The emerging technique for illness diagnosis and prevention that is computed based on a person’s genes and lifestyle is one of the key reasons impacting precision medicine market size in recent times.
According to study, the precision medicine method will aid researchers and doctors in predicting the sort of therapy that a patient will require, as well as the types of preventive measures that will be required for specific diseases.
Precision medicine business heavyweights have been working to utilise the potential of this technology to improve the accuracy of day-to-day healthcare, given the huge mark that this approach has made in the healthcare sector.
The Michael J. Fox Foundation, for example, recently partnered with 23andMe to invest USD 4 million in a research facility for Parkinson’s disease therapy using precision medicine.
According to reports, this collaboration will allow researchers to improve genetic biology through better drug design in the context of precision medicine.
Precision medicine market share will be propelled by the frequency of scientific alliances like these among biotechnology businesses and research organisations.
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Next-generation sequencing (NGS) technologies have made their mark on the precision medicine business, owing to lower costs, a better understanding of disease genetics, and high throughput sequencing.
Given the enormous spread of the healthcare and medical research sectors across the area, the presence of NSG technologies may have a particular impact on the precision medicine market in the United States.
Because of the widespread use of NGS panels in precision medicine, the United States held the highest regional share of the precision medicine industry in 2016.
The US government has also been enforcing regulatory rules and launching favourable programmes to raise public knowledge about the benefits of precision medicine, which will help grow the precision medicine market in the US.