Precision Medicine Market Overview

The rise in online collaborative firms for precision medicines is driving the global precision medicine market. Precision medicine is based on a unique concept that states, two people infected with same disease dont need to have same physical response toward the disease. However, it depends on the surrounding environment and influence of genes and symptoms of patient. Precision medicine is an advanced approach for patient care and treatment by selecting desired treatments based on a genetic understanding of their disease.

Precision Medicine Market Drivers

Precision medicine is a personalized approach to healthcare that involves tailoring treatments to the individual patient based on their genetic makeup. While precision medicine has the potential to revolutionize healthcare, it is also expensive, which can limit access for some patients.

Precision medicine regimens typically begin with a series of diagnostic tests to study the patient's genes for individual variability, genetic mutations, and variations. The results of these tests are then used to select the most appropriate treatment for the patient.

One of the key factors driving the growth of precision medicine is the increasing availability of genetic testing. Genetic testing is now used for a variety of purposes, including cancer screening, prenatal screening, and direct-to-consumer testing. Companion diagnostics, which are medical tests designed to identify patients who are most likely to benefit from a specific therapeutic treatment, also play an important role in precision medicine.

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While precision medicine has the potential to improve outcomes for patients with a wide range of diseases, its high cost can be a barrier to access. For example, the cost of CAR T-cell therapy, a type of personalized medicine, can range from $300,000 to $400,000 in the United States.

Precision Medicine Market Segmentation Analysis

By Technology

• Big Data Analytics

• Bioinformatics

• Gene Sequencing

• Drug Discovery

• Companion Diagnostics

• Others

By Application

• Oncology

• CNS

• Immunology

• Respiratory

• Others

By Product

• Consumables

• Instruments

• Services

By End-Users

• Pharma & Biotech Companies

• Diagnostic Tool Companies

• Healthcare IT/Big Data Companies

• Clinical Laboratories

By Region

• North America
• South America
• Europe
• Asia Pacific
• Middle East and Africa

Major Companies Covered

Pfizer, Medtronic, Eagle Genomics Ltd, Ferrer Incode, Laboratory Corporation Of America Holdings, Roche Holding Ag, Intomics, Biocrates Life Sciences Ag, Qiagen, Teva Pharmaceuticals, Nanostring Technologies, Novartis

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