New York, United States, July 28, 2022 (GLOBE NEWSWIRE) -- The term "Oncology precision medicine" refers to a medical approach that aims to jointly combine the results and efforts of research and clinical practise. The capacity to personalise both the diagnostic and treatment approaches used with individual patients is essential to the practise of precision medicine. The growth of personalised disease-based treatments is largely attributable to the confluence of several factors, including the advancement of biotechnology, the digitalization of healthcare, and public funding.
The idea of precision medicine refers to a methodical approach that is undertaken with the objective of overcoming an illness such as cancer. Based on an individual's compatible genetic profile, precision oncology aims to match the most exact and precise treatment to each cancer patient so that they may eventually benefit from the treatment that is being provided Numerous precision medicine programmes are centred on treating cancer, and precision oncology aims to provide each cancer patient with the most exact and accurate therapy possible.
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The Growth of the Precision Medicine Market Is Expected To Be Driven By the Rise of Big Data Analysis and the It Sector
It is anticipated that advancements in big data analysis and the information technology industry would result in a reduction in the amount of money and time necessary to produce new precision medications. The creation of novel precision medications will make it easier to provide patients with the appropriate prescription, which in turn will enhance patients' health. Numerous genetic testing and diagnostic tests, which are to be carried out in order to give precision medications, will generate a massive quantity of usable data, which will be necessary for the creation of personalised prescriptions. Because big data analysis and information technology are able to crunch, analyse, and store the required data, it is now possible for doctors to practise precision medicine. The government provides financial support to the primary market participants who are engaged in the process of creating bioinformatics technology for the purposes of precision medicine research applications.
Increasing Technological Improvements Are Likely To Boost Market Growth
It is anticipated that increasing technological developments, such as the introduction of diagnostic tools that will assist medical professionals in evaluating or carrying out an accurate diagnosis of a disease and, as a result, guiding patients toward the appropriate therapy, will be the primary drivers of market growth over the course of the forecast period.
Key Discovery of Different Drugs
In precision medicine, the genes and proteins that are already present in the body of the patient are analysed to determine how best to build a tailored therapeutic medication to cure the patient's specific illness. As a result of significant breakthroughs in the field of precision medicine, such as the discovery of single nucleotide polymorphism and the development of microarrays and biochips, analysts anticipate that the industry will enjoy significant growth in the years to come. Understanding a patient's genetics, molecular profile, and clinical characteristics, as well as developing the appropriate treatment to cure a disease, is the goal of research on the human genome, which represents the future of precision medicine. This research also possesses a significant potential to upend the medical treatment of individual patients. In the not-too-distant future, the need for precision medicine is expected to grow as a result of the considerations described above. Aside from this, the increasing incidence of cancer is anticipated to drive up the need for precision medicine for individualised therapies and diagnostics, which would have a favourable impact on the expansion of the market.
Report Scope
| Report Metric | Details |
| Market Size | USD 124.84 Billion by 2030 |
| CAGR | 10.85% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Applications, Ecosystem IT Supports, End Users, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | F Hoffmann-La Roche AG, Invitae Corporation, Illumina, Inc., Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Laboratory Corporation of America Holdings, Novartis AG, AstraZeneca, Bristol-Myers Squibb, and Eli Lilly |
| Key Market Opportunities | Rising Cancer diseases |
| Key Market Drivers | The growth of the precision medicine market is expected to be driven by the rise of big data analysis and the IT sector |
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Rising Cancer diseases
The current market for oncology precision medicine is favoured by a number of factors, some of which include an increase in the incidences of cancer as well as the death rates associated with the disease, several initiatives taken by the government, as well as a general population that is becoming more aware of molecular level diagnosis and treatment. Additionally, the increasing number of advancements in molecular diagnostics, the increasing number of FDA approvals for such precision medicine-based oncology drugs, and the improving focus on research and development activities by key healthcare companies are all contributing factors toward market expansion.
