Published Date: 2021-09-27
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North American Precision Medicine Market size is projected to reach USD 50 billion by 2027, according to a latest forecast report by Graphical Research.
Precision medicine enable clinicians to select medications and provide accurate treatment regimens based on a genetic understanding of the patient's ailment. Genetic changes in the patient allows cancer to grow and widely spread in the body, and these changes are unique to each patient at different stages. Depending on the type of cancer, its size, and stage, the treatment may include chemotherapy, combine surgery, immunotherapy and, radiation. Precision medicine can assist to determine precise treatment regimens based on genetic mutations and characterization. Therefore, market players are directing their R&D resources to develop advanced precision medicine for secured patient care. Moreover, technological advancements in precision medicine such as genome sequencing, cancer biologics and gene therapy will accelerate the precision medicine market growth.
The therapeutics segment dominated over USD 12 billion revenue size in 2020. Factors such as development of newer therapeutic approaches including gene therapy for the targeted treatment such as genetic disorder and cancer will propel the segment growth. Furthermore, major players are focusing towards development of targeted therapies for gastroenterology, infectious and cardiovascular disorders and others that secures the segmental expansion.
The CNS segment accounted for around USD 3.3 billion revenue size in 2020, owing to rising prevalence of CNS diseases including epilepsy, multiple sclerosis and Alzheimer's among others. According to the CDC, in 2020, around 5.8 million Americans aged 65 years or older suffer from Alzheimer's and it is expected to increase to 14 million people by 2060. Therefore, rising disease burden fosters the demand for precision medicine. Furthermore, many companies such as Pfizer and Novartis AG are involved in the development of targeted therapies for the treatment of various nervous system disorders.
Browse detailed statistical insights from the report, “North America Precision Medicine Market Forecast 2027 By Application (Oncology, CNS, Immunology, Respiratory), By Product Type (Diagnostics {Genetic Tests, Biomarker Based Tests}, Therapeutics), By End-use (Hospitals, Diagnostic Centers, Research & Academic Institutes), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1954/north-america-precision-medicine-market
The diagnostic centers segment held more than USD 5 billion revenue in 2020. The patient visits have increased in diagnostic centers over the past few years, owing to the availability of high-quality care at an affordable rate. Similarly, advanced diagnostic treatment and growing awareness among the population regarding diagnostic centers will propel the market growth.
The Canada precision medicine market is projected to experience around 12.5% CAGR during the analysis period. Presence of well-established healthcare facilities have improved the diagnosis of CNS, respiratory and cancer disorders that will prove beneficial for the country growth. The Canada’s elderly population base is rising rapidly over the last decade and the trend is anticipated to continue over the years that will surge the demand for precision medicine in this country. Moreover, increasing awareness about the importance of precision medicine for treatment of various diseases along with growing healthcare expenditure will foster the country-level growth.
The North America precision medicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Market, By Product type
North America Market, By Application
North America Market, By End-Use
The above information has been provided for the following countries:
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