NEW YORK, United States, May 26, 2024 (GLOBE NEWSWIRE) — The global precision oncology market size is expected to expand from USD 98.5 billion in 2023 to USD 260.5 billion by 2033, at a compound annual growth rate (CAGR) of 10.21% during the forecast period.
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Precision oncology is an innovative approach to cancer treatment that ensures treatments specifically designed and targeted for unique forms of cancer. The goal of precision medicine is to deliver the right dose to the right patient at the right time. It utilizes genetics to guide cancer prevention and treatment to maximize positive outcomes and minimize adverse events. The use of CE marked AI-enabled products, innovative tools for radiological image analysis, has improved diagnostics compared to standard care, enabling precision diagnosis of cancer, ultimately increasing the efficiency of the healthcare system. Furthermore, improved ability to investigate beyond single DNA alterations to influence tumor behavior and represent targets for new therapeutic agents is evident due to rapid improvements in technology. According to global statistics for 2022, the increasing prevalence of cancer is driving the market demand for precision oncology. Increasing technological advancements and innovations will help accelerate progress against cancer. The growing demand for personalized medicine due to fewer side effects will drive the market growth. On the contrary, the high cost of precision medicine due to expensive genetic tests and targeted therapies and immunotherapy are hindering the market.
Browse 200 pages of key industry insights and 110 market data tables, charts and graphsGlobal Precision Oncology Markett Size, share, COVID-19 impact analysis, By product type (therapeutic and diagnostic drugs), by cancer type (breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, gastric cancer, etc.), by end user (hospitals, diagnostic centers, research and academic institutions, etc.), “And by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033”
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The therapeutic segment will dominate the market with the largest revenue share throughout the forecast period.
Based on product type, the global precision oncology market is bifurcated into therapeutic and diagnostic. Of these, the therapeutic segment dominates the market with the largest revenue share throughout the forecast period. Precision oncology-based treatments offer a customized approach based on the unique genetic profile of each patient’s cancer. The development of several targeted drugs and the rise in tumor agonist therapies are expected to drive the market growth.
In 2023, the breast cancer segment dominated the global precision oncology market.
Based on cancer type, the global precision oncology market is classified into breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, gastric cancer, and others. Of these, the breast cancer segment dominated the global precision oncology market in 2023. With over 7.8 million confirmed cases in the past five years, breast cancer is the most common cancer worldwide. The introduction of new technologies and increasing awareness about the disease are driving the breast cancer segment market.
The hospital segment is expected to hold the largest market share throughout the forecast period.
Based on end user, the global precision oncology market is segmented into hospitals, diagnostic centers, research & academic institutes, and others. Of these, the hospitals segment is expected to hold the largest market share throughout the forecast period. Hospitals are well positioned to actively participate in clinical trials of new precision medicines and provide integrated precision oncology care.
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During the forecast period, North America will dominate the market with the largest market share.
North America dominates the market with the largest market share during the forecast period. The increasing number of cancer patients and increasing research activities for treatment development are expected to drive the market growth. The presence of several market players such as Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., and Laboratory Corporation of America Holding, play a role in driving the market in this region. Furthermore, increasing healthcare costs and development of new diagnostic software platforms are also driving the market in this region.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period. The growing awareness of precision oncology for cancer treatment is driving the market in this region. The presence of a well-developed biotechnology sector along with the continuous development of medical facilities is driving the market.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. It also provides a detailed analysis focusing on the current news and developments of the companies, such as product development, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. The key vendors in the global precision oncology market are Thermo Fisher Scientific Inc., Variantyx, Inc., Invitae Corporation, Rain Oncology Inc., Strata Oncology, Inc., Qiagen NV, Illumina, Inc., Relay Therapeutics, Acrivon Therapeutics, Laboratory Corporation of America Holding, Xilis, Inc., Bioserve, Novartis AG, Erasca Inc., and other major companies.
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Recent developments
- August 2022, Thermo Fisher Scientific has launched CE-IVD (IVDD) next-generation sequencing testing and analysis software to expand access to precision oncology biomarker testing.
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the global precision oncology market based on the following segments:
Global Precision Oncology Market, Product Type
Global Precision Oncology Market, Cancer Types
- breast cancer
- lung cancer
- Colorectal cancer
- Prostate cancer
- Skin cancer
- stomach cancer
- others
Global Precision Oncology Market, End Users
- hospital
- Diagnostic Center
- Research and academic institutions
- others
Global Precision Oncology Market, Regional Analysis
- North America
- Europe
- Germany
- England
- France
- Italy
- Spain
- Russia
- Other Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- south america
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Other Middle East and Africa
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