Selbyville, Delaware, Market Study Report LLC adds new research on Precision Medicine market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Precision Medicine market also includes an in-depth study of the industry’s competitive scenario.
Technological advancements and scientific breakthroughs have propelled the assessment of pathogenesis and fostered precision medicine industry. Precision medicine has become instrumental in alleviating suffering pertaining to medical care, owing to unintended side effects resulting from one-size-fits-all approach.
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Genetic laboratory industry is believed to be using processing power, data, science and operators to enhance the results for costly and debilitating diseases. In terms of technology, big data is touted to set the trend in precision medicine market as the technology enables more precision and tailoring compared to linking diverse data sets to showcase casual pathways. Dependence of precision medicine on big data has propelled the biomedical research.
Rapid transformation towards precision medicine is also believed to reduce the cost of treatment by doing away with inapt treatment plans. Precision medicine has become pivotal in leveraging doctors to select treatments based on a genetic understanding of the patient’s disease and creating a personalized treatment plan.
Stakeholders have shown increased traction towards big data analytics for it complements clinical care and streamlines public health surveillance. Notably, big data has the ability to track and predict major outbreaks to boost public healthcare resources and disseminate healthcare message to patients using social media.
Oncology has opened avenues for precision medicines as central nervous system (CNS) market share in 2019 was pegged at over 24%, mainly attributed to soaring prevalence of CNS disorders globally.
Some of the prominent players operating in the market include Pfizer Inc., Qiagen Inc., Quest Diagnostics Inc., Medtronic, Novartis, Laboratory Corporation of America Holdings, Cepheid Inc., AstraZeneca PLC, Cancer Genetics Inc., Thermo Fisher Scientific Inc., Bristol-Myers Squibb, and Foundation Medicine.
Use of precision medicine in healthcare IT companies will become more noticeable in the next five years owing to soaring demand for technologically advanced equipment for analysis, rapid integration and storage of patient data. In bid to push to the capabilities in data analysis, data acquisition, and analytics-based decision making, established technology players and startups are adopting precision medicine.
Profound deployment of sensing technologies has fared well for big data analytics. With soaring trend for implantable and wearing sensing has been in line with the increased bandwidth and improved microelectronics.
With the wealth of information to different disease, big data revolution has offered an opportunity to embrace AI and machine learning algorithms in the massive data set. Big data analytics market share to have been registered at 12% in 2019, citing influx of complex of data generating in healthcare sector.
Recent advancements in technology indicate that stakeholders are increasingly using precision medicine in oncology. With neurological disorders being one of the leading causes of morbidity and disability globally, precision medicine has grown in significance. The disorder is expected to grow on the heels of increased life expectancy and population growth leading to economic burden and health issues.
Several healthcare IT companies are offering operation and software tools for healthcare systems to adopt personalized medicine. Healthcare IT companies segment was pegged at around US$ 16 bn in 2019.
With the time ideal for disruption through strategic business model owing to changing healthcare dynamics, stakeholders are increasingly inclined towards infusing investment in MEA. Leading companies believe MEA to emerge as a prominent growth ground for the industry.
While massive data has been captured for advanced economies, dearth of data in African countries and most of the Gulf countries has signified the importance of precision medicine. Further, burgeoning population has also been one of the factors fueling growth in the region. MEA market was pegged at over USD 3.0 billion in 2019 and is estimated to expand at a CAGR of more than 10.0% during the forecast period.
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