South Korea Precision Medicine Market to be Dominated by the Oncology Segment Through 2028
Increasing
incidences of cancer and increasing research & development activities is
expected to drive the growth of South Korea Precision Medicine Market in the
forecast period 2024-2028.
According to TechSci Research report, “South Korea Precision
Medicine - By Region, Forecast and Opportunities, 2018-2028F,” South Korea Precision
Medicine Market is anticipated to grow at a steady rate in the
forecast period 2024-2028. This can be ascribed to the rising incidences of cancer,
increasing research & development activities and technological advancements.
The market of precision medicine is increasing in South Korea due to the
growing geriatric population which is likely to get infected easily. The growth
is further influenced by various research and development activities conducted
for the treatment of cancer in several diagnostic labs.
Through
precision medicine, healthcare providers offer specific medicine to the
patients based on the genes, proteins, and other substances in the patient’s
body.
The market's
expansion is impeded by the lack of skilled professionals (Biotechnologists or
Scientists), the high cost of precision medicine, longer manufacturing time,
and requirement of proper care.
South Korea
has been at the forefront of establishing widespread testing and contact
tracing, employing genomic sequencing to monitor the spread of the virus and
find novel strains. As a result, demand for genetic sequencing products and
services has increased dramatically, fueling the expansion of the precision
medicine market.
Several
developments are expected to have an impact on the rise of the precision
medicine market in South Korea in the coming years. These include advances in
genomic science and technology such as CRISPR-Cas gene editing and single-cell
sequencing, a rise in the use of artificial intelligence (AI) and data
analytics for individualized healthcare, growing partnerships between academic
institutions and companies, and the integration of precision medicine into
governmental healthcare programmes. The market's expansion in South Korea is
going to be fueled by the growing emphasis on preventive healthcare and a growing
awareness of the advantages of precision medicine among healthcare
professionals and patients.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "South Korea Precision Medicine Market".
The South Korea Precision
Medicine Market
can be segmented by Products & Services, by Technology, by Application, by End
User and by Region.
The South Korea Precision
Medicine Market can be divided into Oncology, Cardiology, Respiratory,
Neurology, Immunology, and Others, based on Application. In the coming years,
the precision medicine market in South Korea is expected to be dominated by the
oncology segment for a number of factors. Targeted medicines are made
available by precision medicine. These therapies might precisely detect and
treat specific genetic variations in cancer cells, resulting in more efficient
and individualized treatments. The development and acceptance of precision
medicine in the field of oncology are accelerating, considering to the
significant investments made in oncology research and clinical trials, as well
as the strong collaboration between academic institutions and companies.
The South Korea
Precision Medicine Market is divided into Big Data Analytics, Artificial
Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics,
Next Generation Sequencing (NGS), and Others, based on technology. Due to
artificial intelligence's (AI) huge potential in data analysis, pattern recognition,
and clinical decision-making, it is expected that AI will dominate the South
Korean precision medicine market in coming years. In order to find trends,
forecast results, and assist with selecting a personalized course of therapy,
AI algorithms can effectively handle huge amounts of complicated patient data,
including genomes and medical imaging. The adoption of AI technology in
precision medicine has the potential to enhance patient care in South Korea by
increasing the precision of diagnoses and the efficacy of treatments.
Based on end user, the
South Korea Precision Medicine Market may be further segmented into Pharmaceutical
and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical
Research Organization, and Research Institutes. The Clinical Research
Organization segment is expected to hold the largest share in forecast years.
Various researches are being conducted on precision medicines to treat various
diseases other than cancer.
Major companies operating in
South
Korea Precision Medicine Market are:
·
IBM
Korea Inc
·
AstraZeneca
Korea Co Ltd
·
Agilent
Technologies Korea Ltd.
·
Novartis
Korea Ltd
·
Thermo
Fisher Scientific Inc.
·
QIAGEN
N.V.
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“The
South Korea precision medicine market has grown significantly until now
and will continue to do so in the forecast years. The development of genomes
and molecular diagnostics, expanding R&D spending, government assistance,
and growing public awareness of personalized healthcare are important factors.
The use of telemedicine, blending of AI and data analytics, and partnerships
between academia and industry are some main technological advancements
supporting the market growth. The market has to deal with challenges such as limited
reimbursement policies, regulatory complexity, and worries over data
protection. Precision medicine is advanced by clinical trials, which are
ongoing investigations concentrating on various illnesses and treatments. In
oncology, precision medicine offers focused medicines and better patient
outcomes. More accurate diagnosis and treatment decision-making are now
possible thanks to technological developments including genome sequencing, AI
algorithms, and improved imaging techniques.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“South
Korea Precision Medicine Market By Products & 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, Cardiology, Respiratory, Neurology,
Immunology, Others), By End User (Pharmaceutical and Biotechnology Companies,
Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research
Institutes) Region, Competition, Forecast & Opportunities, 2018-2028F”, has
evaluated the future growth potential of South Korea Precision Medicine Market
and provides statistics & information on market size, 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 South Korea Precision Medicine Market.
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