Precision Oncology Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: LS240802 | Research Suite: Report (PDF) & Market Data (Excel)
The global precision oncology market was valued at USD 98.7 billion in 2022, and a CAGR of 9.8% is expected during the forecast period. Increasing effects of technology, rising demand for minimizing the side effects of therapeutics in cancer, and avoiding specific drug resistance are the key drivers in the market. Increasing demand to detect breast cancer at an early stage, increasing growth in the biotechnology sector, and rising healthcare expenditures all over the world are driving growth in the market. Development in healthcare facilities and rising awareness about precision oncology are driving significant growth in the market.
Growing investment in research and development from both the public and private sectors accelerates innovation and the development of new therapies. Favorable government initiatives and funding are the reason behind growth in the market.
Growth Drivers
Advancement in technologies, rising awareness about precision medicine, and favorable government initiatives and funding are some of the factors driving growth in the market. Improved understanding of cancer genomics and the development of technologies like next-generation sequencing enable more precise identification of genetic mutations and biomarkers. Shift towards personalized medicine, where treatments are tailored to individual genetic profiles, enhances the efficacy of oncology treatment, and reduces adverse effects. Increasing awareness among healthcare professionals and patients about the benefits of precision oncology is driving growth in the market.
Favorable regulatory policies and fast track approvals for innovative
therapies and diagnostics boost the market growth significantly. The increasing
rate of cancer globally, the rising number of cases of breast cancer, and
uterine fibrosis are significantly driving the growth in the market. Increasing
demand for personalized medicines is also a key factor in the precision
oncology market. Increasing utilization of AI in precision medicine is also
gaining momentum and driving the growth in the market significantly.
Segmentation
Type
·
Breast Cancer
·
Prostate Cancer
·
Stomach Cancer
·
Liver Cancer
·
Mouth Cancer
·
Skin Cancer
·
Others
By Products Type
·
Therapeutics
·
Diagnostics
By End-User
·
Hospitals
·
Diagnostic Centers
·
Research and Academic Institutes
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Precision Oncology Market by Type
Segmentation
On the basis of type of cancers, the precision oncology market is segmented into breast cancer, stomach cancer, prostate cancer, skin cancer, colorectal cancer, and others. Breast cancer is the leading segment in the market due to its high incidence and prevalence. It is one of the most common cancers globally, leading to substantial demand for targeted treatments.
Success stories and positive outcomes from precision oncology in breast cancer
have spurred further interest and investment, making it a prominent focus.
Increasing demand for targeted therapies and immunotherapies, which tailor
treatment based on individual genetic profiles. Significant research and
investment have been directed towards understanding the genetic and molecular
underpinnings of breast cancer.
Precision Oncology Market by Product
Type Segmentation
On the basis of the product type, the precision oncology market is segmented into therapeutics and diagnostics. Therapeutics is the leading segment in the market due to the ability of therapeutics to target specific genetic mutations, or molecular profiles of tumors, improving efficacy, and minimizing side effects. Advances in genomics and bioinformatics have enabled more precise identification of biomarkers and targets for therapy.
There is a continuous pipeline of continuous drugs and therapies, including
targeted therapies, immunotherapies, and gene therapies, that are transforming
gene treatment. Therapeutics have shown significant improvement in clinical
outcomes, such as increased survival rates and better quality of life for
patients. There is a substantial investment and research in developing new
therapeutic options, driven by both pharmaceutical’ companies and academic
institutions.
Regional
Outlook
On the basis of the regions, the precision oncology market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is the leading segment in the precision oncology market due to rising awareness among healthcare professionals, and patients are driving the growth in the market significantly. Shift towards personalized medicine, where treatments are tailored to individual genetic profiles, enhances the efficacy of oncology treatment, and reduces adverse effects.
North America has a well-developed healthcare system with
state-of-the-art facilities and cutting-edge technologies, which supports the
growth of precision oncology. Significant investment from both governmental
bodies and private companies in research and development accelerates innovation
and the development of new precision oncology therapies. The high incidence of
prevalence of cancer in North America is driving growth in the market
significantly. Increasing awareness among the patients and healthcare providers
in the region about the benefits of personalized treatment boosts the demand
for precision oncology services. Regulatory agencies like the FDA provide
support through streamlined approval processes for new therapies and diagnostics,
facilitating market growth.
Asia Pacific is the second-most leading region in the market after North America. Asia Pacific, including countries like China and India, are the emerging economies, and due to increasing urbanization and industrialization, the lifestyle of people has become quite hectic, which is leading towards different forms of cancer. Increasing awareness among the people about early diagnosis and treatment of cancer is another driving factor in the market. Europe has a robust network of research institutions and universities that drive innovation in precision oncology. European countries like Denmark, England, Russia, Spain, Italy, and Germany have well-established healthcare systems that support the integration of advanced technologies and personalized treatment.
High cancer rates and awareness of the benefits of personalized treatment options boost demand for precision oncology solutions. Europe has a regulatory environment that encourages the development and approval of innovative oncology therapies and technologies. Strong collaboration between academic institutions, industry, and healthcare providers facilitates advancement in precision oncology. Rising awareness of health is the key factor behind the significant growth of the market in regions like Latin America, and the Middle East and Africa are also witnessing significant growth in the market. The presence of key players in North America and Europe is the key factor behind the significant growth in the market.
Key Players
·
Thermo Fisher Scientific Inc.
·
Novartis AG
·
Pfizer Inc.
·
Agendria Inc.
·
Rain Therapeutics Inc.
·
Strata Oncology, Inc.
·
F.Hoffman La Roche Ltd.
·
Qiagen N.V.
·
Invitae Corporation
·
Erasca Inc.
· Other Players