Oncology Precision Medicine Market

Global Oncology Precision Medicine Market is valued at US$ 55.40 Billion in 2022 and expected to reach US$ 104.74 Billion by 2029 with a CAGR of 11.2% over the forecast period.

Global Oncology Precision Medicine Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2023-2029- Growing prevalence of cancer, rising approvals of new drugs for the treatment and increasing advancement in technology are some of the major factors driving the growth of Global Oncology Precision Medicine Market.

Scope of Global Oncology Precision Medicine Market Report-

Precision oncology considers targeted treatment, which focuses on a particular genetic biomarker. By doing this, targeted treatments can block cancer cells with that genetic biomarker from isolating and developing, saving healthy cells, and restricting side effects. Precision oncology medicine is a type of medicine that utilizes data about an individual's own genes or proteins to avoid, diagnose, or treat infection.

In malignant growth, precision medicine utilizes specific data about an individual's cancer to assist with making a diagnosis, plan therapy, figure out how well therapy is functioning, or make a prognosis. Precision Medicine in Oncology draws together the fundamental research driving the field forward, furnishing oncology clinicians and trainees the same with an enlightening overview of the technology and thinking behind the breakthroughs presently being made.

The journey of precision medicine in oncology began with the completion of the Human Genome Project in 2003, which provided a comprehensive map of the human genome. This breakthrough allowed researchers to identify genetic alterations and mutations associated with different types of cancer, leading to a deeper understanding of the underlying mechanisms of the disease.

The end-users of the global oncology precision medicine market include healthcare providers, pharmaceutical companies, diagnostic centers, research & academic Institute and others.

The Covid-19 pandemic had a negative impact on the global oncology precision medicine market. During Coronavirus pandemic, there are reduced research and development activities for the drugs development and clinical trial activities for cancer treatment. The research & development activities for the medications to treat coronavirus contamination were on priority by vital participants in market that impacted on development of oncology precision medicine. A major consequence of the Covid-19 pandemic has been on clinical trials restrictions for reducing the coronavirus infection. However, the perception of precision medicine with modern advances and new technology permits the speed of research to accelerate, further breaking new position in cancer diagnostics.

The global oncology precision medicine market is segmented on the basis of product type, indication, end-user, and region & country level. Based on the product type, the global oncology precision medicine market is classified into diagnostics and therapeutics. Based on the indication, the market is classified into breast cancer, lung cancer, liver cancer, kidney cancer, cervical cancer, stomach cancer, colorectal cancer, prostate cancer and others. Based on the end-user, the global oncology precision medicine market is classified into hospital, diagnostics centers, research & academic institute and other.

The regions covered in global oncology precision medicine market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global oncology precision medicine is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Key Players for Global Oncology Precision Medicine Market Report-

Some major key players in the global oncology precision medicine market report cover prominent players like -

• AstraZeneca
• Invitae Corporation
• F Hoffmann-La Roche AG
• Thermo Fisher Scientific Inc.
• QIAGEN
• Quest Diagnostics
• Novartis AG
• Bristol-Myers Squibb
• Eli Lilly
• Illumina Inc.
• Laboratory Corporation of America Holdings
• others

Global Oncology Precision Medicine Market Segmentation:-

By Product Type:

• Diagnostics
• Therapeutics

By Indication:

• Breast Cancer
• Lung Cancer
• Liver Cancer
• Kidney Cancer
• Cervical Cancer
• Stomach Cancer
• Colorectal Cancer
• Prostate Cancer
• Others

By End-User:

• Hospital
• Diagnostics Centers
• Research & Academic Institute
• Other

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Growing Prevalence of Cancer, Rising Approvals of New Drugs for the Treatment and Increasing Advancement in Technology are Some of the Major Factors Driving the Growth of Global Oncology Precision Medicine Market

One of the major factors driving the growth of the global oncology precision medicine market is the growing prevalence of cancer. In cancer treatment, precision medicine utilizes specific data about an individual's cancer to assist with making a diagnosis, plan therapy, figure out how well therapy is functioning, or make prognosis. Hence, increasing prevalence of cancer drives global oncology precision medicine market over the forecast period.

For example; according to the World Health Organization (WHO), cancer is a main cause of death around the world, representing almost 10 million deaths in 2020. The most widely recognized in 2020 were: breast cancer has 2.26 million cases, lung cancer has 2.21 million cases, colon and rectum cancer has 1.93 million cases, prostate cancer has 1.41 million cases, skin cancer has 1.20 million cases, and stomach cancer has 1.09 million cases.

