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Incidence rate measures the number of new cases of a disease that occur in a specific population during a defined time period, reflecting the risk of developing the disease. In contrast, prevalence rate indicates the total number of existing cases (both new and pre-existing) of a disease in a population at a particular point in time, providing insight into the overall burden of the disease. While incidence focuses on new occurrences, prevalence encompasses all cases, highlighting the disease's impact on a population.

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