Growing Demand for Preventive Care is a key driver of the Global Precision Medicine Market Growth

According to the estimations put forth by Inkwood Research, the Global Precision Medicine Market is predicted to project a CAGR of 9.86% in terms of revenue during the forecasting years of 2021-2028.

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Precision medicine is a comprehensive study of patient-specific information for characterizing and diagnosing diseases. It takes into account individual variability in the lifestyle, environment, and genes of a person. With the aid of advanced technologies like big data analytics, bioinformatics, next-generation sequencing, and molecular biomarker analysis, the concept of precision medicine is growing rapidly.

Demand for Preventive Care Propels Market Growth
The advancing technologies have resulted in patients becoming more aware of their personal health and fitness. Precision medicine services deal with cardiovascular disease (CVD), cancer, infectious diseases, etc., enabling their treatment and enhanced diagnostic tests and prevention methods. There has been increasing focus on precision medicine, with effective individualized care delivered as per the patient's genomic information. Avoiding toxic treatments by having the knowledge of a particular medication is the vital factor affirming the benefits of this technology. This further propels the idea of shared decision-making, wherein patients and doctors evaluated the disadvantages and advantages of the treatments. Thereby, crafting plans of care to meet the individual needs of each patient.
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Digital Health and Information Technology: Fastest Growing Component
In precision medicine, digital health is the direct convergence of genomics and digital technology for developing personalized medicine. Digital health and information technology play an essential role in offering visualization, storage, analysis, and interpretation of the patient's multi-omics data. It further entails implementing well-established workflows to process the omics data through the application of computational methods.

Asia-Pacific leads the Global Market with Highest CAGR
The increasing healthcare awareness, incorporation of enhanced diagnosis methods, and steady economy enabling higher affordability rates, are the primary drivers of the market growth. The rising population and growing diseases have resulted in a considerable need for sequencing technologies in the Asia-Pacific region. This has further encouraged the market potential, raising the demand for genome mapping programs, thereby driving the market growth.
Strong innovations in precision medicine are evaluated to benefit the companies. Also, there is increasing awareness regarding personalized care. A robust competitive strategy is projected to facilitate growth in the market for the players. Some of the eminent players in the market include, Eli Lilly & Company, Abbott Laboratories, Bio-Rad Laboratories Inc, Astra Zeneca PLC, F. Hoffmann-La Roche, etc.

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