Oncology Precision Medicine Market size is projected to surpass US$ 123.44 Billion by 2028, according to the publisher. Precision oncology is the molecular profiling of tumors to discover adjustments that can be focused. In layman's phrases, it's the technological know-how of tailoring an affected person treatment to the molecular traits of their cancers by the usage of genetic data from the affected person. An interesting length in the fight towards cancer is being ushered in by using the emergence of precision oncology and the improvement of extra individualized and centered medicine methods. Precision oncology is a dynamic, exciting field finding its way to traditional oncology practice. Improving patient recovery results is precision oncology's ultimate goal. Targeted medicine, which focuses on a particular genetic biomarker, is made viable via precision oncology.
The concept of precision medicine refers to a methodical approach that is undertaken with the objective of overcoming an infection which includes cancer. Based on a man or woman's likeminded genetic profile, precision oncology aims to suit the maximum actual and specific treatment to every cancer patient in order that they'll ultimately benefit from the medicine that is being furnished. Numerous precision medicine applications are focused on treating cancers, and precision oncology aims to provide every cancer patient with the genuine and accurate medicine feasible. The global burden of cancers has been regularly increasing over the previous few many years, which has positioned a tremendous pressure on sufferers, their households, groups, and the healthcare structures that serve them. The precision medicine ideal medicinal drug emerged as an approach for supplying healthcare international.
This approach entails making medicine choices based on affected person facts in a methodical and prepared manner. A developing strategy for the treatment of cancer and the prevention of the sickness is called precision medication. Precision medicine is a mixture of methods from molecular biology and device biology. Precision medicine oncology market has emerged as potentially transformational, giving the promise of more medicine consequences for all cancers sufferers in the course of the world. This discipline of medication has won prominence across the globe.
The increasing demand for customized medicinal drug due to the advantages it gives is anticipated to reinforce the growth of the precision oncology medicine market proportion within the envisioned time-frame. Patients are extra engaged with their treatment plan as they get hold of extra individualized information that allows them to make higher fitness decisions. Other advantages of affected person participation consist of higher patient recovery results, greater sales for healthcare vendors, and improved affected person-therapist relationships.
Patients with high levels of patient involvement and activity are more likely to stick with a physical therapy program. The role of the patient extends to the extent that the patient is knowledgeable, competent, and confident in taking control of his or her health. Increasing technological trends together with the creation of diagnostic tools with a purpose to assist scientific specialists in evaluating or sporting out a correct prognosis of a sickness and, guiding sufferers towards the precise medicine, might be the primary drivers of market increase over the route of the forecast period. The global oncology precision medication market was valued at US$ 67.81 Billion in 2022.
Non-small cell lung cancers (NSCLC), mainly, epitomize this awareness, boasting a multifaceted genetic panorama that beckons tailored interventions. Mutations in epidermal growth factor receptor (EGFR), KRAS, and anaplastic lymphoma kinase (ALK) are synonymous in patients with NSCLC, and the presence of one mutation over another may influence prognosis effect on targeted therapy. The oncology precision medicine market is witnessing a paradigm shift toward NSCLC-focused solutions, as researchers and pharmaceutical companies develop new therapies designed to address specific genetic alterations. This not only improves patient outcomes, but also highlights the potential of precision medicine to transform the future of cancer care, providing a beacon of hope for those diagnosed with NSCLC.
Hospitals often double as hubs for research and innovation, fostering collaborations amongst healthcare companies, researchers, and pharmaceutical companies. This collaborative synergy expedites the development and adoption of modern day precision treatment plans, further solidifying their status as market leaders. The trusted recognition and patient confidence related to hospitals considerably have an effect on choice-making, rendering them herbal facilities for precision medicine adoption.
Key drivers consist of vast genetic studies, progressive diagnostics, and expanding pharmaceutical partnerships. Chinese hospitals and research institutions are at the leading edge, undertaking groundbreaking studies and adopting precision treatment options. Government projects and investments in addition bolster this quarter, aiming to provide advanced care to an enormous affected person population. However, demanding situations like records privacy and regulatory frameworks persist. Nevertheless, China oncology precision medication marketplace is poised for continued growth, promising more tailored, effective treatments for cancer sufferers throughout the country.
In January 2023, QIAGEN and Helix shaped a specific alliance to beautify next-technology sequencing companion diagnostics in genetic problems.
In January 2023, Verogen changed into obtained by using QIAGEN, improving its role as a pioneer in human identity and forensics the usage of NGS technology.
In January 2023, Glofitamab, a bispecific antibody from Roche, acquired precedence overview from the FDA for treating big B-cellular lymphomas that have relapsed or grow to be resistant.
The report 'Oncology Precision Medicine Market, Global Forecast By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer and Other Cancers), End Users (Hospitals, Diagnostic Centers, Research & Academic Institutes and Others), Region (North America (USA, Canada), Europe (United Kingdom, France, Germany, Italy, Spain & Others in Europe), Asia (Japan, China, Korea & Others in Asia) South America (Brazil, Mexico, Argentina, Colombia & Others in Latin America), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa)), Companies (F. Hoffmann - La Roche Ltd, Novartis AG, Bristol-Myers Squibb, Eli lily and Co and Astrazeneca)' provides a detailed analysis of Oncology Precision Medicine Industry.
2. Stomach Cancer
3. Colorectal Cancer
4. Breast Cancer
5. Prostate Cancer
6. Liver Cancer
7. Esophagus Cancer
8. Cervical Cancer
9. Kidney Cancer
10. Bladder Cancer
11. Other Cancers
2. Diagnostic Centers
3. Research & Academic Institutes
4. Others
1.2 Canada
2.2 France
2.3 Germany
2.4 Italy
2.5 Spain
2.6 Others in Europe
3.2 China
3.3 Korea
3.4 Others in Asia Pacific
4.2 Mexico
4.3 Argentina
4.4 Colombia
4.5 Others in Latin America
5.2 UAE
5.3 South Africa
5.4 Others in Middle East and Africa
2. Novartis AG
3. Bristol-Myers Squibb
4. Eli lily and Co
5. Astrazeneca
The concept of precision medicine refers to a methodical approach that is undertaken with the objective of overcoming an infection which includes cancer. Based on a man or woman's likeminded genetic profile, precision oncology aims to suit the maximum actual and specific treatment to every cancer patient in order that they'll ultimately benefit from the medicine that is being furnished. Numerous precision medicine applications are focused on treating cancers, and precision oncology aims to provide every cancer patient with the genuine and accurate medicine feasible. The global burden of cancers has been regularly increasing over the previous few many years, which has positioned a tremendous pressure on sufferers, their households, groups, and the healthcare structures that serve them. The precision medicine ideal medicinal drug emerged as an approach for supplying healthcare international.
This approach entails making medicine choices based on affected person facts in a methodical and prepared manner. A developing strategy for the treatment of cancer and the prevention of the sickness is called precision medication. Precision medicine is a mixture of methods from molecular biology and device biology. Precision medicine oncology market has emerged as potentially transformational, giving the promise of more medicine consequences for all cancers sufferers in the course of the world. This discipline of medication has won prominence across the globe.
