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In October 2018, DxTerity Diagnostics Inc. announced the launch of a low-cost autoimmune profile (AIP) test, which can be used by patients at home. Precision diagnostics is an approach of disease diagnosis and prevention that accounts for specific variability in genes and lifestyle of each person. The Human genome project gave a new direction for the novel development of cure and diagnostics. Precision diagnostics are predominately used for cancer and diabetes treatment. Additionally, there is an increasing number of applications of precision diagnostics in cardiology and neurology, and in age-related disorders, genetic diseases and rare disorders. Precision diagnostics are expected to escalate the need for the development of novel tools and techniques such as companion diagnostics, and biomarkers which are used to treat patients.
Increasing prevalence of cancer and rising incidence of rare neurological diseases is projected to lead to an increased demand for precision medicine and subsequently is anticipated to drive the growth of the global precision diagnostics market. The increasing number of strategic collaboration among biopharmaceutical companies to develop medicines that can be targeted to treat a specific group of patients tailored to their specific requirements is subsequently registering an increased number of clinical trials. These are some of the factors anticipated to drive the growth of the global precision diagnostics market during 2019-2026.
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The factor that is expected to inhibit the growth of the market is the high investment required for research and development of precision medicine and diagnostic kits in addition to a comparatively higher failure rate in clinical trials.
Some of the major companies that are present in the global precision diagnostics market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, GlaxoSmithKline plc., Amgen Inc., Boehringer Ingelheim International GmbH, uniQure N.V., bluebird bio, Inc., CELGENE CORPORATION and other players.
· Genetic tests
· Esoteric tests
By End User
· Clinical laboratories
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the segmentation of type, a genetic test is estimated to hold the major share in the forecast period for the global precision diagnostics market owing to the rising awareness of the early diagnosis of genetic diseases.
Among the regional segmentation, North America is anticipated to lead the market during the forecast period. The presence of well-established healthcare infrastructure and an increasing number of collaborations between government and private organizations for the development of the precision medicine are some of the factors projected to drive the growth of the precision diagnostics market in North America. In the fiscal year of 2015, the U.S. government announced the launch of the Precision Medicine Initiative to improve research and development in the field of precision medicine. This initiative is expected to have an impact on the growth of the precision diagnostics market in North America. Europe and the Asia Pacific regions are anticipated to register comparatively higher CAGR, owing to the increasing prevalence of cancer and genetic disorders and increased demand for personalized medicine in these regions.
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