According to the study, personalized medicine is the customization of medical treatment to each patient's unique traits. The method is based on scientific advances in understanding how a person's unique molecular and genetic profile influences susceptibility to diseases and predicts which medical treatments are safe and effective and which are not
DUBLIN--(BUSINESS WIRE)--Nov 21, 2022--
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The genotyping market in Europe is expected to grow from US$ 6,178.64 million in 2022 to US$ 19,073.60 million by 2028. It is estimated to grow at a CAGR of 20.7% from 2022 to 2028.
According to the study, personalized medicine is the customization of medical treatment to each patient's unique traits. The method is based on scientific advances in understanding how a person's unique molecular and genetic profile influences susceptibility to diseases and predicts which medical treatments are safe and effective and which are not. Senior government officials, corporate leaders, healthcare practitioners, and the general public have embraced genomics and personalized medicine over the last decade. Genomic medicine is a fundamental component of personalized medicine, a fast-growing health care branch guided by each person's unique clinical, genetic, genomic, and environmental information.
The fundamentals of genomic and personalized medicine will require the development, standardization, and integration of several essential tools into health systems and clinical workflows as medicine embraces genomic tools that enable more precise disease prediction and treatment, such as "whole-genome" interrogation of sequence variation, transcription, proteins, and metabolites. Among the techniques available are health risk assessment, family health history, and clinical decision assistance for complex risk and predictive information.
Combined with genomic data, these tools will enable a paradigm change toward a holistic strategy that will detect individual risks and guide clinical treatment and decision-making, laying the groundwork for a more informed and effective patient care approach. Genome-guided therapy, dose selection, DNA-based risk assessment for common complex diseases, and molecular signatures for cancer diagnosis and prognosis are examples of how genome information has already enabled personalized healthcare For instance, genome-guided treatment is perhaps the most well-studied effect of precision medicine on health care today. Clinicians have used genotype data as a guideline to calculate the correct warfarin dose. To assist doctors in optimizing pharmacological therapy based on genetic test results, the Clinical Pharmacogenetics Implementation Consortium produced genotype-based drug guidelines.
For individuals with breast or lung cancer, genomic analysis of tumors can help guide tailored therapeutic approaches. When precision medicine is integrated into healthcare, it can provide more accurate diagnoses, anticipate disease risk before symptoms appear, and provide individualized treatment plans that maximize safety and efficiency. For instance, in June 2022, FinnGen is a large-scale academic/industrial research collaborative in Finland that aims to collect and analyze genetic and health data from 500,000 Finnish biobank members in Finland. It's one of the first personalized medicine projects to provide new, therapeutically valuable insights while also building a world-class resource that may be used in future research.
Data from individual genomes, a rapidly developing technology area, is causing a social and information revolution among customers, undoubtedly influencing healthcare decision-making. Although these and other scientific discoveries are making their way from the lab to the clinic, widespread acceptance of genomic and personalized medicine will necessitate significant changes in regulatory and reimbursement procedures and legislative privacy laws. Thus, customized health care challenges will be met and overcome with the assurance that the research behind genetic medicine is decent and that the practice of medicine that it informs is evidence-based.
Over time, there has been a steady trend away from the old 'one pill fits all' strategy and toward a more individualized, patient-centered approach. Patients, health, and diseases are now treated with a more predictive, preventive, participatory, and individualized approach in medicine. This so-called P4 medicine has numerous problems and roadblocks, but it also presents numerous opportunities for improving care and therapeutic outcomes; therefore, such developments will represent a demand for personalized medicine, offering a growth curve for the market over the study period.
High Cost of Equipment and Shortage of skilled Professionals required for Genotyping process
Wide Applications of Genotyping
Rising focus on Personalized Medicine
2. Europe Genotyping Market - Key Takeaways
4. Europe Genotyping Market - Market Landscape
5. Europe Genotyping Market- Key Market Dynamics
6. Genotyping Market- Europe Analysis
7. Europe Genotyping Market- by Product and Services
8. Europe Genotyping Market- by Technology
9. Europe Genotyping Market-by Application
10. Europe Genotyping Market- by End User
11. Europe Genotyping Market- Country Analysis
12. Europe Genotyping Market Industry Landscape
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INDUSTRY KEYWORD: HEALTH GENETICS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/21/2022 05:37 AM/DISC: 11/21/2022 05:37 AM
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