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According to the 2020 Market Research Future Survey, the analysts saw 12.48% of business growth in the Global Precision Medicine Market 2020 is expected to register. Five months later, in May 2020, as the COVID-19 pandemic spread worldwide, there was less possibility that business was having a favorable impact on a broader note. The analysts further studied that the market can reach a valuation of USD 126.14 Billion by 2025. The entire growth scenario is predicted to take place during the years 2014-2022.
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Precision Medicine–Boomers & Decliners
The field of precision medicine has made extensive progress with prime discoveries such as microarray/ biochips and single nucleotide polymorphism. These advancements in healthcare have been beneficial for patients to the core of the pharmaceutical industry as well as society. The advent of precision medicine has made researchers understand the method of patients clinical profiles. Human genome research is the future of precision medicine as it owes maximum potential to modify medical treatments for individual patients through the understanding of molecular profiles, genetics, and clinical characteristics in determining the treatment. These factors have made the precision medicine market more robust and stable during the COVID 19 pandemic period.
MRFR’s report presents the factor rising prevalence of cancer to be projected as a booster for personalized cancer diagnostics and therapeutics demands that will leave a positive impact on theprecision medicine market growth. As per a recently published article, in 2018, in the U.S., roughly 1.7 million cases were diagnosed with cancer alone. Apart from this, more factors propelling the growth of this market are escalating online collaborative forums, rising efforts to characterize genes and advancements in cancer biology.
Furthermore, precision medicine applications are chiefly directed toward better treatment against oncological diseases, with an estimated 30% and above market leadership over other segments. According to the data reported in clinicaltrials.gov, the United States and a few European countries are the foremost hubs for conducting and recruiting patient pool for precision medicine applications in oncology globally. The elevated support from the government through funding and rapid growth of genomic analysis might boost the development of the precision medicine market at a fast velocity in the forecast period.
Precision Medicine Market Segment Review
The global precision medicine market has been studied under ecosystem players, sub-markets, and therapeutics.
By the segment of ecosystem players, the global precision medicine market has included diagnostic companies, pharmaceuticals and biotechnology companies, clinical laboratories, and healthcare IT specialists/big data companies. The diagnostic tool companies segment grabbed a market value of USD 16.27 million back in 2017.
By the segment of sub-markets, the market has included molecular diagnostics, companion diagnostics, biomarker-based tests, targeted therapeutics, pharmacogenomics (PGX), and others.
By the segment of therapeutics, the market has included cardiovascular disease (CVD), cancer/oncology, infectious diseases, central nervous system, and others.
Precision Medicine Market Regional Aspect
North America presently