One of the
pivotal factors influencing precision medicine market size in recent times is the
emerging approach for disease diagnosis & prevention that is calculated
based on the genes and lifestyle of a person. Research claims that the
precision medicine approach will help researchers and doctors to forecast the
type of treatment that a patient would require and the kind of preventive
measures that would be required for selective diseases. Considering the
significant mark that this approach has made in the healthcare sector,
precision medicine industry giants have been striving to exploit the potential
of this technology to improve the accuracy of day-to-day healthcare.
Recently for
instance, The Michael J. Fox Foundation has collaborated with 23andMe and
invested USD 4 million to construct a research facility for Parkinson’s disease
treatment using precision medicine. This collaboration will reportedly open up
potential opportunities for researchers to improvise on genetic biology with
excellent drug designing related to precision medicine. The prevalence of
scientific partnerships such as these among the biotechnology companies and
research organizations will impel precision medicine market share.
As of today,
next generation sequencing (NSG) technologies have been making their mark in
precision medicine industry, driven by reduced expenditure, understanding of
the genetic know-how of diseases, and high throughput sequencing. The
prevalence of NSG technologies may specifically have an impact on U.S.
precision medicine market, given the vast expanse of the healthcare and medical
research verticals across the region.
Driven by the
substantial adoption of NGS panels in precision medicine, U.S. accounted for
the largest regional share of precision medicine market in 2016. The U.S.
government has also been enforcing regulatory norms and undertaking favorable
initiatives to generate awareness among the populace regarding the benefits of
the precision medicine approach which would further help augment U.S. precision
medicine market.
Browse key
industry insights spread across 110 pages with 64 market data tables & 09
figures & charts from this 2017 report Precision Medicine Market in detail along with the table of contents at:
Regional
governments have been going the whole hog to promote the usage of precision
medicine systems via funding and private-public partnerships. In Australia for
example, the government has been providing substantial funding to numerous
companies and upcoming entrepreneurs to invest in precision medicine industry
and the 3D printing technology.
Initiatives of a
similar kind undertaken by governmental bodies across numerous geographies are
likely to augment the overall precision medicine market. Speaking of which,
NanoString Technologies, Novartis, Intomics, Biocrates Life Sciences, Tepnel
Pharma Services, Roche, Silicon Biosystems, Ferrer InCode, Novartis, LabCorp,
Quest Diagnostics, and Medtronic are some of the names that have been
accumulating a commendable share of precision medicine industry.
Research
institutes have been giving substantial preference for precision medicine given
that the technology helps diagnose children with cancer. The computational
approach of precision medicine to share the patient’s database across the globe
will transform the healthcare sector over the coming years. In addition,
precision medicine has the capability to enhance personalized healthcare
through disease detection at an earlier stage and supplying sufficient
information regarding the progression of disease.
Speaking along
the same lines, it is prudent to mention that the quality, affordability, and
accessibility of healthcare systems has improved substantially due to the
emergence of precision medicine. The surging adoption of this technology for
care delivery, clinical outcomes, operational performance, and clinical
workflows will thus propel precision medicine industry share in the forthcoming
years. According to a precision medicine market research report put together by
Global Market Insights, Inc., this business vertical is slated surpass a
revenue collection of USD 96 billion by the end of 2024.
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