Oncology Precision Medicine Market Projected to Surpass $123 Billion by 2028, Driven by Technological Innovations and Personalized Treatment Approaches

Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Oncology Precision Medicine Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The Oncology Precision Medicine market is experiencing a significant upsurge as it is projected to exceed the valuation of US$ 123.44 Billion by the year 2028. A comprehensive study underscores the pivotal role of genetic profiling and molecular analysis in revolutionizing cancer care and offering customized therapeutic solutions tailored to individual genetic characteristics.

This cutting-edge approach to cancer treatment and diagnosis, particularly in the realm of oncology, is aimed at optimizing efficacy and patient outcomes. The in-depth report highlights key trends, shares insightful outlooks, and investigates the profound impact of inflation and various opportunities that are shaping the industry's trajectory.

Growth Factors Fueling the Oncology Precision Medicine Market

There is a marked shift towards more targeted therapies, especially in the management of non-small cell lung cancers (NSCLC), which are characterized by a complex genetic profile necessitating precision medicine.

  • An increasing global prevalence of cancers
  • The advancement in pharmacogenomics reducing trial and error in drug prescription
  • The surge in the use of predictive biomarkers for cancer diagnostics
  • Rapid technological advancements in the field of precision oncology

Enhancing Healthcare Delivery through Precision Medicine

The research emphasizes the role of precision medicine in enhancing healthcare delivery worldwide. This methodological approach to managing diseases such as cancer is revolutionizing treatment regimens, ensuring that cancer patients receive precise and most effective treatments based on their unique genetic profiles.

Global Burden of Cancer:

The mounting global cancer burden underscores the urgent need for advanced treatment modalities like precision medicine. The study delineates the significant pressure cancer imposes on patients, families, communities, and healthcare systems globally.

Forecasts suggest that the Oncology Precision Medicine Market will witness a Compound Annual Growth Rate (CAGR) of 10.50% from 2022 to 2028. The market's expansion is supported by the rising demand for personalized medicine, increased patient engagement, and advancements in diagnostic tools aiding healthcare professionals in precise disease diagnosis and treatment guidance.

Revenue Generation through Various End Users

The segmentation of the market by end users reveals that hospitals are front runners, generating significant revenue and advancing cancer care through precision medicine. Hospitals' multifaceted infrastructure and collaborative research and innovation efforts are pivotal in integrating precision medicine into routine clinical practice.

Swift Evolution of the Market in China

China is quickly evolving into a major contributor to the oncology precision medicine market, driven by its commitment to contemporary healthcare. The report illuminates how ample genetic research, innovative diagnostics, and burgeoning pharmaceutical collaborations are propelling this medical segment forward within the country.

The study's all-encompassing analysis includes a detailed segmentation of the market by indications, end users, regions, and key industry players, offering valuable insights into the competitive landscape and strategic development.

Notably, this report spotlights the visionary strides by leading companies such as F. Hoffmann - La Roche Ltd, Novartis AG, Bristol-Myers Squibb, Eli Lilly and Co, and AstraZeneca, each playing a significant role in the evolution of the oncology precision medicine market. Recent developments, such as the strategic alliances and acquisitions intended to enhance the utility of next-generation sequencing in companion diagnostics, are also discussed.

The unparalleled market outlook consolidated in this report paves the way for stakeholders, healthcare providers, and patients to fathom the progressive shift towards a more nuanced, responsive, and effectively tailored cancer treatment ecosystem.

Key Attributes:

Report AttributeDetails
No. of Pages190
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$67.81 Billion
Forecasted Market Value (USD) by 2028$123.44 Billion
Compound Annual Growth Rate10.5%
Regions CoveredGlobal

Companies Mentioned

  • F. Hoffmann – La Roche Ltd
  • Novartis AG
  • Bristol–Myers Squibb
  • Eli lily and Co
  • Astrazeneca

For more information about this report visit https://www.researchandmarkets.com/r/b2i8wi

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


Global Oncology Precision Medicine Market

Contact Data