Oncology Precision Medicine Market will increase at a CAGR of 10.50% from 2022 to 2028
Factors fuelling the growth of the market encompass increasing occurrence of cancers globally, decreasing trial and error-based totally drug prescription via pharmacogenomics, increasing usage of predictive biomarkers for cancer diagnostics, and fast technological advancements related to oncology precision medicine. In upcoming years, advancements in massive records evaluation and the statistics era industry could result in a reduction in the amount of money and time necessary to produce new precision medicinal drugs. The advent of novel precision medications will make it less complicated to provide patients with the correct prescription, which in turn will improve patient’s health. Over the past few decades, the worldwide burden of cancer has continued to rise, placing great stress on patients, their families, communities, and the health care systems that serve them. Psychological treatment of precision medicine emerged as a way of delivering health care worldwide.The increasing demand for customized medicinal drug due to the advantages it gives is anticipated to reinforce the growth of the precision oncology medicine market proportion within the envisioned time-frame. Patients are extra engaged with their treatment plan as they get hold of extra individualized information that allows them to make higher fitness decisions. Other advantages of affected person participation consist of higher patient recovery results, greater sales for healthcare vendors, and improved affected person-therapist relationships.
Patients with high levels of patient involvement and activity are more likely to stick with a physical therapy program. The role of the patient extends to the extent that the patient is knowledgeable, competent, and confident in taking control of his or her health. Increasing technological trends together with the creation of diagnostic tools with a purpose to assist scientific specialists in evaluating or sporting out a correct prognosis of a sickness and, guiding sufferers towards the precise medicine, might be the primary drivers of market increase over the route of the forecast period. The global oncology precision medication market was valued at US$ 67.81 Billion in 2022.
Lung cancer has received increased attention in precision medicine oncology due to its incredible prevalence and the urgent need for tailored therapies
By Indication, Oncology Precision Medicine Market is divided into Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer and Other Cancers. Lung cancers have commanded large interest in the realm of oncology precision medicine due to its high incidence and the pressing demand for specific healing interventions. As the motive of cancer-associated deaths globally, its prominence is warranted.Non-small cell lung cancers (NSCLC), mainly, epitomize this awareness, boasting a multifaceted genetic panorama that beckons tailored interventions. Mutations in epidermal growth factor receptor (EGFR), KRAS, and anaplastic lymphoma kinase (ALK) are synonymous in patients with NSCLC, and the presence of one mutation over another may influence prognosis effect on targeted therapy. The oncology precision medicine market is witnessing a paradigm shift toward NSCLC-focused solutions, as researchers and pharmaceutical companies develop new therapies designed to address specific genetic alterations. This not only improves patient outcomes, but also highlights the potential of precision medicine to transform the future of cancer care, providing a beacon of hope for those diagnosed with NSCLC.
In the ever-changing oncology landscape, hospitals continue to play a critical role in generating revenue and advancing cancer care through precision medicine
By End Users, Oncology Precision Medicine Market is segmented into Hospitals, Diagnostic Centers, Research & Academic Institutes and Others. Hospitals have indubitably mounting dominance in the oncology precision medicine market, continuously securing the largest share of sales. Hospitals act as valuable hubs for cancer diagnosis and treatment, granting them exceptional gets admission to patients in need of precision medicinal drug interventions. Their enormous infrastructure, inclusive of modern-day diagnostic facilities and multidisciplinary oncology teams, enables the seamless integration of precision medication into clinical exercise.Hospitals often double as hubs for research and innovation, fostering collaborations amongst healthcare companies, researchers, and pharmaceutical companies. This collaborative synergy expedites the development and adoption of modern day precision treatment plans, further solidifying their status as market leaders. The trusted recognition and patient confidence related to hospitals considerably have an effect on choice-making, rendering them herbal facilities for precision medicine adoption.
China oncology precision medicinal drug market is rapidly evolving, reflecting the nation's growing commitment to cutting-edge healthcare
By Countries, Oncology Precision Medicine Market is split into North America (USA, Canada), Europe (United Kingdom, France, Germany, Italy, Spain & Others in Europe), Asia (Japan, China, Korea & Others in Asia) South America (Brazil, Mexico, Argentina, Colombia & Others in Latin America), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa). With a rising cancer burden, China has heightened emphasis on customized medicine procedures.Key drivers consist of vast genetic studies, progressive diagnostics, and expanding pharmaceutical partnerships. Chinese hospitals and research institutions are at the leading edge, undertaking groundbreaking studies and adopting precision treatment options. Government projects and investments in addition bolster this quarter, aiming to provide advanced care to an enormous affected person population. However, demanding situations like records privacy and regulatory frameworks persist. Nevertheless, China oncology precision medication marketplace is poised for continued growth, promising more tailored, effective treatments for cancer sufferers throughout the country.
