As per the report published by MarketDataForecast, the Asia Pacific Precision Medicine Market size is estimated to grow at a CAGR of 12.5% during the forecast period. The market size is predicted to be USD 12.47 billion in 2022 and value USD 22.46 billion by 2027.
Precision medicine is evaluating the diagnostic and treatment procedures from the data collected from the individual patient. Due to this factor, the demand for this kind of therapy is rising across the globe. Next-generation sequencing techniques are playing a vital role in the development of genome projects. Also, this technique delivers accurate genome data of the patient and the patients' response to drugs. This data is widely used in the development of precision medicine, which is solely propelling the growth rate of the market.
The advancement of the technologies with the combination of Next-generation sequencing and companion diagnostics in the genomics field is escalating the growth rate of the Precision medicine market to the extent. The spread of novel coronavirus diseases is also one of the factors surging the market demand in 2020. Increasing prevalence for the development of drugs for novel diseases and the growing importance of human genome repositories are propelling the market's need. The ever increasing knowledge over gene therapy is ascribed to fuel the growth rate of the precision medicine market in the Asia Pacific.
However, the maintenance and installation of the equipment in laboratories are a bit expensive, which is slowly hindering the growth rate of the market. The dearth of skilled researchers in understanding the advanced technologies is also a factor hampering the market demand in the Asia Pacific. Lack of reimbursement policies in undeveloped countries is limiting the need for the market.
This research report on the Asia-pacific precision medicine market has been segmented and sub-segmented into the following categories:
It is expected, the Asia-Pacific precision medicine market will reach new growth heights in the near future as the demand for these medicines is significantly increasing.
Indian precision medicine market is holding with significant shares in the APAC market. Growing incidences of various infectious diseases is undoubtedly a major for the market to grow in this country. The rise in the prevalence of improving the healthcare infrastructure is elevating the growth rate of the market. According to the Indian Council of Medical Research, over 17 million new cases are seen per year. Thus, there is enormous scope for precision medicine in India.
The Chinese market is one of the leading countries in the research of precision medicine. The increasing geriatric population is significantly influencing the demand of the market. The rising number of clinical trials on developing a vaccine to control the spreadCOVID-19 of this outbreak is escalating the need of the market.
In Japan, the market size is growing following China. The rise in the scale of research and development activities is prompting the growth rate of the market. Japans National Cancer Center is conducting various projects on developing precision medicine for cancer.
Australian precision medicine market is esteemed to have prominent shares in coming years. Innovation and Science Australia has identified the benefit of using genomics and precision medicine. Escalating expenditure on healthcare and a rise in demand for quality health services are boosting up the growth rate of the market.
The Korean government said to invest 55.7 million USD in developing precision medicine. The ministry of science and ICT has launched a precision medicine promotion body with the Korean University Medical Applied R&D Global Initiative Center, which is propelling the market's growth.
Major companies operating in the APAC Precision Medicine Market are Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the significant players of North America Precision Medicine market.
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