Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Global Precision Oncology Market Report and Forecast 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The global precision oncology market was valued at USD 98.2 billion in 2022, driven by the increasing prevalence of cancer across the globe. The market size is anticipated to grow at a CAGR of 9.80% during the forecast period of 2023-2031 to achieve a value of USD 228.4 billion by 2031.
The realm of precision oncology is witnessing remarkable strides as it garners increasing recognition and emerges as a promising paradigm for cancer treatment. By harnessing the power of molecular insights, precision oncology is revolutionizing the landscape of cancer care, guiding personalized treatment decisions with unprecedented precision. In this context, a comprehensive market introduction has been curated to shed light on the unfolding market dynamics and its vast potential.
Driven by multiple factors, the global precision oncology market stands as a beacon of progress. The global prevalence of cancer is propelling a substantial demand for more effective and personalized treatment avenues. Precision oncology offers a beacon of hope by identifying tailored therapies that align with the unique genetic makeup of each patient's tumor, promising improved treatment outcomes.
Moreover, the confluence of advanced genomic technologies and high-throughput sequencing has ushered in a new era of tumor analysis, marked by efficiency and cost-effectiveness. This technological evolution has paved the way for the identification of specific genetic alterations and molecular biomarkers, serving as guiding lights for informed treatment decisions. The availability of targeted therapies designed to directly address these molecular aberrations further propels the market's growth trajectory.
Anticipating substantial expansion in the years ahead, the precision oncology market is not without its challenges. The cost associated with genomic profiling remains a hurdle, alongside regulatory considerations and the imperative of robust clinical evidence supporting the efficacy of targeted therapies. Nonetheless, this market presents a vast canvas of opportunity for pharmaceutical entities, diagnostic laboratories, research institutions, and healthcare providers. Together, they can foster the advancement of precision oncology, ultimately rewriting the narrative of patient outcomes.
As the journey of precision oncology unfolds, it is clear that the union of medical innovation and personalized care will redefine the landscape of cancer treatment. The market's growth, grounded in scientific prowess and patient-centricity, symbolizes the collective effort to illuminate a path toward enhanced patient well-being.
Key Trends Shaping the Market
Advancements in Genomic Technologies: The development of high-throughput genomic sequencing technologies and other molecular profiling techniques has significantly improved our understanding of cancer biology. These advancements enable the identification of specific genetic mutations, gene expression patterns, and other molecular alterations that drive cancer growth, allowing for more precise treatment selection
Growing Availability of Targeted Therapies: As our knowledge of cancer genetics expands, so does the availability of targeted therapies. Pharmaceutical companies are developing an increasing number of drugs that specifically target the molecular alterations found in different types of cancer. This trend has led to the emergence of targeted therapy as a cornerstone of precision oncology
Integration of Artificial Intelligence and Machine Learning: The use of artificial intelligence (AI) and machine learning (ML) algorithms in precision oncology is growing rapidly. These technologies can analyze large amounts of genomic and clinical data to identify patterns and predict treatment responses. AI and ML can also help in the discovery of new biomarkers and the development of more effective treatment strategies
Liquid Biopsies and Circulating Tumor DNA: Liquid biopsies, which involve the analysis of circulating tumor DNA (ctDNA) or other biomarkers in the blood, are gaining traction in precision oncology. Liquid biopsies offer a non-invasive and real-time approach to monitor tumor evolution, treatment response, and the emergence of resistance mutations. This technology has the potential to transform cancer diagnosis and monitoring
Integration of Precision Oncology into Clinical Practice: The adoption of precision oncology approaches in routine clinical practice is expanding. Institutions and healthcare systems are establishing specialized precision medicine programs and molecular tumor boards to guide treatment decisions based on genomic profiling results. Clinical trials are also increasingly incorporating genomic profiling to identify patients who may benefit from targeted therapies
Precision Oncology Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $107.9 Billion |
| Forecasted Market Value (USD) by 2031 | $228.4 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
The major companies in the market are as follows:
- Thermo Fisher Scientific Inc
- Invitae Corporation
- Qiagen N.V
- Illumina, Inc
- Laboratory Corporation of America Holding
- Exact Sciences Corporation
- Rain Oncology Inc
- Strata Oncology, Inc
- Xilis, Inc
- Variantyx, Inc
Patent Analysis
- Analysis by Type of Patent
- Analysis by Publication year
- Analysis by Issuing Authority
- Analysis by Patent Age
- Analysis by CPC Analysis
- Analysis by Patent Valuation
- Analysis by Key Players
Grants Analysis
- Analysis by year
- Analysis by Amount Awarded
- Analysis by Issuing Authority
- Analysis by Grant Application
- Analysis by Funding Institute
- Analysis by NIH Departments
- Analysis by Recipient Organization
Clinical Trials Analysis
- Analysis by Trial Registration Year
- Analysis by Trial Status
- Analysis by Trial Phase
- Analysis by Therapeutic Area
- Analysis by Geography
Funding and Investment Analysis
- Analysis by Funding Instances
- Analysis by Type of Funding
- Analysis by Funding Amount
- Analysis by Leading Players
- Analysis by Leading Investors
- Analysis by Geography
Partnership and Collaborations Analysis
- Analysis by Partnership Instances
- Analysis by Type of Partnership
- Analysis by Leading Players
- Analysis by Geography
Scope of the Report
Market Breakup by Service Type
- Diagnostics
- Therapeutics
- Others
Market Breakup by Cancer Type
- Breast Cancer
- Cervical Cancer
- Prostate Cancer
- Lung Cancer
Market Breakup by End User
- Hospitals
- Specialty Clinic
- Pharmaceutical and Biotechnology Companies
- Healthcare Data Companies
- Others
For more information about this report visit https://www.researchandmarkets.com/r/27jj7
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