Key Player
F. Hoffmann - La Roche Ltd, Novartis AG, Bristol-Myers Squibb, Eli lily and Co and Astrazeneca are most distinguished company operating in the oncology precision medicine market.In January 2023, QIAGEN and Helix shaped a specific alliance to beautify next-technology sequencing companion diagnostics in genetic problems.
In January 2023, Verogen changed into obtained by using QIAGEN, improving its role as a pioneer in human identity and forensics the usage of NGS technology.
In January 2023, Glofitamab, a bispecific antibody from Roche, acquired precedence overview from the FDA for treating big B-cellular lymphomas that have relapsed or grow to be resistant.
The report 'Oncology Precision Medicine Market, Global Forecast By Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer and Other Cancers), End Users (Hospitals, Diagnostic Centers, Research & Academic Institutes and Others), Region (North America (USA, Canada), Europe (United Kingdom, France, Germany, Italy, Spain & Others in Europe), Asia (Japan, China, Korea & Others in Asia) South America (Brazil, Mexico, Argentina, Colombia & Others in Latin America), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa)), Companies (F. Hoffmann - La Roche Ltd, Novartis AG, Bristol-Myers Squibb, Eli lily and Co and Astrazeneca)' provides a detailed analysis of Oncology Precision Medicine Industry.
Indication - Oncology Precision Medicine Market have been covered from 11 viewpoints:
1. Lung Cancer2. Stomach Cancer
3. Colorectal Cancer
4. Breast Cancer
5. Prostate Cancer
6. Liver Cancer
7. Esophagus Cancer
8. Cervical Cancer
9. Kidney Cancer
10. Bladder Cancer
11. Other Cancers
End Users - Oncology Precision Medicine Market have been covered from 4 viewpoints:
1. Hospitals2. Diagnostic Centers
3. Research & Academic Institutes
4. Others
Region - Oncology Precision Medicine Market have been covered from 5 viewpoints:
1. North America
1.1 United States1.2 Canada
2. Europe
2.1 United Kingdom2.2 France
2.3 Germany
2.4 Italy
2.5 Spain
2.6 Others in Europe
3. Asia Pacific
3.1 Japan3.2 China
3.3 Korea
3.4 Others in Asia Pacific
4. Latin America
4.1 Brazil4.2 Mexico
4.3 Argentina
4.4 Colombia
4.5 Others in Latin America
5. Middle East &Africa
5.1 Saudi Arabia5.2 UAE
5.3 South Africa
5.4 Others in Middle East and Africa
6. Rest of the World
Company Insights:
- Overview
- Recent Development
- Financial Insights
Companies Covered:
1. F. Hoffmann - La Roche Ltd2. Novartis AG
3. Bristol-Myers Squibb
4. Eli lily and Co
5. Astrazeneca
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Oncology Precision Medicine Market
4. Market Dynamics
6. Market Share - Oncology Precision Medicine Market
7. Indication - Oncology Precision Medicine Market
8. End Users - Oncology Precision Medicine Market
9. Countries - Oncology Precision Medicine Market
10. Porter’s Five Forces Analysis - Oncology Precision Medicine Market
11. SWOT Analysis - Oncology Precision Medicine Market
12. Company Analysis
List of Figures
List of Tables
Companies Mentioned
- F. Hoffmann – La Roche Ltd
- Novartis AG
- Bristol–Myers Squibb
- Eli lily and Co
- Astrazeneca
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 190 |
| Published | September 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 67.81 Billion |
| Forecasted Market Value ( USD | $ 123.44 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
