Precision Medicine Market size worth $87.7bn by 2023 Increasing demand for personalized medicine specifically in cancer treatments and advancements in new healthcare technologies will drive precision global medicine market size. Favourable government regulations and standards will help sustain revenue growth. The individualized diagnosis approach has dramatically improved owing to large-scale biologic database development, efficient methods for patient characterization, and computational tools to analyze large data sets. Emphasizing the need for public health database, The White House dedicated USD 55 million for creation of its largest database ‘Precision Medicine Initiative’ (PMI). Recent research advances have helped expand benefits to various aspects of healthcare by enabling better understanding of disease mechanisms, assessment of disease risks and prediction of optimal therapy. A large number of investments in diagnostic research will further accelerate the shift from treatment to preventive medicine in healthcare.
Precision medicine is a novel method for treatment and prevention of chronic diseases based on the variability in individual genes and other lifestyle characteristics. The new approach enables doctors to better assess disease risk, and predict the optimal therapy. President Barack Obama announced the Precision Medicine Initiative (PMI) in 2015 to revolutionize the concept of medicine and generate scientific evidence required for the development of precision medicine. US FDA would receive USD 10 million as a part of the initiative for building the database to support the research and regulation. Gene sequencing market size was over USD 8 billion in 2015. Post announcement of the PMI, FDA has recently issued draft guidelines on next generation sequencing-based tests to develop a new kind of healthcare that takes into account individual differences in people's genes, environments and lifestyles. Key insights from the report include:
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