Rise in Ageing Population Followed By Need of Personal Care to Drive Precision Medicine Market in the Asia-Pacific Region: Ken Research
Precision medicine is an evolving methodology to treat &inhibit the disease. It takes inputs based on individual inconsistency including genes, lifestyle, and environment. It also depends on the patient‚??s capacity of reacting to the disease, which supports doctors &researchers to start up the treatment. The medicines include system biology & panomics to govern the reason for an individual patient's disease at the molecular level. It offers benefits for instance efficient treatment adapted to the patient‚??s need and type of the disease. Moreover, it can also reduce cost and helps in decreasing continual administration of drugs.
According to study, ‚??Asia-Pacific Precision Medicine Market (2018-2023)‚?? some of the major companies that are currently working in the Asia-Pacific precision medicine market are Johnston & Johnson, Covance, Biocrates Life Sciences AG, Intomics A/S, Abbott Laboratories, Randox Laboratories, Roche, GlaxoSmithKline (GSK), Novartis AG,FerrerInCode, TepnelPharma Services, Nanostring Technologies, Medtronic, Silicon Biosystems, GE Healthcare, Eagle Genomics Ltd., Almac Group, Qiagen NV, Pfizer Inc., Quest Diagnostics Inc.,Teva Pharmaceuticals Limited. These key players have opposed each other to identify new intensive treatments opportunities for the welfare of patients.
Based on the application, the precision medicine market is segmented by therapeutics and diagnostics precision medicines. Therapeutic precision medicine market is sub-segmented into medical devices & pharmaceuticals. Pharmaceuticals medicine market is defined by respiratory diseases, CNS diseases, genetic orders, oncology, skin diseases, immunology, and other diseases & disorders. In addition, diagnostics application involved many tests such as esoteric tests, direct to consumer tests and genetic tests etc. Moreover, on the based on end-user, the market is segmented into clinical labs, home cares, hospitals, and others.
The market of Asia-Pacific precision medicine is majorly driven by increasing adoption of gene therapy followed by increasing advancements in the research, rising aging population, raising the rate of chronic diseases, favorable government initiatives, rising healthcare expenditure, increasing collaborations & partnerships between companies, introduction of next-generation sequencing, growing investments in research &development and higher incidence of the cancer.
In Asia-pacific, the countries such as Indonesia & India have limited adoption of automated health records because of absence of appropriate healthcare statistics systems. These things have important modules of precision medicine to apprehension animated patient data. Additionally, the other challenges such as stringent government standards on approving new medicines, the adoption of artificial intelligence tools (WuxiNextCode&N-of-One), and the high cost of devices of high-end genomic technologies.
China holds the largest market share of the precision medicines due to the elderly population and rise in chronic diseases. Recently, the China Precision Medicine Initiative launched by China. The main aim of the initiative is to develop the innovative progressive in precision therapies. The other key country Japan is expected to hold a significant share due to the o large aging population & increasing industrial advancement. In 2018, the value of the Asia-Pacific precision medicine market was US$ 11.0 billion. It is expected that market to reach US$ 20.9 billion, at a CAGR of 16.6%, by 2023. In the upcoming years, it is predicted that the market to grow primarily owing to the favorable compensation policies aiding businesses across borders.
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Ankur Gupta, Head Marketing & Communications