Precision Medicine Industry Rising Trends, Growing Demand And Forecast Report 2030

The major drivers in the global precision medicine market are the extensive utilization of AI in precision medicine, expanding medical tourism, rising count of approved personalized medications, extensive government support, and consequently, rising awareness about personalized treatments. The market is predicted to touch $738.8 billion by 2030. The COVID-19 pandemic took the economy into a turmoil, but this market remained unaffected owing to the steep rise in the global mortality rate due to the rising incidence of chronic illnesses, such as cancer and cardiovascular diseases.

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The rising count of clinical trials will spur the precision medicine market growth. moreover, there is extensive government support to boot the clinical trials for precision medicine. For example, the Molecular Analysis for Therapy Choice (MATCH) project was developed by the renowned National Cancer Institute (NCI) for the management and supervision of clinical trials in June 2018. This project achieved the target of treating approximately 6000 cancer patients. Moreover, the decentralized method acts as a protagonist for the higher patient participation rate by facilitating trials at home, reducing the time and costs.

The increasing medical tourism will propel the precision medicine market growth in the coming years. Globally, Canada, Singapore, and Japan are among the few popular medical tourism hotspots attracting numerous patients and tourists on account of specialized and high-quality medical treatment. Moreover, China is ruling this market because of its swift adoption of technologically advanced devices. This can be credited to its magnificent computing abilities and the snowballing investments in research and development. This assists them in drawing accurate insights about genetics and the biological orientation of people through the tools of analysis.

The swift technological adoption of technologically advanced devices will drive the precision medicine market. The gradual developments in AI are transforming the medical business by assisting healthcare providers in clinical data collection and regular supervision with nullified errors and better convenience. Furthermore, the cyclic nature of the four interconnected themes: personalized medicine, emerging technologies, big data and IT infrastructure, and artificial intelligence have a pivotal role in tailoring the treatment according to the genetics of the person.

Globally, North America rules the precision medicine market and it will exhibit this dominance in the coming years as well. This is because of increasing healthcare expenditure, rising disposable income, extensive government support in this domain, increasing incidence of unhealthy habits among people, and consequently, surging prevalence of chronic illnesses among people.

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Moreover, APAC is expected to grow at the highest CAGR in the coming years. This is on account of surplus funds, gradual enhancement of the regulatory landscape, increasing adoption of AI in the market, and growing inclination toward personalized healthcare among consumers.

Hence, the booming geriatric population, rising prevalence of chronic illnesses, and growing awareness about precision medicine will create lucrative opportunities for market players including Almac Group Limited, Asuragen Inc., MDxHealth SA, Intomics, Precision BioLogic Incorporated, EPIC SCIENCES INC., Oracle Corporation, Menarini Silicon Biosystems S.p.a., Randox Laboratories Ltd., Partek Inc., Pacific Biosciences of California Inc. and Myriad Genetics Inc. to gain a competitive edge.

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