Oncology Precision Medicine Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Oncology Precision Medicine Market Outlook

Oncology Precision Medicine Market size is projected to surpass US$ 123.44 Billion by 2028, according to Renub Research. 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.

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.

Renub Research latest 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 – Market have been covered from 11 viewpoints:

1.    Lung Cancer
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

End Users – Market have been covered from 4 viewpoints:

1.    Hospitals
2.    Diagnostic Centers
3.    Research & Academic Institutes
4.    Others

Region – Market have been covered from 6 viewpoints:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    United Kingdom
2.2    France
2.3    Germany
2.4    Italy
2.5    Spain
2.6    Others in Europe

3.    Asia Pacific

3.1    Japan
3.2    China
3.3    Korea
3.4    Others in Asia Pacific

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina
4.4    Colombia
4.5    Others in Latin America

5.    Middle East &Africa

5.1    Saudi Arabia
5.2    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 Ltd
2.    Novartis AG
3.    Bristol–Myers Squibb
4.    Eli lily and Co
5.    Astrazeneca

Report Details: