Precision Medicine: Future Potential in Transforming Healthcare Sector
Different diseases needs different form of treatments. There are several kinds of illness whose treatments may differ in every patients. To understand every patients needs and the requirements of the body for the treatments, it becomes challenging for doctors.
In the last few years, doctors have been witnessing better treatment options with the help of precision medicine.
To get a better understanding, we’ll be discussing in-depth about precision medicine and its market scenarios.
Precision Medicine and its Use in Healthcare Sector
The healthcare sector is rapidly adopting precision medicine, which offers a better understanding of diseases with the help of genetic insights and technical advancements in the healthcare sector.
Precision medicine, also called personalized medicine, treats and prevents diseases that consider specific variability in the patients’ genetic, lifestyle, and environments.
This method allows doctors to perform accurate diagnoses and make proper treatment plans. Historically, the practice for the development of drugs has been largely reactive.
Doctors need to wait on for checking the the symptoms of the disease, before choosing the accurate way of treating or curing them. As exprts of healthcareare yet not able to understand the environmental or genetic factors in the proper manner for diseases like cancer and Alzheimer’s.
The adoption of the precision medicine approach provides doctors with the opportunities for reducing the side effects and treatment costs by choosing effective treatments plans.
Generally, a drug created by several pharmaceutical companies is used for treating wide populations, which may work effectively in some, but not in all. It is supposed that any drug that comes in the market works only for half of the population taking them.
By considering every patient as an individual, precision medicine is filled with higher capabilities to overcome the problem of traditional medicine limitations by shifting the main focus from reaction to prevention.
As per the BIS Research healthcare experts, the precision industry is rapidly evolving, and the global market for precision cardiology is expected to grow with a CAGR of 12.90% and reach $3,584.6 million by 2031.
Working of Precision Medicine
Compared with traditional medicine, precision medicine has a much-targeted approach toward drug development. With the help of extensive research, scientists and doctors have learned in-depth about diseases’ history and their behavior.
It is clear now that most of the diseases are directly linked to gene changes in humans. With this knowledge, it has been possible to understand how genes change and result in a person suffering from diseases like heart disease, cancer, or diabetes differently from one another. As per the knowledge of genetics, doctors cannot do specific drug development that can work better in specific patients.
Benefits of Using Precision Medicine
Identifying the patient’s risk from a particular disease can help do effective planning for treatments. Also, precision medicine can reduce the suffering of underserved patients. It is also helpful for society in reducing the financial burden of diseases and inadequate treatments of healthcare sectors.
Precision medicine has high capabilities in reducing their possible of the side effects and helping experts with better treatments options of the diseases. With precision medicine, doctors can also identify the accurate treatment plan before choosing any methods, resulting in a speedy recovery process and extending life.
Precision medicine can also help to reduce the cost, time, and chance of pharmaceutical clinical tests failure. The targeted treatments are much more expensive and full of complexities. So, precision medicine can also reduce the cost and chances of trial errors in medicine development.
Market Insight of Precision Medicine
Currently, the sector of precision medicine is witnessing huge growth because of the increasing load of cardiovascular diseases, rising focus on cardiovascular disease screening, and reducing sequencing cost.
Furthermore, several companies are focusing more on the creation of precision cardiology trials based on high-tech sequencing technologies. This can support doctors in making better clinical decisions for cardiovascular care.
The advanced precision cardiology tests also allow the researchers to establish better strategies for genetic developments related to cardiovascular diseases.
As per BIS Research, the global market for precision cardiology was valued at $1,065.6 million in 2021. The market is supposed to witness high growth in the upcoming years and touch $3,584.6 million by the end of 2031.
The precision medicine market is offering several opportunities to transform the healthcare sector’s future. It has a broader applications apart from last-stage diseases and oncology like genetic and rare diseases.
In coming years, the role of precision medicine can help doctors and experts in choosing better treatment options and will have a positive impact in growing healthcare industry.
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