The Personalized Cancer Medicine Market was valued for $179.99 billion in 2022 and is estimated to reach $507.23 billion by 2032, exhibiting a CAGR of 10.9% from 2023 to 2032. Personalized medicine, also known as precision medicine, refers to an approach in healthcare that considers an individual's unique genetic, molecular, and clinical characteristics to guide the prevention, diagnosis, and treatment of diseases, Including cancer. Personalized cancer medicine involves analyzing the genetic and molecular makeup of a patient's tumor to tailor treatment strategies specific to their disease. It aims to optimize therapeutic outcomes by selecting therapies that target specific genetic alterations, biomarkers, or molecular pathways associated with the individual's cancer, thereby enhancing treatment effectiveness while minimizing potential side effects. The goal is to provide patients with personalized and targeted therapies that offer the greatest likelihood of success based on their specific cancer characteristics.
The personalized cancer medicine market growth is being driven by several key factors such as the Increase in prevalence of cancer, resulting in a greater demand for effective treatment options. Precision medicine has emerged as a promising approach for treating cancer, thus driving its adoption and growth. In addition, the aging population is another factor that drives the demand for precision medicine. The geriatric population is more prone to developing cancer, creating a larger pool of potential patients. Furthermore, advances in biotechnology and genetic engineering have made it possible to develop more targeted and personalized cancer therapies, which are likely to drive the market growth. In addition, personalized medicines have shown promising results in clinical trials, leading to Increased investment in research and development activities.
Moreover, the rise in key strategies adopted by the key market players such as product launch, agreement, and collaborations further drive the growth of the market during the forecast period. For instance, on February 2021, Qiagen and Inovio Pharmaceuticals, a biotechnology company announced an extension of their partnership with a new master collaboration agreement to develop liquid biopsy-based companion diagnostic products based on next-generation sequencing (NGS) technology to complement INOVIO’s therapies.
Furthermore, a rise in approvals from regulatory organizations further provides opportunity for market growth. For instance, on October 2021, F. Hoffmann-La Roche AG, a global pioneer in pharmaceuticals and diagnostics, received U.S. Food and Drug Administration (FDA) approval of the VENTANA PD-L1 (SP263) Assay in non- small cell lung cancer (NSCLC) as a companion diagnostic test for Tecentriq, advancing the company's commitment to guide clinical decision making through innovative, high quality assays that improve patient access to personalized healthcare. Thus, the adoption of such strategies by key manufacturers can potentially Increase the demand and adoption of personalized medicine arena and provide lucrative opportunity to market growth.
However, the high cost of personalized medicines hinders the growth of the personalized medicine market. High cost of diagnosis and treatment makes it inaccessible for the patients with poor financial conditions and restrains the market in developing regions. Furthermore, many patients are unaware about the concept of personalized medicines, which acts as a restrain to the market. On the other hand, government and non-government organizations create awareness about the advanced healthcare options among the population, which may Increase the adoption of personalized cancer medicines, thus, driving the market expansion during the forecast period.
The personalized cancer medicine market is segmented into product, end user, and region. By product, the market is categorized into personalized medicine diagnostics and personalized medicine therapeutics. By end user, the market is bifurcated into hospitals & clinics and others. Region wise, the market is analyzed across North America (the U.S., Canada), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Japan, China and rest of Asia-Pacific), and LAMEA (Latin America, Middle East & Africa).
Major key players that operate in the global personalized cancer medicine market are Abbott Laboratories, ARIEL Precision Medicine, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Inc, Aadi Bioscience, Inc., Illumina, Inc., Qiagen, Novartis AG, Thermo Fisher Scientific Inc., Bristol-Myers Squibb Company. The key players operating in the market have adopted product approval, agreement, partnership, product launch, and collaboration as their key strategies to expand their product portfolio.
The personalized cancer medicine market growth is being driven by several key factors such as the Increase in prevalence of cancer, resulting in a greater demand for effective treatment options. Precision medicine has emerged as a promising approach for treating cancer, thus driving its adoption and growth. In addition, the aging population is another factor that drives the demand for precision medicine. The geriatric population is more prone to developing cancer, creating a larger pool of potential patients. Furthermore, advances in biotechnology and genetic engineering have made it possible to develop more targeted and personalized cancer therapies, which are likely to drive the market growth. In addition, personalized medicines have shown promising results in clinical trials, leading to Increased investment in research and development activities.
