Press release
Precision Medicine Market 2020 Expected Reach USD 126.14 Billion Revenue at Booming CAGR of 12.48% | Detailed Analysis by Global Industry Revenue – Asserts MRFR Till 2025
Precision medicine is a modern trend in the healthcare industry that is based on a unique concept that states that when two people are infected with the same disease that does not have similar physical response towards the disease. The precision medicine also depends on the ability to respond to a particular disease and it helps the doctors and the researchers to organize a particular treatment. It also depends upon the surrounding environment and the influence of genes and other symptoms also comes to play.
Precision medicine includes the system biology and panomics for determining the reason for the illness of the patient at a molecular level. These concentrated medicines are used for addressing the illness of the patient. This type of medicine concept offers many advantages that include the efficient treatment that is based on the choice of the patient's needs and category of disease. Precision medicine also reduces the cost of the treatment and helps in the decrease of the repeated use of medicines.
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The global precision medicine market report has shown a huge level of progress in the past few years. The focus on personalized medicine or individualized medicine with the sequencing of the human genome has been going on since 2003. According to the report, the global precision medicine market will be registering a CAGR of 12.48% that is projected to reach USD 126.14 billion by the end of 2025.
Market segmentation
The overall precision medicine market presents the various aspects that are leading to personal healthcare with the development of technologies and the increasing potential of the companies that are propelling the growth of the market. On the basis of ecosystem players, the global precision medicine market can be split into:
Diagnostic companies
Pharmaceuticals and biotechnology companies
Healthcare IT specialists/big data companies
Clinical laboratories
The diagnostic tool companies accounted for the market value of USD 16.27 million in the year 2017.
Based on the sub-markets, the global precision medicine market can be divided into:
Biomarket-based test
Companion diagnostics
Targeted therapeutics
pharmacogenomics(PGX)
Molecular diagnostics
Others
And on the basis of therapeutics, the global precision medicine market can be classified as:
Cardiovascular disease(CVD)
cancer/oncology
Central nervous system
Infectious diseases
Others
Regional analysis
As per the market report for precision medicine, the usage of precision medicine has been quite widespread in the regions of Europe, Americans, Asia-Pacific, Middle East and Africa. Dominating the overall market is the American region that focuses on the advancement in the gene mapping technologies which plays a vital role in the growth of the market.
The European market follows the lead and is expected to be the second-largest with the increasing adoption of various tools and records that will boost the growth of the precision medicine market. The Asia-Pacific region is also the fastest growing with the development of healthcare infrastructure and the increasing disposable income with the addition of demand for personalized healthcare treatments and drugs. This region accounted for 14% market share in the year 2017.
Industry news
GE Healthcare has partnered with Midwest Engineered Systems, a Waukesha-based manufacturer, for the production of ventilators during the COVID-19 pandemic. Both companies are scaling the production of ventilators and have discussed the success in automating the manufacturing of valves for the ventilators. The GE Healthcare will be mitigating the component testing bottlenecks.
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