The Oncology Precision Medicine Market has been growing at a steady pace owing to the increasing prevalence of various types of cancers and the need for more effective treatment options. Oncology precision medicine or personalized cancer therapy involves the use of molecular diagnostic tools to identify specific genomic alterations in a patient's tumor which helps physicians select appropriate targeted therapies. Unlike conventional chemotherapy, precision medicine enables customized treatment based on a person's individual genetics, lifestyle and environment. Some key benefits of precision therapies include better treatment response rate, reduced side effects, and ability to target specific cancer mutations.
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.
Rising demand for targeted therapies and advancements in genomic profiling technologies are the major factors fueling the growth of this market.
Key Takeaways
Key players operating in the oncology precision medicine are AstraZeneca, Novartis, Pfizer, Bristol-Myers Squibb, and Roche. These companies are engaged in developing novel targeted therapies and combinational regimens of existing drugs.
Continued rise in cancer incidence globally is generating considerable demand for precision therapy approaches. According to WHO, cancer burden is expected to reach 27.5 million new cases and 16.3 million cancer deaths by 2040.
Technological advancements such as next-generation sequencing, bioinformatics and development of companion diagnostics have enabled robust molecular characterization of tumors, which is improving clinical outcomes of precision cancer treatments.
Market Trends
1. Personalized Immunotherapy - Advancements are being made to develop personalized cancer vaccines and immune checkpoint inhibitors tailored to an individual's genetic makeup and tumor mutations. This offers immense potential to enhance immunotherapies response rates.
2. Combinational Therapies - Given emergence of drug resistance, focus is shifting towards combination of targeted drugs and immunotherapies. Numerous ongoing clinical trials are evaluating safety and efficacy of precision therapy combinations.
Market Opportunities
1. Liquid Biopsy Applications - Non-invasive liquid biopsies offer promise for real-time tumor monitoring and detection of acquired resistance. Growing research on liquid biopsy mediated precision therapies can expand market opportunities.
2. Emerging Markets - Lower penetration of precision oncology in developing nations compared to developed countries presents significant scope for future market expansion.
Impact Of COVID-19 On Oncology Precision Medicine Market Growth
The COVID-19 pandemic has significantly impacted the growth of the oncology precision medicine market. In the initial phases, various restrictions imposed to curb the spread of infection disrupted the supply chain and halted clinical trials. Production and supply of critical ingredients used in targeted therapies and immunotherapies faced delays. This caused shortages of some molecular tests used for cancer diagnosis and tumor profiling.
However, with progress in vaccination and adaptation to new safety protocols, the market is recovering fast. Telehealth and digital platforms played a key role in continuing remote consultation and treatment supervision during lockdowns. This boosted demand for companion diagnostics and biomarkers to optimize targeted treatments. Partnerships between pharmaceutical companies and diagnostic labs expanded disease monitoring and management capacities.
Investments in genomic and artificial intelligence-driven research accelerated during the pandemic to develop effective precision approaches against coronavirus. This is rapidly expanding knowledge applicable to personalized oncology. Growing focus on treatment individualization as per immune response and risk factors will boost post-COVID growth. Affordability of localized molecular testing is improving with increased production capacities.
Geographical Regions With High Oncology Precision Medicine Market Concentration
North America accounts for the largest share of the oncology precision medicine market value currently. This is attributed to broader healthcare insurance coverage and early adoption of novel targeted and immunotherapies. Comprehensive biomarker testing and genomic profiling are routinely used for selecting the right treatment pathway in the US and Canada.
Western Europe is another major revenue generator with high acceptance of precision diagnosis and therapies. Government-funded universal healthcare and stringent regulatory approval mechanisms fosters innovation. Asia Pacific is emerging as the fastest growing regional market. Developing nations like China and India are making huge investments in advancing their precision oncology infrastructure and capabilities.
Geographical Region Witnessing Fastest Growth In Oncology Precision Medicine Market
Asia Pacific region is projected to witness the fastest growth in the oncology precision medicine market during the forecast period. This is owing to rising cancer incidence, growing healthcare expenditure, increasing public-private collaborations and regulatory reforms to facilitate novel diagnostics and therapies.
Countries like China, South Korea and Japan are rapidly building genomic and clinical trial capacities to meet domestic demand and emerge as global precision medtech hubs. India is promoting medical tourism with competitive costs and a large patient pool benefiting from access to targeted medicines. Initiatives to strengthen diagnostic labs, train oncologists and establish tech-driven research facilities will further accelerate APAC's market expansion.
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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
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