The precision medicine market size in MEA is estimated to be growing at a CAGR of 11.32% from 2022 to 2027. As a result, the size of the market is expected to be USD 7.65 billion by 2027 from USD 4.48 billion in 2022.
Precision medicine is mainly one of the emerging approaches to preventive health and for the treatment of disease. Mainly the approach allows doctors and physicians or a patient to study the individual response to therapy.
The Middle East and Africa precision medicine market is expected to be driven by the rise in online collaborative forums in developing and developed economies increased adoption of gene therapy across the region, and increased use of big data analytics in precision medicine in developing and developed economies advancements in cancer biology. In this regional market, the adoption and deployment of advanced technologies are a must-is opportunity, and it is expected to boost the market's growth during the forecast period.
The rising prevalence of cancer is expected to accelerate the demand for individualized cancer diagnostics and therapies. Furthermore, the precision medicine market in the MEA region is further predicted to grow during the forecast period due to substantial changes in the field of gene therapy, rise in the demand for gene therapy to treat major chronic illnesses and cancer, increased R&D for selecting the most effective treatment based on preclinical research and tumor molecular analysis. In addition, the growing demand for preventive care, along with advancements in next-generation sequencing (NGS) technologies, has resulted in an unprecedented proliferation and deluge of genomic sequence data, propelling the precision medicine market forward in the MEA region.
However, misinterpretation of health and genetic data, an increase in the cost of precision medicine, reimbursement issues, and a breach of the privacy regulation are some of the limitations that would limit the market's growth during the forecast period.
Impact of COVID-19 on the MEA precision medicine market:
The emergence of the COVID-19 pandemic had a significant influence on the precision medicine market in various ways. Precision medicine has been advancing since the pandemic arrived. The healthcare sectors in the region are focussing on precision medicine and genome research to understand the SARS-COV-2 susceptibility further, analyze its effectiveness and identify viable treatments. In addition, precision medicine has pushed governments, medical institutions, and academics to collaborate to create more effective medications faster.
In 2020, the San Antonio Partnership for Precision Therapeutics, for example, announced financing for three initiatives focused on speeding COVID-19 intervention. These studies would look at how biological substances, such as proteins in the immune system and respiratory tract, affect an individual's virus response and how researchers might use this information to build therapies. As a result of the COVID-19 outbreak, healthcare professionals seek alternatives to standard systems and practices. As a result, digital medical care is rapidly adopted across the industry, from providers to consumers. In addition, patients turn to digital treatments since non-essential requirements are given low priority during the pandemic.
This research report on the MEA precision medicine market has been segmented and sub-segmented into the following categories:
Geographically, the Middle East and Africa are projected to record a moderate share in the global precision medicine market during the forecast period. The regional market is primarily driven by the acceptability of digital therapeutic applications in various medical disciplines, including mental health, substance misuse disorders, opioid-induced illnesses, cardiovascular diseases, metabolic disorders, and inflammatory diseases, among others. In addition, the Emerging countries in the region such as South Africa, Saudi Arabia, and UAE are significantly contributing to the MEA regional market growth.
The South African precision medicine market accounted for the largest share of the MEA market in 2020, and it is likely to continue its dominance during the forecast period. There has been an increase in the use of technology for medical therapies. Consumers are becoming more aware of modern items for medical conditions treatment. Particularly because disposable incomes have increased, allowing them to adopt these things. In recent years, the precision medicine sector has developed as a potential means of providing individualized, comprehensive care to patients with various disorders.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the MEA precision medicine market profiled in this report 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.
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