Moreover, the rise in key strategies adopted by the key market players such as product launch, agreement, and collaborations further drive the growth of the market during the forecast period. For instance, on February 2021, Qiagen and Inovio Pharmaceuticals, a biotechnology company announced an extension of their partnership with a new master collaboration agreement to develop liquid biopsy-based companion diagnostic products based on next-generation sequencing (NGS) technology to complement INOVIO’s therapies.
Furthermore, a rise in approvals from regulatory organizations further provides opportunity for market growth. For instance, on October 2021, F. Hoffmann-La Roche AG, a global pioneer in pharmaceuticals and diagnostics, received U.S. Food and Drug Administration (FDA) approval of the VENTANA PD-L1 (SP263) Assay in non- small cell lung cancer (NSCLC) as a companion diagnostic test for Tecentriq, advancing the company's commitment to guide clinical decision making through innovative, high quality assays that improve patient access to personalized healthcare. Thus, the adoption of such strategies by key manufacturers can potentially Increase the demand and adoption of personalized medicine arena and provide lucrative opportunity to market growth.
However, the high cost of personalized medicines hinders the growth of the personalized medicine market. High cost of diagnosis and treatment makes it inaccessible for the patients with poor financial conditions and restrains the market in developing regions. Furthermore, many patients are unaware about the concept of personalized medicines, which acts as a restrain to the market. On the other hand, government and non-government organizations create awareness about the advanced healthcare options among the population, which may Increase the adoption of personalized cancer medicines, thus, driving the market expansion during the forecast period.
The personalized cancer medicine market is segmented into product, end user, and region. By product, the market is categorized into personalized medicine diagnostics and personalized medicine therapeutics. By end user, the market is bifurcated into hospitals & clinics and others. Region wise, the market is analyzed across North America (the U.S., Canada), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Japan, China and rest of Asia-Pacific), and LAMEA (Latin America, Middle East & Africa).
Major key players that operate in the global personalized cancer medicine market are Abbott Laboratories, ARIEL Precision Medicine, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Inc, Aadi Bioscience, Inc., Illumina, Inc., Qiagen, Novartis AG, Thermo Fisher Scientific Inc., Bristol-Myers Squibb Company. The key players operating in the market have adopted product approval, agreement, partnership, product launch, and collaboration as their key strategies to expand their product portfolio.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the personalized cancer medicine market analysis from 2022 to 2032 to identify the prevailing personalized cancer medicine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the personalized cancer medicine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global personalized cancer medicine market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
- Personalized Medicine Diagnostics
- Personalized Medicine Therapeutics
By End User
- Hospitals and clinics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East And Africa
Key Market Players
- Aadi Bioscience, Inc.
- Abbott Laboratories
- ARIEL Precision Medicine, Inc.
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche Ltd.
- General Electric
- Illumina, Inc.
- Novartis AG
- Qiagen NV.
- Thermo Fisher Scientific Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PERSONALIZED CANCER MEDICINE MARKET, BY PRODUCT
CHAPTER 5: PERSONALIZED CANCER MEDICINE MARKET, BY END USER
CHAPTER 6: PERSONALIZED CANCER MEDICINE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Personalized Cancer Medicine Market,' The personalized cancer medicine market was valued at $179.99 billion in 2022, and is estimated to reach $507.2 billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.The Personalized cancer medicine market is likely to experience a significant growth rate of 10.9% from 2023-2032 owing to increasing market demand of personalized medicine diagnostics segment.
Personalized cancer medicine is an oncology approach that customizes treatment strategies based on specific information about a patient's tumor characteristics, genetic profile, and biomarkers. By utilizing advanced diagnostics, genomic profiling, targeted therapies, and other personalized interventions, this approach aims to maximize treatment effectiveness while minimizing potential side effects. The focus is on tailoring cancer therapies to the individual needs of each patient, with the ultimate goal of optimizing outcomes in the battle against cancer.
