Precision Medicine Market to grow at 10.5% CAGR from 2017 to 2024: Global Market Insights Inc. 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.
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