Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Personal Care Ingredients Market Size, Share & Trends Analysis Report 2019-2029

The introduction and proliferation of bio-based ingredients in several industries, such as food and beverage, pharmaceuticals, and cosmetics, has been transforming the manufacturing landscape since 2000. Growing consumer inclination toward the adoption of bio-based products due to rising health and environmental concerns is driving the demand for bio-based ingredients in the cosmetics and personal care products. Besides, awareness among consumers regarding the harmful effects of synthetic ingredients chemicals has grown rapidly over the past years. In addition, the availability of green raw materials has also urged large cosmetic firms to develop bio-based cosmetic products. However, limited availability of raw material, due to erratic weather conditions and stringent environmental regulations, can pose substantial hurdles in the production of bio-based ingredients. Thus, leading companies have been focusing on developing new and sustainable ways of producing the ingredi...
Post a Comment
Read more

Agriculture Technology-as-a-Service Market Research, Trends and Forecast To 2026

As agriculture becomes a lucrative high-technology industry, professionals with new-age skill sets, companies, and investing bodies are being drawn in rapidly.  The development in smart agriculture technologies has not only led to advancements in the production capabilities of farmers but has also introduced transformative business models in the industry. Report Overview is Available at: https://bisresearch.com/industry-report/agriculture-technology-service-market-report.html As the entire agriculture industry incorporates and experiences the growth of these agriculture technologies into the farming cycle, it also faces the challenges associated with its adoption. One of the major restraining factors associated with the adoption is the large capital investments required for its acquisition and operation. Most of the farming communities across the world do not have a strong financial background to execute significant capital formation. Since prices for technologically advanced farm ...
Post a Comment
Read more

ADAS and Autonomous Driving Component Market

As per the recent BIS Research report, the ADAS and autonomous driving component market is segmented into component type, level of autonomy, vehicle type, and region for the purpose of study. These segments are further sub-segmented into various categories. In case of market by component type, it is sub-segmented into camera, radar, ultrasonic sensors, LiDAR, and ECU. The use of LiDAR is increasing rapidly in the market owing to reducing cost of LiDAR sensors and their greater range.
Post a Comment
Read more