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.
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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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.