on the financial and health sectors. The global economy’s growth pace has started to slow down; it will take many more years to resolve the situation. Various businesses and industries suffered significant financial losses, and the market’s growth rate slowed. Many industrial operations and manufacturing processes were forced to close due to the lockdown limitations. However, even in these difficult times, the precision medicine informatics industry grew at a steady rate, according to the market analysis.
In therapeutics, the oncology segment is assessed to spur the development of the precision medicine market in the future.
In the ecosystem players segment, the diagnostic companies and pharmaceuticals segment will lead the global market.
The molecular and companion diagnostics segment is estimated to transform the overall segment in the impending period in the sub-markets segment.
In the global precision medicine market, the Americas will hold the majority. In terms of worldwide market growth, the customized medicine market share in the United States will be the fastest growing. The advanced gene mapping technologies will aid in expanding the US personalized medicine market scope. The players in the market, such as Weill Cornell Medicine, declared its USD 1.5 billion “We’re Changing Medicine” campaign, which plans to progress biomedical innovations in ranges such as precision medicine, genomics, artificial intelligence, and machine learning. The movement has already obtained more than USD 750 million so far from prevailing benefactors. The sponsoring will educate Weill Cornell Medicine’s student organization, advance innovative precision medicine therapies, and refine the quality of care in biomedical innovations.
The European region has better diagnostic equipment, medications, and electronic health records, making it the market’s second-largest shareholder. Companies such as the Norwegian firm Bio-Me declared it has solicited 10 million Norwegian kroner ($1.2 million) to back its microbiome-based precision medicine medical programs. Bio-Me disclosed it will consume the capital to further several clinical plans and discover other business prospects for shorter-term income production. The national market of Singapore precision medicine will overtake the other market share in the Asia Pacific area due to higher disposable income and improved healthcare infrastructure, which would move the market forward in the forecast years.
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