Developments in The Human Genome Project have given tailwinds to the growth witnessed in the global precision diagnostics market. Fortune Business Insights shared this information in a report, titled "Precision Diagnostics Market Size, Share and Global Trend By Type (Genetic tests, Esoteric tests), End Users (Hospitals, Clinical laboratories) and Geography Forecast till 2026." The project focused on the development of novel precision medicine to facilitate tailored diagnosis as per a patient's specifications.
Moreover, the project introduced some cutting-edge technologies such as targeting sequencing and genome sequencing. Researchers are adopting these technologies to create personalized precision medicine and therapies for the treatment of rare disorders.
As per research studies, the prevalence of rare diseases such as immunology, neurology, and oncology is increasing at a rapid rate. Precision diagnostics is anticipated to augment the need for developing novel techniques and tools such as biomarkers. These tools are likely to treat patients with the life-threating illness.
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Highlights of the Report:
-- Analysis of the impact of Covid-19 that the market would face in the near future.
-- In-depth analysis of the growth drivers and obstacles.
-- Profile of all the companies operating in the market.
-- Elaborate data about the dominating region.
-- Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
Government-backed Investments and Presence of a Well-equipped Infrastructure Encourage Growth in North America
Among regions, North America is anticipated to dominate the global precision diagnostics market between 2018 and 2026. The presence of a well-established healthcare infrastructure in the region is driving the market. This, coupled with rising governments support for the development of precision diagnostics, enhances the market's growth. In addition to this, the rising number of research and development (R&D) investments by government bodies is expected to register growth in the market by 2026.
Rising awareness about precision medicine in Asia Pacific is expected to fuel demand for precision medicine diagnostics in the coming years. The market in this region is likely to witness ample growth opportunities primarily on account of rising disposable income on healthcare. In addition, increasing importance on patient care in this region is poised to support the market's growth.
The whole world is fighting the novel coronavirus. Sectors and industries are devasted due to the major loss caused by COVID-19 in business. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Market Progresses with DxTerity's Launch of a New AIP Test for Home Patients
"Recent advancements in gene therapy such as gene sequencing, companion diagnostics among others can help to treat severe illness," stated a lead analyst at Fortune Business Insights. "Development of precision therapies for the treatment of cancer and Alzheimer's is likely to contribute to the revenue of the global market," he added.
The rising prevalence of neurological disorders is also expected to fuel demand for precision diagnosis in the forecast horizon. Companies are also planning to focus on strategies to develop precision medicines, catering to specific patient's requirements.
For instance, DxTerity Diagnostics Inc. developed a new test called autoimmune profile (AIP) test in October 2018. This test is cost-effective and is catered to home patients. Tailor-made precision diagnosis of acute infectious diseases medicine is anticipated to gain popularity as these medicines fit in every individual's frame. This will further drive the precision diagnostics market.
The demand for different types of precision diagnostic tests such as esoteric tests, genetic tests among others is expected to increase in the forthcoming years. Among these, genetic tests are estimated to cover the major share in the global precision diagnostics market. The increasing awareness about the early diagnosis of genetic disorders is likely to drive this segment's growth in the upcoming years.
Contrary to this, high costs involved in the R&D of precision medicine and therapies may hamper the growth by 2026. Also, as per the report, the higher failure rate of clinical trials for precision medicine is expected to impede the growth of the market.
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UCLA Adopts AI Tool for Advance Precision Medicine and Ensure the Best Patient Care
Precision therapies are likely to show positive results with precise information. This is encouraging companies to adopt precision tools and help patients to improve their quality of life. With the emergence of advanced technology, companies such as UCLA Health are planning to deploy cloud-computing services to introduce new precision therapies.
The company is taking help from Microsoft's artificial intelligence (AI) platform for research on advanced precision medicine and substantially improve patient care. Strategic developments are also expected to help companies strengthen their market position. For instance, Quest Diagnostics and International Business Machines Corporation (IBM) together announced the launch of a genomic sequencing service called Watson Genomics in October 2016. The service is widely available to patients and physicians across the world.
Some of the leading players operating in the global precision diagnostics market:
-- Pfizer Inc.
-- Novartis AG
-- Bayer AG
-- GlaxoSmithKline plc.
-- Boehringer Ingelheim International GmbH
-- Bluebird bio, Inc.
-- uniQure N.V.
-- Amgen Inc.
-- CELGENE CORPORATION
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Segmentation of the Global Precision Diagnostics Market:
? Genetic tests
? Esoteric tests
By End User
? Clinical laboratories
? North America (USA and Canada)
? Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
? Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
? Latin America (Brazil, Mexico and Rest of Latin America)
? Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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