Oncology segment to dominate the United States Precision Medicine Market
High investments for research and development activities and rise in genetic diseases is expected to drive the demand for United States precision medicine market for the forecast period.
According to TechSci Research report, “United States Precision Medicine Market By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services) By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others) By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others) By End-User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes) By Company, By Region, Forecast & Opportunities, 2026”, United States precision medicine market is expected to witness significant growth for the next five years. Mechanism of patient molecular and clinical profiles can be studied through precision medicine. Increasing prevalence of cancer is boosting the need for customized treatment to get better results and effective treatment which is fostering the growth of precision market. Technological advancements to upgrade the existing infrastructure such as devising computational tools and development of genetic technologies to study and analyze the effects of genetic changes that cause cancer can lead to more effective treatment of cancer is influencing the market growth. Also, the advancements in field of gene therapy and its benefits are accelerating the demand for precision medicines in United States.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities in United States imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. United States authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Precision medicine market hold tremendous potential for treatment of coronavirus as it can be used to study the variations in patients’ response to treatment based on patient environment and lifestyle, genetic variants, and range of biomarkers. It can also be used to identify risks of adverse treatment effects on patients. Precision medicine can be used to identify hotspots which have high risk of transmission of coronavirus through the help of spatial mapping, robust testing and by use of digital data.
However, high cost of precision medicines and reimbursement challenges may create hindrance in the precision medicines market growth.
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United States precision medicine market is segmented into products and services, technology, application, end-user, regional distribution, and company. Based on technology, market is further divided into big data analytics, artificial intelligence, bioinformatics, whole genome sequencing, companion diagnostics, next generation sequencing (NGS) and others. The next generation sequencing segment is expected to account for major market witness growth for the forecast period, 2022-2026. Next generation sequencing enables rapid identification of common and rare genetic variation. Detection of variants in response to drug doses and to also find the adverse effects of precision medicines is fueling the demand for next generation sequencing technology for precision medicines. Based on application, market is majorly categorized into oncology, immunology, cardiology, neurology, respiratory and others. The oncology segment is expected to dominate the precision medicine market for the next five years. Growing prevalence of cancer is expected to boost the demand for precision medicine as its effective treatment. Development of targeted medications for cancer patients according to their genetic composition is accelerating the demand of precision medicines for the predicted period.
Illumina, Inc., Thermo Fischer Scientific, Inc., QIAGEN Inc., Quest Diagnostics, Inc., Pfizer Inc., Agilent Technologies, Inc., Medtronic USA, Inc., Orion Health Inc., Celcuity Inc., InsightRX Inc. are the leading players operating in United States precision medicine market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several precision medicine manufacturers are coming up with their technologically advanced offerings.
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“High-end investments by leading authorities to develop solutions for effective disease treatment along with favorable government initiatives is boosting the precision medicine market in United States. Launch of projects such as project GENIE which facilitates precision oncology by providing genomic and clinical data of cancer patients for providing effective treatments. Emergence of big data in healthcare sector and growing healthcare expenditure is expected to propel the precision medicines market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Precision Medicine Market By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services) By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others) By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others) By End-User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of United States precision medicine market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United States precision medicine market.
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