Oncology precision medicine involves the use of pharmaceuticals and tests that target specific abnormalities within cancer cells in order to improve treatment effectiveness and reduce treatment related side-effects. The growth in demand for non-invasive and precise cancer treatment options drives the market. Personalized treatment through precision medicine takes into account an individual patient's genes, lifestyle and environment to determine the best treatment approach.
The Oncology Precision Medicine Market is estimated to be valued at US$ 130 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Oncology Precision Medicine are AstraZeneca, Novartis, Pfizer, Bristol-Myers Squibb, and Roche. These key players are actively focusing on the development of advanced diagnostics and targeted therapies for different types of cancers.
Some of the key opportunities in the market include expanding targeted therapy options for various types of cancers and development of combination therapies. Companies are also investing in clinical studies to evaluate efficacy of precision medicines for hard-to-treat cancers.
Global expansion in emerging markets through strategic partnerships is a major focus area for key players. Companies are expanding presence in Asia Pacific and Latin America region through collaborations with regional diagnostic players and healthcare providers to drive volume-based sales.
Market Drivers
Increasing prevalence of cancer worldwide is a major market driver. According to WHO, global cancer burden is expected to rise to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Growing demand for non-toxic targeted treatment options contributes to the market growth.
Market Restrains
High cost of precision medicines and companion diagnostics poses significant affordability challenges in developing regions. Limited awareness regarding benefits of precision medicine in developing countries also restrains the market growth.
Segment Analysis
The oncology precision medicine market has following major segments - Lung Cancer, Breast Cancer, Colorectal cancer, Prostate cancer, Blood Cancer. Among these, Lung cancer segment dominates the market currently. This is because lung cancer is the leading cause of cancer death worldwide. Genetic changes like abnormalities in the EGFR, ALK have helped in developing targeted therapies for non-small cell lung cancer, which is the most common type of lung cancer. Precision medicines like Iressa, Tarceva, Tagrisso help in better management of lung cancer.
Global Analysis
North America region holds the highest share in oncology precision medicine market currently. This is due to rising prevalence of cancer, growing awareness about precision medicine approach and well developed healthcare infrastructure. Various research studies and availability of funding for research also contributes to the growth of the market. Asia Pacific is expected to witness highest growth during the forecast period due to rising healthcare spending, increasing disposable income, growing cancer burden especially in China and India. Initiatives by governments in countries like China to develop precision medicine capabilities will boost the market in the region. Europe also holds significant share due to presence of major pharma companies and supportive regulatory environment for precision therapies.
Get more insights on this topic: https://www.dailyprbulletin.com/oncology-precision-medicine-market-is-driven-by-targeted-therapies/
Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. (LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
What Are The Key Data Covered In This Oncology Precision Medicine Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Oncology Precision Medicine 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Oncology Precision Medicine and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Oncology Precision Medicine Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Oncology Precision Medicine vendors
FAQ’s
Q.1 What are the main factors influencing the Oncology Precision Medicine ?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Oncology Precision Medicine companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Oncology Precision Medicine ’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it