Precision Medicine Market Overview:
Medical advancements have been taking place since long period in a very innovative way to enhance and avail the people with more advanced techniques. The presence of various diseases can be detected easily through precision medicine by investigating the genetics for various diseases in the body. Streams like Next-generation sequencing, Molecular biomarker analysis, Bioinformatics, Big data analytics and others have given a raise for precision medicine development.
Precision Medicine Market Size:
The Precision Medicine Market is projected to grow from USD xx million in 2015 to USD xx million by 2023, at a CAGR of xx% during the forecast period 2015 to 2023.
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Precision Medicine Market Growth Factors, Drivers and Restraints:
The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle, while developing drugs and vaccines. Increasing online collaborative forums, increasing efforts to characterize genes, and advancement in cancer biology are the major factors fuelling the growth of the precision medicine market. Sharing the information available through online collaborations helps in exchanging useful information between different research groups, which helps the growth of the global market. Additionally, increasing efforts to characterize genes and advancement in cancer biology are also responsible for the growth of the precision medicine market.
Data integrity is the limiting factor for the market, which has been impacted by duplicate records and patient misidentification. Criminals are stealing information through breached cybersecurity to reach beyond the victim’s bank accounts. The integrity of data can be lost due to wrong entry, missing data or copying the older information, not updating the reports on time. In olden days paper based entries are considered but now online data is considered for treatment which may be a constraint. There is a need for matching both paper and online work in order to provide a clean process of treatment. This can be turned as a major restricting factor for the growth of the market. In addition to these high cost in using the precision medicine and declining the trend in rate of approval from pharmaceutical industry can be a restricting factor for the global precision market.
Precision Medicine Market Geographical Overview:
Geographically, Precision Medicine Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. Many countries like US, UK, Germany, France and so on were taking long steps in developing and taking forward the technology so as to control many dreadful diseases. The factors responsible primarily for this high growth are increasing cases of hypersensitivity, allergy, and immunodeficiency around the world.
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Key Players of Precision Medicine Market:
Key developers of the market are Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Pfizer Inc., Eagle Genomics Ltd, Teva Pharmaceuticals, Laboratory Corporation of America Holdings, Medtronic, Novartis AG, Qiagen NV, Quest Diagnostics Incorporated, and F. Hoffmann-La Roche AG.
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