Precision Medicine Market to Reach US$ 105.6 Billion by 2026, Globally |CAGR: 9.9%| UnivDatos Market Insights

NOIDA, India, Dec. 1, 2020 /PRNewswire/ — A comprehensive overview of the precision medicine market is recently added by UnivDatos Market Insights to its humongous database. The precision medicine market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. Furthermore, the precision medicine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the precision medicine market at the global and regional levels. Global Precision Medicine Market is expected to grow at a CAGR of 9.9% from 2021-2026 to reach US$ 105.6 billion by 2026.

Market Overview

Precision medicine is known to be one of the most promising approaches for tackling the diseases that have thus far eluded effective treatments or cures. Several indications such as cancer, neurodegenerative diseases, and rare genetic conditions take an immense toll on individuals, families, and societies. Cancer is amongst the leading cause of mortality worldwide with an estimation of 9.6 million deaths in 2018. The most common cancers include lung (2.09 million cases), breast (2.09 million cases), colorectal (1.80 million cases), prostate (1.28 million cases), non-melanoma skin (1.04 million cases), stomach (1.03 million cases).

The rising demand for preventive care and advances in next-generation sequencing (NGS) technologies have resulted in an unprecedented proliferation and deluge of genomic sequence data, thereby driving the market growth of the precision medicine sector. In the last 15 years, the cost of mapping a human genome has fallen from US$ 100 million to below US$ 1,000, allowing the use of data from patient DNA to become a significant viable method to provide precise, actionable recommendations before symptoms occur. The growth of the industry is also fueled by scientific discovery, alignment of incentives, regulatory decisions, consumer interest and demand, and advances in technology. The growth of the market for precision medicine is also supported by the increasing patient adherence to treatment and rising prevalence of oncology indications.

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Impact of COVID-19:

As the pandemic is spreading rapidly, clinicians treating COVID-19 are in desperate need of effective therapy, as the development of an effective vaccine remains a remote possibility. Given the urgent nature of the pandemic and the number of companies and researchers developing COVID-19 related therapies, there are more than 560 drug development programs in the pipeline with over 370 trials been reviewed by FDA. For instance, Boehringer Ingelheim initiated a Phase II study of BI 764198, a TRPC6 inhibitor to alleviate the damage to the lung and decrease the risk or severity of acute respiratory complications in patients hospitalized for COVID-19.

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Global Precision Medicine Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Technology, the market is primarily bifurcated into

  • Big Data Analytics
  • Bioinformatics
  • Gene Sequencing
  • Drug Discovery
  • Companion
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