The global personalized cancer medicine market is experiencing significant growth due to the increasing prevalence of cancer worldwide and the growing adoption of diagnostic tests for cancer. Cancer has become a widespread health issue, affecting a large portion of the population in various countries. For example, in Australia, it is estimated that over 18,485 individuals are diagnosed with blood cancer, including leukemia, lymphoma, and myeloma, each year, as reported by the Leukemia Foundation. This rise in cancer cases has generated a demand for innovative therapeutics, driving market growth.
Unhealthy lifestyles, aging, tobacco use, sun exposure, radiation exposure, and chemical exposure through food and beverages are some of the factors contributing to the increasing incidence of cancer. Additionally, genetic factors can also elevate the risk of developing certain types of cancer. In response to these challenges, personalized medicine has transformed cancer treatment by tailoring therapies to the unique genetic and molecular profiles of individual patients. Consequently, there is a growing demand for personalized cancer medicines across the globe, as they have the potential to yield better outcomes and improved survival rates.
As a result, the personalized cancer medicine market is expanding to meet the needs of patients. By leveraging advancements in genomics, molecular diagnostics, and targeted therapies, personalized medicine offers a more precise and effective approach to cancer treatment. The ability to identify specific genetic alterations and biomarkers enables oncologists to select personalized treatment options that target the specific characteristics of a patient's tumor. This individualized approach holds great promise for improved patient outcomes and has contributed to the rising demand for personalized cancer medicines globally.
Moreover, the market is expected to be further driven by strategic initiatives such as collaborations and partnerships among key players. These collaborations allow for the sharing of expertise, resources, and technologies, leading to the development of innovative personalized products and driving market growth. For instance, in May 2022, Aadi Bioscience, Inc., a biopharmaceutical company, focused on developing and commercializing precision therapies for genetically defined cancers partnerships with prominent next-generation sequencing (NGS) providers in genomic testing and profiling, including Foundation Medicine and Tempus, among others. These partnerships aim to leverage the capabilities of NGS technologies and genomic profiling to develop personalized products that address unmet needs in the population. By combining their respective strengths, these collaborations are expected to accelerate the advancement of personalized cancer medicine and contribute to market expansion.
Additionally, the availability of raw materials and resources is attracting significant investments from key market players. The large-scale investments in the personalized cancer medicine market are driven by the potential for substantial returns and the growing demand for personalized treatment options. With ample access to necessary resources, including genomic databases, molecular diagnostics, and advanced technologies, companies can drive research and development efforts to bring novel personalized therapies to the market. These investments not only support the growth of the market but also foster innovation and contribute to the overall advancement of personalized cancer medicine.
Furthermore, many developing regions offer lucrative opportunities to key players of personalized cancer medicine market owing to high population base, increase in demand of efficient treatments with minimum side effects and rise healthcare spending. In addition, rise in disposable income and medical tourism fuels the growth of personalized cancer medicine market.
The personalized cancer medicine market is segmented into product, end user, and region. By product type, the market is categorized into personalized medicine diagnostics and personalized medicine therapeutics. By end user, the market is bifurcated into hospitals & clinics, and others. Region wise, the market is analyzed across North America (the U.S., Canada), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Japan, China and rest of Asia-Pacific), and LAMEA (Latin America, Middle East & Africa).
The key players profiled in the study include Abbott Laboratories, ARIEL Precision Medicine, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Inc, Aadi Bioscience, Inc., Illumina, Inc., Qiagen, Novartis AG, Bristol-Myers Squibb Company,Thermo Fisher Scientific Inc. Key players operating in the market have adopted product approval, agreement, partnership, product launch, and collaboration as their key strategies to expand their product portfolio.
Key Market Insights
- On the basis of product type, the personalized medicine diagnostics segment dominated the market in terms of revenue in 2022.
- On the basis of end-user, the hospitals & clinics segment dominated the market in terms of revenue in 2022. However, the others segment is anticipated to grow at the highest CAGR during the forecast period.
- Region wise, North America generated the largest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Aadi Bioscience, Inc.
- Abbott Laboratories
- ARIEL Precision Medicine, Inc.
- Bristol-Myers Squibb Company
- F. Hoffmann-La Roche Ltd.
- General Electric
- Illumina, Inc.
- Novartis AG
- Qiagen NV.
- Thermo Fisher Scientific Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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