Extensive investments on R&D activities across the globe is expected to accelerate the market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Oncology precision medicine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global Oncology precision medicine market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027. Precision medicine refers to a new approach to disease prevention and management that is gaining traction across the globe. It includes individually personalized approaches such as predictive diagnosis, preventative, and treatment tactics as per the genetic makeup of a person and genetic changes. Various drugs are created to target specific mutations utilizing these methodologies, which further offers better treatment and patient outcomes. With this, the rising approval of drugs together with their companion diagnostic assays, cost-effective DNA profiling, increasing cancer incidence rates, and the introduction of data-driven healthcare are supporting the market growth. Also, the elevating use of multi-omics in research, as well as the penetration of high-throughput sequencing systems, is positively influencing the precision medicine market. Precision medicine is estimated to witness the growth in the developed regions as a result of enhanced healthcare infrastructure and high research and development spending which fuels the market growth. Precision medicine has made substantial technological advancements in cancer treatment for certain types of cancer, including colorectal cancer and breast cancer. The wide range of applications of precision medicine mainly focus on enhancing oncological disease therapy. The rising prevalence of cancer, as well as the growing number of medication candidates in clinical trials for the disease, is a major factor driving the segment’s domination. The strong support of the government bodies in the form of funding and the increase in genetic analysis are expected to drive the market growth in the predicted years.
However, the emergence of unfavorable conditions owing to the sudden outbreak of COVID-19 and strict regulations and standards are some of the significant restraining factors for the market..
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “Global Oncology Precision Medicine Market“
The global oncology precision medicine market is segmented into ecosystem, application, and regional distribution.
Based on the ecosystem, the market is divided into precision diagnostics, precision therapeutics, applied sciences, digital health, and information technology. Precision therapeutics segment is expected to hold the greatest share in the market in the forecast period, 2023-2027. This is attributed to the continuous growth in precision therapeutics for the targeted treatment of conditions such as cancer and genetic diseases. Based on this, the market is further divided into clinical trials, cell therapy, drug discovery & research, gene therapy. In this drug discovery segment is dominating owing to the growing research and development initiatives by private and public companies to develop innovative as well as novel drugs.
Leading market players operating in the global oncology precision medicine market are:
- Novartis AG
- F. Hoffmann-La Roche AG
- Merck & Co., Inc.
- Danaher Corporation
- Abbott Laboratories, Inc.
- Quest Diagnostics Inc
- Eurofins Genomics LLC
- Laboratory Corporation of America Holdings
- Thermos Fischer Scientific, Inc.
- bioMérieux SA
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“Advancements in cancer biologics along with the development of novel therapeutics approaches such as gene therapy for the treatment of cancer and rising number of patients undergoing predictive diagnosis will continue to propel the market growth. With this, the growing number of portfolios of precision medicine drugs which offers lucrative opportunities to the leading market players. Numerous companies, government, and private research institutes involved in the industry has been significantly growing. In addition to this, the technological breakthroughs in big data, genomic testing, and artificial intelligence (AI) allow to avail the huge medical data that can further used in precision medicine research. Extensive investment in precision medicine from the key pharmaceutical companies is supporting the market growth. The tireless efforts of the scientist to analyze the genetic biomarkers and human genome that provide positive outcomes for precision medicine is projected to stimulate the market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Oncology Precision Medicine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027
By Ecosystem (Precision Diagnostics, Precision Therapeutics, Applied Sciences, Digital Health, and Information Technology), Precision Diagnostics (Molecular Diagnostics v/s Medical Imaging), Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery & Research, Gene Therapy), Applied Sciences (Genomics, Pharmacogenomics, Others), Digital Health, and Information Technology (Clinical Decision Support Systems (CDSS), Big Data Analytics, Genomics Informatics, In-Silico Informatics, Others), By Application (Solid Tumor v/s Hematological Malignancies), Solid Tumor (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Others), Hematological Malignancies (Hodgkin Lymphoma, Non-Hodgkin Lymphoma, Leukemia, Others), and By Region”, has evaluated the future growth potential of global oncology precision medicine market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global oncology precision medicine market.