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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