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Growing Economic Burden of Chronic Diseases Paving the Way for Precision Medicine Market

 

Rising economic burden of chronic diseases is considered to be one of the significant challenges that healthcare and biomedical research and development systems are facing at present. The high prevalence of chronic diseases, such as cancer, diabetes, cardiovascular diseases, and respiratory diseases, among others, is a prime concern across the globe. The chronic diseases have been responsible for 60% of the deaths worldwide and constitute approximately 43% of the global economic burden for diseases. According to World Health Organization in 2016, healthcare spending increased from 2.4% to 7.5% between 2015 and 2020.By 2020, the global spending on diseases, such as cardiovascular diseases, cancer, and respiratory diseases, is expected to reach $4 trillion. The chronic conditions hold approximately 65% of the annual healthcare cost of any country and one-third of the global population at present. Figure3: Chronic Conditions: Key Statistics Source: WHO Website, Deloitte 2016 Survey of U.S. Health Care Consumers, and BIS Research Analysis Chronic Conditions: Key Statistics1/3rdof the Global Population Approximately 65% of the country’s annual health care costs$4 Trillion Economic Loss Due to Chronic Conditions By 2020CancerCardiovascularMetabolic Conditions Others Precision Medicine Potential $200 Billion Savings from Chronic Conditions by 2025

 

The growth of the precision medicine market over the last few years have been monumental. The factors propelling the growth of the precision medicine market are increasing focus on targeted therapy by reducing trial-and-error medicine, growing demand for non-invasive testing procedures, reducing adverse  drug  reactions  through  pharmacogenomics  testing,  advancement  of  technology  in understanding human biology & disease susceptibility, and shift in the significance of medicine from reaction to prevention, among others. However, several clinical, economic, ethical, and regulatory conditions continue to challenge the growth of the market.

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