Precision medicine market
Market Overview:
In 2018, the worldwide market for precision medicines was estimated at USD 48,554.1 million and is estimated at USD 84,590.21 million in 2024, a CAGR of 9.7%. Increasing internet cooperative forums, increasing attempts to characterize genes, and advances in cancer biology are the main factors driving this market growth. The basic idea of precision medicine is to understand the genetic make-up and difference at a population level and at an individual level in order to customize a drug that targets a specific gene type. Sequencing or characterizing genes is therefore the most significant way of gaining data on genes and their possible mutations.
The functional characterization of recognized genomic mutations, combined with extensive clinical information accessible in electronic health records, has the ability to provide compelling evidence in phenotypically well-characterized patients involving novel disease and/or drug-associated mutations. Government and private players have made growing attempts to create databases that contain data about a big population s characterized genes. Some nations are establishing a domestic genetic information repository to accelerate precision medicine studies. Methods such as meta-analysis, analyzing transcriptome information and analyzing RNA-seq information are generally used to describe genes.
Scope of the report:
Precision medicine is an evolving approach to disease therapy and prevention, a mixture of molecular biology methods and system biology. Market growth for this strategy is gaining momentum as, while developing drugs and vaccines, it takes into consideration individual variation in genes, climate, and lifestyle for each person.
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Key market trends:
Oncology is expected to hold the highest market share in the application segment:
Oncology is believed to have the largest market size in the application section of the precision medicine industry and is expected to experience a 10.3% CAGR during the forecast period. Applications of precision medicine are mainly aimed at better oncological disease therapy, with an estimated market dominance of over 30 percent over other sections.
According to the information reported in clinicaltrials.gov, the United States and some European nations are the major centers worldwide to conduct and recruit patient pool for oncology specific medicine applications. The government s elevated support through financing and rapid development of genomic assessment was anticipated to increase rapidly over the forecast period the development of the precision medicine market.
North America is estimated to hold largest share in the market:
North America is currently dominating the precision medicine market and its stronghold is expected to continue for a few more years. The U.S. maintains the biggest market share in the North American region. In 2015, former President Barack Obama unveiled the Precision Medicine Initiative PMI , a bold new undertaking aimed at revolutionizing medicine and generating the scientific evidence needed to move the concept of precision medicine into daily clinical practice.
The Precision Medicine Initiative also involves continuing attempts through the Veteran Affairs Department VA , which has enrolled more than 450,000 veterans in the Million Veteran Program MVP , a study cohort driven by participants. In February 2016, the Food and Drug Administration FDA , the Office of the National Health IT Coordinator and the Civil Rights Office announced that they will establish research and data capacity, technical instruments and policies to accelerate precise medicine, thereby boosting the country’s precise medicine market.
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Competitive Landscape:
The market for precision medicine is extremely competitive and is composed of several main players along with a number of smaller companies. However, mid-size to smaller businesses are improving their market presence with technological advancements and product innovations by introducing new technologies with affordable prices. Significant market shares are held by companies such as Medtronic PLC, Pfizer Inc., Novartis AG, Qiagen, and Teva Pharmaceuticals.
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