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 ...
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Precision medicine involves a detailed study on patient-specific information to diagnose and characterize the diseases. The concept of precision medicine is rapidly growing in the medical community through tremendous expansion in various advanced technologies, such as next-generation sequencing, molecular biomarker analysis, bioinformatics, and big data analytics, among others. Owing to such advanced technologies, precision medicine acquired immense potential to prevent and treat various diseases such as cancer, cardiovascular, neurology, diabetes, and other diseases, which are burdening the present healthcare system. The precision medicine market sizes in $Billion for the year 2017 and 2018 was estimated using a bottom-up approach. This approach involved the estimation of market revenue for each key player revenue on the basis of product and technology and summing them up to arrive at the total global number