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According to the latest study conducted by Trends Market Research (TMR), the global market for precision medicine is expected to multiply, reflecting a robust CAGR of more than XX% between 2018 and 2025.
The rapid growth of the worldwide drug industry will certainly benefit the global market for precision medicine. In addition, factors such as increasing infrastructure development, larger investments, simplified drug approval systems and complementary diagnostics should support overall market growth over the evaluation period. The cost-effective DNA profile and the increasing prevalence of carcinogenic diseases worldwide are additional factors that should stimulate market growth. In addition, the good preservation of genome data is of great importance to the global market for precision medicine as the demand for health insurance data increases. However, an acute data storage capacity, a breach of data confidentiality and discrepancies in funding systems and the high price of personalized medicines can discourage market growth in the near future.
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The global market for precision medicine has been divided into different basic segments, which are then divided into sub-divisions.
On the basis of technology, next generation sequencing, bioinformatics and drug discovery technology should be the technologies highlighting the widening of the market width in the coming years. On the basis of applications, the oncology segment is expected to experience phenomenal growth and is expected to reach US $ 20 billion in 2025, reflecting an abnormal growth rate. This is mainly due to the growing prevalence of tumor-related diseases in the global geriatric population. On the other hand, the increase in cases of arthritis will promote the growth of the segment of immunology, which is expected to exceed $ XX million in revenue by 2025.
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Key players in the global market for precision medicine include Eli Lilly And Company, Novartis AG, AstraZeneca and Laboratory Corporation of America Holdings. Most companies implement market strategies involving mergers, mergers and acquisitions. Increased collaboration between the health and IT sectors is expected to generate significant market gains and expand the overall business framework for stakeholders over the next few years.
The popularity of precision medicine has increased dramatically in various parts of the world. As a result, the precision medicine markets in Asia-Pacific, North America, Europe, Latin America and the Middle East and Africa are set to achieve new growth figures over the next eight years. Precisely, the North American market should present new lucrative opportunities, occupying more than XX% of the market during the forecast period. In addition, it is estimated that the region will exceed a market value of more than $ XX million by the end of 2025.
The United States and Canada will be the heavyweights of the global market due to the existence of well-established medical industries in both countries. In Europe, the market is expected to grow steadily and revenues are expected to increase by almost $ XX million, with a robust CAGR of over XX% over the evaluation period. This is due in large part to the increasing demand for precision medicines in countries such as France, the United Kingdom, Italy and Germany. The Asia-Pacific region is another region known for its commercial potential. The region is expected to increase by more than XX% of the CAGR to about US $ XX million by the end of 2025. The APAC market will be heavily dominated by Japan, while India and China will compete for second place. Similarly, the market in Latin America is expected to grow at a rapid pace in terms of turnover in 2025. However, MEA will witness a sluggish growth of the market, due to the lack of initiatives to carry out research and development activities. breakouts.
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