According to the report, the North America Precision Medicine Market size is estimated to grow to USD 34.71 billion by 2028 from USD 20.56 billion in 2023, growing at a CAGR of 11.1% during the forecast period.
Precision Medicine involves applying panoramic analysis and systems biology to analyze the cause of an individual patient's disease at the molecular level and then utilize targeted treatments to address that individual patient's disease process.
The increasing number of people with various health disorders is a major concern for the growing market. Adopting the latest technologies and rising incidences of cancer diseases is likely to bolster the market demand. Research in gene therapy also greatly influences the market's growth rate. The rising population and growing awareness of the availability of different treatment procedures impact the growth rate of the precision medicine market. Focus on next-generation sequencing techniques by accessing large-scale human genome databases is also propelling this market's demand to the extent. Next-generation sequencing delivers accurate human genome data, which helps develop precision medicine. The factor above is leveling up the demand of the market. The combination of companion diagnostics and next-generation sequencing is expanding the market's growth rate as these applications play an essential role in developing precision medicines. Companion d agnostics have played a major role in non-oncology therapeutic applications, which improved the companies' product portfolio that adopted these techniques. Government investments in developing new drugs to treat cancer diseases are also anticipated to fuel the market's growth rate.
However, the high initial cost of laboratory equipment is quietly hampering the market's growth rate. Furthermore, the shortage of skilled people to manufacture effective drugs or vaccines in undeveloped countries hinders its growth rate. Also, reluctance to adopt the latest technologies in some areas is likely to impede the demand for the precision medicine market in North America. In addition, the government's stringent rules and regulations in approving new products are a big challenge for the market to grow. Finally, increasing privacy concerns from people are restricting the market's growth rate.
COVID-19 impact on the North American precision medicine Market:
During the COVID-19 pandemic, the demand for precision medicine has been increased randomly. Precision medicine is very applicable to develop medicine for the novel coronavirus disease. Many key players are working hard to develop a vaccine, whereas precision medicine applications can be used to treat COVID-19 by analyzing the patient's genes with coronavirus. In a rush to introduce medicine for these diseases, precision medicine applications play a vital role. These applications are beyond analyzing only human genes; it also collects various genetic information. Clear approaches during the pandemic scientists are huge factors for growth in these tough times.
This research report on the North America Precision Medicine Market has been segmented and sub-segmented into the following categories:
Geographically, North America is the biggest market in terms of market share across the globe. The market in North America is highly driven due to a higher acceptance rate and patient affordability. With the improved understanding of how cancers outwit the immune system, new therapeutic targets have been identified in North America over the last few years. As a result, there is a wide range of opportunities for market growth.
The rapid adoption of advanced technologies in healthcare is a major factor in growing the market. The US is dominating the market's highest shares due to the increasing scale of clinical trials. Also, the increasing number of cancer patients is gearing up the market's growth rate. The US research program initiated by the National Institutes of Health (NIH) has funded USD 28.6 million for three genome centers presented in the US. Following the US, Canada is next in holding the star shares of the market. Support from private and public organizations through funds for developing innovative drugs or vaccines with the help of gene therapy is escalating the market's growth rate. Also, rising per capita expenditure is ascribed to promote the market's growth rate to the extent.
Some of the prominent companies leading the North America Precision Medicine Market covered 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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