COVID-19 Boosted Research And Development In The Precision Medicine Market As Per The Business Research Company’s Precision Medicine Market Report 2021

LONDON, Nov. 11, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the precision medicine market, the pandemic has positively impacted the demand and application of precision medicine, along with extensive research in COVID-19 vaccine development and the launch of new research programs. The pandemic has accelerated the demand for personalized care among COVID-19 patients, as there is a belief that better treatment can be provided by studying the genetics in the human body. Precision medicine strategies promote a fair and efficient patient selection from effective vaccines. Co-existing chronic conditions such hypertension and diabetes, as well as older age in COVID-19 patients have been related to a higher risk of severe illness and mortality. Among the enormous patient population and the limited resources, these and other specific patient characteristics could effectively indicate patient subgroups that are in high need for vaccination. The demand for precision medicine products and services is also anticipated to increase further even if the pandemic weakens.

The global precision medicine market is expected to grow from $62.75 billion in 2020 to $72.58 billion in 2021 at a compound annual growth rate (CAGR) of 15.7%. The growth in the precision medicine market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The precision medicine market is expected to reach $118.32 billion in 2025 at a CAGR of 13%.

North America was the largest region in the precision medicine market, accounting for 34.9% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the precision medicine market will be Eastern Europe and North America where growth will be at CAGRs of 12.1% and 11.3% respectively. These will be followed by Asia Pacific and Middle East, where the markets are expected to grow at CAGRs of 11.1% and 10.4% respectively.

The Business Research Company’s report titled Precision Medicine Global Market Report 2021 – By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics), By Application (Oncology, Respiratory Diseases, Central Nervous System Disorders, Immunology, Genetic Diseases), By End-User (Hospitals And Clinics, Pharmaceuticals, Diagnostic Companies, Healthcare And IT Firms), COVID-19 Growth And Change covers major precision medicine companies, precision medicine market share by company, precision medicine manufacturers, precision medicine market size, and precision medicine market forecasts. The report also covers the global precision medicine market and its segments.

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Continuous research and development in precision medicine is enabling firms to adopt new approaches and expand their treatment of chronic diseases. Researchers in precision medicine are enabling medical centers to propel forward the science and practice of such medicine and improve their effect on human health.

For example, in August 2021, Harvard Medical School and Clalit Research Institute are launching a joint precision medicine research from the donation it received from the Berkowitz family. The research aims at focusing on generating insights from data and converting it into frontline clinical interventions. The research initiative will set up the first precision medicine clinic that will be dedicated towards identifying tailored therapies for patients for whom no standard treatment has been effective. Likewise, in 2020, the National Human Genome Research Institute announced the plan of establishing a new precision health research program that aims at developing next-generation healthcare that uses cutting edge genomic and informatic tools to improve diagnosis and treatment of diseases.

The top opportunities in the precision medicine market segmented by technology will arise in the big data analytics segment, which will gain $10,978 million of global annual sales by 2025. The top opportunities in segment by end-use will arise in the hospitals and pharmaceuticals segment, which will gain $15,742 million of global annual sales by 2025, and by application will arise in the oncology segment, which will gain $11,542 million of global annual sales by 2025. The precision medicine market size will gain the most in the USA at $11,845 million.

Precision Medicine Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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