Precision Medicine Market Growth Powered With Latest Development Scenario and Influencing Trends

Seattle, WA -- (SBWire) -- 11/25/2019 --Precision medicine is based on a unique concept that states, two people infected with same disease dont need to have same physical response toward the disease. However, it depends on the surrounding environment and influence of genes and symptoms of patient. Moreover, it also depends on patients ability of responding to that particular disease, which enables the doctors and researchers to organize the required treatment.

Precision medicine commonly includes use of system biology and panomics to determine the reason for an individual patient's illness at the molecular level. Followed by the use of concentrated medications to address individual patient's illness. Precision medicine offers many advantages such as efficient treatment customized to patients needs and category of disease. Moreover, precision medicine can reduce cost of treatment and help decrease repeated administration of medications.

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The increasing acceptance rate of gene therapies in developed economies with a comparatively high-revenue can enhance the precision medicine market growth in the years ahead. Ascending incidences of genetic disorders and cost-efficiency of sequencing has is also contributing to the precision medicine market commercially. Moreover, growing analysis and development activities that reinforce the assembly and producing of precision medication is further driving this market globally.

Market Segmentation:

By technology, the market is divided into drug discovery, big data analytics, bioinformatics, companion diagnostics, genomic sequencing, and others. The drug discovery segment holds the largest market share.

Based on application, the market includes respiratory, oncology, CNS, immunology, and others. Oncology is likely to witness the highest CAGR in the market over the forecast timeframe. Immunology accounted for the second-largest market share in 2018 and is anticipated to indicate similar growth trends over the forthcoming years.

By end-user, the market includes pharmacy and biotechnology firms, diagnostic companies, healthcare-IT/big data firms, clinical laboratories, and others. Healthcare-IT/big data firms are predicted to hold a substantial share in the precision medicine market over the estimated timeframe.

Regional Analysis:

North America is likely to account for the most important share of the precision medicine market over the forecast timeframe, owing to the increasing geriatric population suffering from chronic diseases like cancer, cardiovascular diseases, diabetes, etc. Most of the geriatric Americans suffer from asthma, cancer, chronic obstructive pulmonary disease, and diabetes that ought to augment the precision medication market in the U.S. in the years ahead.

Europe held the second-largest share in the precision medicine market in 2018, due to the growing prevalence of cancer, presence of developed healthcare infrastructure, favorable reimbursement policies, increasing research and development investments, and rising awareness among healthcare professionals.

The Asia Pacific precision medicine market is projected to grow notably in the future, owing to the rising burden of genetic diseases in China that will drive the demand for gene therapies. Government of China has taken initiatives to fund the Chinese precision medicine market growth, which will advance the Asia Pacific precision medicine market growth in the future.

The Latin American precision medicine market is estimated to witness moderate growth over the forecast time period. The Middle East and Africa precision medicine market will register slow growth in the upcoming years, owing to the underdeveloped healthcare infrastructure and lack of advanced technologies in the region.

Key Players:

Biocrates Life Sciences, Tepnel Pharma Services, Qiagen, Menarini Silicon Biosystems, Novartis, NanoString Technologies, Pfizer, Eagle Genomics, Quest Diagnostics, Roche, Intomics, and Teva Pharmaceutical.

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