Regional Overview of Oncology Precision Medicine
- North America is the dominant region
In the long run, the regional realms of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa have progressed further to utilise complete precision medicine to generate significant gains in patient outcomes. Because of its superior healthcare infrastructure and enormous spending on research and development, North America is now the most dominant stakeholder in the industry. Remarkably, considerable advancements in precision medicine for treating some forms of cancer, such as colorectal cancer and breast cancer, have been made in North America.
In addition, it is anticipated that the Asia-Pacific region's market share in the oncology precision medicine market will grow at a significant rate due to the increasing income and expenditure on healthcare, as well as the growing awareness about the implications of precision medicine for the treatment of various types of cancer.
Key Highlights
- The global market for Oncology Precision Medicine was estimated to be worth $49.4 billion in 2021, and it is expected to reach $ 84 billion by 2030, expanding at a CAGR of 10.85%from 2021 to 2030.
- Based on the product type oncology precision market is divided into two categories, Diagnostics and Therapeutics.
- Rise in technological advancements is driving the market.
- Based on applications it serves, breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and other applications,
- The ecosystems it supports; applied sciences, precision diagnostics, digital health and information technology, and precision therapeutics.
- Based on end user it is segmented into, Hospitals, Diagnostics centres, Research and medical institutes, and the regions in which it operates; North America, Europe, Asia-Pacific, Latin America, and Rest of the World.
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Competitors in the Oncology Precision Medicine Market are
- F Hoffmann-La Roche AG
- Invitae Corporation
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- QIAGEN
- Quest Diagnostics
- Laboratory Corporation of America Holdings
- Novartis AG
- AstraZeneca
- Bristol-Myers Squibb
- Eli Lilly
Oncology Precision Medicine Market Segmentation
Product type:
- Diagnostics
- Therapeutics
Applications:
- Breast cancer
- Lung cancer
- Colorectal cancer
- Prostate cancer
- Cervical cancer
- Other applications
Ecosystem it supports:
- Applied sciences
- Precision diagnostics
- Digital health and information technology
- Precision therapeutics
End users:
- Hospitals
- Diagnostics centres
- Research and medical institutes
Regions in which it operates:
- North America
- Europe
- Asia-Pacific
- Latin America
- Rest of the World.
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Oncology Precision Medicine Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Product type Overview
- Introduction
- Market Size & Forecast
- Diagnostics
- Market Size & Forecast
- Therapeutics
- Market Size & Forecast
- Introduction
- Applications Overview
- Introduction
- Market Size & Forecast
- Breast cancer
- Market Size & Forecast
- Lung cancer
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Product type
- By Applications
- Canada
- By Product type
- By Applications
- Mexico
- By Product type
- By Applications
- Latin America
- By Product type
- By Applications
- Europe
- Market Size & Forecast
- Germany
- By Product type
- By Applications
- France
- By Product type
- By Applications
- U.K.
- By Product type
- By Applications
- Italy
- By Product type
- By Applications
- Spain
- By Product type
- By Applications
- Rest of Europe
- By Product type
- By Applications
- Asia Pacific
- Market Size & Forecast
- Japan
- By Product type
- By Applications
- China
- By Product type
- By Applications
- Australia
- By Product type
- By Applications
- India
- By Product type
- By Applications
- South Korea
- By Product type
- By Applications
- Rest of Asia-Pacific
- By Product type
- By Applications
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Product type
- By Applications
- South Africa
- By Product type
- By Applications
- Kuwait
- By Product type
- By Applications
- Rest of Middle East & Africa
- By Product type
- By Applications
- Introduction
- Company Profile
- F Hoffmann-La Roche AG
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Invitae Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Illumina Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- F Hoffmann-La Roche AG
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/oncology-precision-medicine-market/toc
Recent developments
On February 16, 2022, Invitae Corporation, a leading medical genetics company, made an announcement regarding the launch of its Anchored Multiplex PCR chemistry in-vitro diagnostic (IVD) products in Europe.
News Media
Oncology Market Potential Revenue and Future Growth with Healthy CAGR by 2029
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