by Oncology precision medicine involves the application of genomic technologies to understand a patient’s genetic profile and select appropriate targeted therapies. The growing awareness about precision medicine approach and advancements in high throughput sequencing technologies have enabled the discovery of several actionable genomic alterations. Oncology precision medicine offers effective targeted treatment options with fewer side effects than conventional chemotherapy. Advantages such as high response rates, improved survival outcomes, and quality of life have increased the adoption of precision therapies worldwide.
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.
Key Takeaways
Key players operating in the Oncology Precision Medicine are AstraZeneca, Novartis, Pfizer, Bristol-Myers Squibb, and Roche. These companies dominate the market and offer a diverse portfolio of targeted cancer drugs and companion diagnostics.
The key opportunities in the market include the development of new targeted drugs for cancer types with unmet needs, expanding indications for existing drugs, and combination therapies. Large pharmaceutical players are investing heavily in biomarker-driven clinical trials to identify new patient subsets that may benefit from precision medicines.
The global expansion of the oncology precision medicine market is supported by growing research collaborations, increasing awareness programs in developing nations, and favorable regulatory guidelines. The Asia Pacific region in particular presents lucrative opportunities for market players owing to the improving healthcare infrastructure and rising cancer burden in the region.
Market Drivers
The primary driver fueling the growth of the oncology precision medicine market is the rising incidence of various cancer types globally. Other major drivers include the growing focus on biomarker-driven drug development, increased healthcare expenditure on cancer care, and favorable reimbursement policies for companion diagnostics and targeted therapies in several countries. Additionally, continuous advancements in genomic technologies, big data analytics and artificial intelligence are also expected to aid the discovery and development of novel precision oncology solutions over the forecast period.
PEST Analysis
Political: Regulations regarding approval processes and pricing of precision oncology medicines which impacts revenue of pharmaceutical companies.
Economic: Healthcare spending trends and availability of funds with hospitals/insurance providers to purchase high priced precision oncology therapies.
Social: Changing lifestyle diseases, urbanization leading to rise in cancer cases. Growing awareness about available treatment options and precision therapies.
Technological: Advancements in fields of genomics, big data analytics and molecular diagnostic tests which help identify genetic mutations and guide targeted treatments. Developments in areas of bioinformatics and artificial intelligence as well.
North America accounts for the largest market share currently, due to developed healthcare infrastructure, favorable reimbursement policies and presence of major market players. The USA being the largest oncology market globally.
The Asia Pacific region is poised to be the fastest growing regional market owing to rising healthcare expenditure, large patient population, growing economy and increasing focus of global market players on emerging countries like China and India. Nations like Japan, South Korea, China and India are witnessing rapid economic expansion and witnessing growing middle class with greater affordability and access to advanced oncology therapies.
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
About Author - Alice Mutum
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
