Precision Medicine Market, By Application (Oncology, Central Nervous System, Hematology , Immunology , Respiratory , and Others), By Technology (Bioinformatics, Gene Sequencing, Precision Molecular Diagnostics, Big Data Analytics, and Others), By End User (Biopharmaceutical Companies, Diagnostic Laboratories, Academic & Research Institutions, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI145

Pages :170

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Concentration and Competitive Landscape

Precision Medicine Market Concentration By Players

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Growing prevalence of chronic diseases

The rising prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, has been quite significant in the recent years. These diseases place a huge burden on both patients as well as the healthcare systems. Precision medicine aims to utilize a patient's molecular profile to develop customized treatment and disease management plans best suited to the patient's needs. This approach can help deliver optimal outcomes for chronic disease patients and lower healthcare costs in the long run. By being able to understand the biological makeup of individual patients and how their specific disease will likely progress, precision medicine enables healthcare providers to tailor treatment to each patient's unique genetics, lifestyle and environmental factors. For example, in case of cancer, targeted treatment options based on molecular profiling of a patient's tumor can significantly improve survival rates compared to traditional one-size-fits-all chemotherapy protocols. Since chronic diseases account for a huge majority of healthcare spending globally, the ability of precision medicine to make treatment more effective for these complex long term conditions is expected to drive their increased adoption.

Key Players Insights