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Kenneth Research has evaluated the current market opportunities in Middle East and Africa Precision Medicine Market in the healthcare industry for the forecast period 2022-2031 , which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Middle East and Africa Precision Medicine Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
Middle East and Africa Precision Medicine Market
The precision medicine market in the Middle East and Africa region is expected to grow at a significant because the adoption of IoMT and healthcare technologies has picked up over the last few years. Pharmaceuticals and biotech companies are trying to enhance medication and precision medicine solutions in the region Diagnostic companies are trying to improve the healthcare sector by adopting various technologies. The adoption of technologies like new-generation sequencing and gene therapy are creating opportunities for the growth of precision medicine market in the region. According to Netscribes, the Middle East and Africa precision medicine market is projected to expand at a compound annual growth rate (CAGR) of 9.96%, leading to a revenue of USD 2.51 Bn by 2023.
The Middle East and Africa precision medicine market is classified into three primary segments: based on ecosystem players (pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies); based on therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases); based on technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics).
Diagnostic companies hold the largest share in the segment for ecosystem players and are also expected to grow at the highest CAGR during the forecasted period of 2018-2023. Rising incidences of cancer globally implies that cancer therapeutics will be sought for its prevention as well treatment, because of which it will have the largest share of the therapeutics segment. Due to technological advancements, big data analytics is expected to grow at the highest CAGR with regard to technologies for precision medicine.
Key growth factors
In the African countries, the rising prevalence of diseases like HIV, malaria, tuberculosis, etc., warrant the use of precision medicine, which will in turn, propel the market. The Middle East population's ability to afford precision medicine is another factor that can be attributed to its growth. Increasing demand for the customized medicine along with the adoption of technology in the region are driving the growth of precision medicine market.
Threats and key players
In the Middle East and African countries, out-of-pocket spending accounts for nearly half the total health-spending. Thus, many people have health insurance coverage, particularly in rural areas and among those who work in the informal sectors.
African countries have underdeveloped supply chains for medicines and often face challenges in maintaining an adequate medical workforce. One of the most pressing and unique challenges facing African healthcare systems is the shortage of adequately trained healthcare workers because of the lack of training programs, coupled with poor working conditions. These factors can hinder research and development in the precision medicine market.
The major players operating in the Middle East and Africa precision medicine market are Pfizer, Novartis, Teva Pharmaceutical Induistries etc.
What's covered in the report?
1. Overview of the Middle East and Africa precision medicine market.
2. Market drivers and challenges in the Middle East and Africa precision medicine market.
3. Market trends in the Middle East and Africa precision medicine market.
4. Historical, current and forecasted market size data for the Middle East and Africa precision medicine market segmentation by ecosystem players(pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies) – by revenue (USD Bn).
5. Historical, current and forecasted market size data for the Middle East and Africa precision medicine market segmentation by therapeutics (cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases) – by revenue (USD Bn).
6. Historical, current and forecasted market size data for the Middle East and Africa precision medicine market segmentation by technology (big data analytics, bioinformatics, gene sequencing, pharmacogenomics, companion diagnostics) – by revenue (USD Bn).
7. Historical, current and forecasted country-wise (UAE and Saudi Arabia) market size data (USD Bn) for the Middle East and Africa precision medicine market and its segmentations by ecosystem players(pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies, healthcare IT specialists/big data companies), by therapeutics(cancer, cardiovascular, central nervous system, psychiatric disorder, infectious diseases), and by technology(big data analytics, bioinformatics, gene sequencing, pharmacogenomics, companion diagnostics).
8. Analysis of the competitive landscape and profiles of major companies operating in the market.
1. Understand the demand for precision medicine market to determine the viability of the market.
2. Determine the developed and emerging markets where precision medicine market is provided.
3. Identify the challenge areas and address them.
4. Develop strategies based on the drivers, trends and highlights for each of the segments.
5. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.
6. Recognize the key competitors of this market and respond accordingly.
7. Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.
8. Define the competitive positioning by comparing the products and services with the key players in the market.
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The Market report answers the following questions:
What is the aim of the report?
- The Middle East and Africa Precision Medicine Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter's Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Kenneth Research:
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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