Oncology Precision Medicine Market to Be Dominated by Precision Therapeutics Segment Through 2027
Extensive investments on
R&D activities across the globe is expected to accelerate the market growth
in the forecast period, 2023-2027.
According to TechSci Research report, “Oncology precision medicine Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, the global Oncology precision medicine market is
anticipated to witness a growth of steady CAGR in the forecast period,
2023-2027. Precision medicine refers to a new approach to disease prevention
and management that is gaining traction across the globe. It includes
individually personalized approaches such as predictive diagnosis,
preventative, and treatment tactics as per the genetic makeup of a person and
genetic changes. Various drugs are created to target specific mutations
utilizing these methodologies, which further offers better treatment and patient
outcomes. With this, the rising approval of drugs together with their companion
diagnostic assays, cost-effective DNA profiling, increasing cancer incidence
rates, and the introduction of data-driven healthcare are supporting the market
growth. Also, the elevating use of multi-omics in research, as well as the
penetration of high-throughput sequencing systems, is positively influencing
the precision medicine market. Precision medicine is estimated to witness the
growth in the developed regions as a result of enhanced healthcare
infrastructure and high research and development spending which fuels the
market growth. Precision medicine has made substantial technological
advancements in cancer treatment for certain types of cancer, including
colorectal cancer and breast cancer. The wide range of applications of
precision medicine mainly focus on enhancing oncological disease therapy. The
rising prevalence of cancer, as well as the growing number of medication
candidates in clinical trials for the disease, is a major factor driving the
segment's domination. The strong support of the government bodies in the form
of funding and the increase in genetic analysis are expected to drive the
market growth in the predicted years.
However, the emergence
of unfavorable conditions owing to the sudden outbreak of COVID-19 and strict
regulations and standards are some of the significant restraining factors for
the market..
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on "Global Oncology Precision Medicine Market"
The global oncology precision
medicine market is segmented into ecosystem,
application, and regional distribution.
Based on the ecosystem, the
market is divided into precision diagnostics, precision therapeutics, applied
sciences, digital health, and information technology. Precision therapeutics
segment is expected to hold the greatest share in the market in the forecast
period, 2023-2027. This is attributed to the continuous growth in precision
therapeutics for the targeted treatment of conditions such as cancer and
genetic diseases. Based on this, the market is further divided into clinical
trials, cell therapy, drug discovery & research, gene therapy. In this drug
discovery segment is dominating owing to the growing research and development
initiatives by private and public companies to develop innovative as well as
novel drugs.
Leading market players
operating in the global oncology precision medicine
market are:
- Novartis AG
- F. Hoffmann-La Roche AG
- Merck & Co., Inc.
- Danaher Corporation
- Abbott Laboratories, Inc.
- Quest Diagnostics Inc
- Eurofins Genomics LLC
- Laboratory Corporation of America
Holdings
- Thermos Fischer Scientific, Inc.
- bioMérieux SA
DOWNLOAD FREE SAMPLE REPORT
Customers can also
request for 10% free customization on this report.
“Advancements in cancer biologics along
with the development of novel therapeutics approaches such as gene therapy for
the treatment of cancer and rising number of patients undergoing predictive
diagnosis will continue to propel the market growth. With this, the growing
number of portfolios of precision medicine drugs which offers lucrative
opportunities to the leading market players. Numerous companies, government,
and private research institutes involved in the industry has been significantly
growing. In addition to this, the technological breakthroughs in big data,
genomic testing, and artificial intelligence (AI) allow to avail the huge
medical data that can further used in precision medicine research. Extensive
investment in precision medicine from the key pharmaceutical companies is
supporting the market growth. The tireless efforts of the scientist to analyze
the genetic biomarkers and human genome that provide positive outcomes for
precision medicine is projected to stimulate the market growth till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Oncology Precision
Medicine Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027
By Ecosystem (Precision Diagnostics,
Precision Therapeutics, Applied Sciences, Digital Health, and Information
Technology), Precision Diagnostics (Molecular Diagnostics v/s Medical Imaging),
Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery &
Research, Gene Therapy), Applied Sciences (Genomics, Pharmacogenomics, Others),
Digital Health, and Information Technology (Clinical Decision Support Systems
(CDSS), Big Data Analytics, Genomics Informatics, In-Silico Informatics,
Others), By Application (Solid Tumor v/s Hematological Malignancies), Solid
Tumor (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Others),
Hematological Malignancies (Hodgkin Lymphoma, Non-Hodgkin Lymphoma, Leukemia,
Others), and By Region”, has evaluated the future growth potential of global oncology
precision medicine market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global oncology
precision medicine market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com