In addition, rising approvals of new drugs for the treatment are also supplementing the market growth. For example; as per the news published on September 22^nd, 2022, The FDA granted approval for a medication focusing on a specific genetic change that can drive cancer development called RET combination extra proof of precision medicine’s capability to carry effective therapies to patients with pancreatic cancer based on their tumor’s biology. RET represents rearranged during transfection, and the RET gene can erroneously join, or fuse, with different genes to deliver a protein that advances cancer development. The drug, called Retevmo (selpercatinib 40 mg and 80 mg containers), is a RET inhibitor that has been supported to treat particular kinds of thyroid or lung cancer. Presently it's accessible to patients with RET fusion-positive cancer, no matter what the location of their tumor.

Furthermore, the increasing advancement in technology also drives the global oncology precision medicine market. Also, rising usage of predictive biomarker for diagnostics and declining cost of genomic sequencing drive the global oncology precision medicine market over the forecast period.

However, the lack of education, expertise, and awareness for precision medicine implementation may hamper the global oncology precision medicine market growth. In spite of that, growing number of initiatives for precision oncology research provide various opportunities for the further growth of the global oncology precision medicine market.

North America is Expected to Dominate the Global Oncology Precision Medicine Market

North America is expected to dominate the global oncology precision medicine market due to the growing cases of lung cancer, rising awareness about cancer and presence of key players in the region. As the number of lung cancer patients increases that drive oncology precision medicine market over the forecast period. Lung cancer is the main reason of cancer death representing right around one fourth of yearly cancer deaths in the U.S. and the rest of the planet.

For example; according to the American Cancer Society, there will be approximately 236,000 new cases and about 130,000 deaths from lung cancer in the U.S. in 2022. Also, presence of key players drives the global oncology precision medicine market over the forecast period. For example; as per the news published on June 3^rd, 2022; GE Healthcare advances the fate of precision medicine in oncology with new innovation accomplices at #ASCO22. From early identification to remote monitoring and information sharing, GE Healthcare’s inventive set-up of diagnostic and therapy advancements are intended to help with further developing detection, clinical proficiency, functional effectiveness, and results for cancer patients.

The Asia Pacific is anticipated to grow faster in the global oncology precision medicine market within the forecast period due to increasing breast cancer cases, rising awareness regarding cancer and rising healthcare infrastructure. Increasing breast cancer cases in the region drive the oncology precision medicine market over the forecast period. For example; A new global study estimates that by 2030, the number of new cases of breast cancer in India will increase from the current 115,000 to around 200,000 per year.

News-

SEngine Precision Medicine Announced New Non-Small Cell Lung Cancer Study at Johns Hopkins University

On September 27^th, 2022; Engine Precision Medicine Inc., a Seattle-based precision oncology company revolutionized cancer treatments by pre-testing drugs on patient determined 3D cultures, is directing a Non-Small Cell Lung Cancer (NSCLC) learn at the regarded Johns Hopkins University. This study uses SEngine Precision Medicine’s high-throughput patient-determined organoid drug screening innovation to recognize novel therapeutic targets in moderate ALK+ NSCLC. This innovation is at presently utilized by SEngine Precision Medicine in other cancer review, as well as their signature item, the PARIS Test.

Another FDA Treatment Approval Underscores Promise of Precision Medicine

On September 22^nd, 2022; The FDA granted approval for a medication focusing on a specific genetic change that can drive cancer development - called RET combination extra proof of precision medicine’s capability to carry effective therapies to patients with pancreatic cancer based on their tumor’s biology. RET represents rearranged during transfection, and the RET gene can erroneously join, or fuse, with different genes to deliver a protein that advances cancer development. The drug, called Retevmo (selpercatinib 40 mg and 80 mg containers), is a RET inhibitor that has been supported to treat particular kinds of thyroid or lung cancer. Presently it's accessible to patients with RET fusion-positive cancer, no matter what the location of their tumor.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2022:	USD 55.40 Billion
Base year considered	2021
Forecast Period CAGR %:	11.2%
Market Size Expected in 2029:	USD 104.74 Billion
Tables, Charts & Figures:	175
Pages	300
Companies	AstraZeneca, Invitae Corporation, F Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., QIAGEN, Quest Diagnostics, Novartis AG, Bristol-Myers Squibb, Eli Lilly, Illumina, Inc., Laboratory Corporation of America Holdings, and others
Segments Covered	By Product Type, By Indication, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa.