The global precision medicine market is projected to be worth USD 738.8 billion by 2030, growing at a CAGR of 12.1%, according to P&S Intelligence. This growth can be credited to the growing government aid for advancing the knowledge regarding personalized treatments, the growing count of accepted personalized medicines, the increasing medicinal tourism industry, and the rising utilization of artificial intelligence in precision drugs.
On the basis of type, the personalized medical care category is projected to experience the fastest development in the precision medicine industry in the coming few years. This can be credited to the increasing subsidy and allowances from the private and public sectors for telemedicine, the growing requirement for remote patient monitoring facilities, and growing cases of hereditarily variable chronic illnesses.
In recent years, the North American region held the largest share in the industry for precision medicine, and the region is also projected to be dominant in the future as well. This growth can be ascribed to the growing occurrence of chronic and lifestyle-related illnesses, like cardiovascular diseases and diabetes increasing the count of government steps, like subsidy and awareness events, for precision drugs; rising per-capita income, and rising healthcare investments.
Numerous government establishments and pharmacological businesses are presently involved in clinical trials for the precision drug. For example, the National Cancer Institute (NCI) advanced a project, called Molecular Analysis for Therapy Choice (MATCH), in 2018 to perform clinical trials about precision drugs and treat cancer tumors in around 6,000 people. Furthermore, the decentralized technique plays an important role in precision medicine trials, as patients can be evaluated remotely at their house, which decreases the travel price and time, thus leading to a higher patient involvement rate.
The steps being taken by governments for emerging modified treatment are playing an important role in the development of the precision medicine industry. As per the Personalized Medicine Coalition, a national health council situated in Washington D.C., U.S., in 2019, the Trump administration aimed to bring the medication costs in the U.S. down, to make them similar to global prices.
The announcement was specifically taken to technologically enhance personalized treatments and make them reasonable for the common people. Furthermore, as per the World Economic Forum, in 2017, Argentina introduced a Precision Medicine Initiative Grant to initiate the scientific trials needed to put the new precision medicine methods into medical practice.
The precision drug has been accepted by healthcare organizations and patients for cancer, CVDs, and communicable illnesses, worldwide. It aids in averting adverse medication reactions and surges the count of treatment possibilities, which has already been boosting the medicinal tourism sector in emerging nations.
Hence, the growing government aid for advancing the knowledge regarding personalized treatments, the growing count of accepted personalized medicines, the increasing medicinal tourism industry, and the rising utilization of artificial intelligence in the precision drug are the major factors contributing to the growth of the precision medicine market.
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