This report provides a detailed analysis of Oncology Precision Medicine Industry. The global oncology precision medicine market is expected to reach $64.66 Billion by 2027.
F. Hoffmann - La Roche Ltd
Eli lily and Co.
Over the years, the burden of cancer continues to grow globally, creating substantial pressure on patients, their families, communities and healthcare systems. Hence, precision medicine has been derived as a global healthcare approach, systematically using patient data to inform personalized treatment decisions. Precision medicine, a blend of molecular biology techniques and system biology, is an emerging approach in the medication and prevention of cancer. Prominently, around the world, oncology precision medicine has emerged as potentially transformative, offering promising superior treatment outcomes for all cancer patients.
COVID-19 disrupted Progress in Oncology Precision Medicine Market:
Globally, the COVID-19 pandemic has severely impacted healthcare. Having a major impact for people living with cancer, the pandemic posed a unique set of challenges, despite extraordinary advancements in precision medicine in helping reduce cancer mortality over the past years. The pandemic yielded early detection, workup, treatment, and biomarker testing trials, and interrupted initiatives intended to extend access to targeted remedies that can improve patient consequences. However, with the ongoing vaccination program, the industry is gaining pace.
Global Oncology Precision Medicine Market is expected to grow at a CAGR of 11.6% during 2021-2027
Precision medicine, a novel approach to the treatment and prevention of cancer, uses a patient's complete medical profile from genetic data, medical history, environmental factors, and even lifestyle. Further, precision medicine aims to create a customized and unique treatment and prevention protocol for every patient. Hence, precision medicine has become known as personalized medicine as well. Besides, the concept of precision medicine with recent advances and new technology allows the pace of research to accelerate, further breaking new ground in cancer diagnostics.
Major Indications Involving the Oncology Precision Medicine Market:
In the last two decades, knowledge of cancer has improved vastly, revealing huge differences among cancer types and between patients of the same cancer type. Further, it highlights the need for and the promise of tailoring cancer care to handle individual patient characteristics through precision medicine. In the report, the publisher has studied significant indications involving the Oncology Precision Medicine market, such as lung cancer, stomach cancer, colorectal cancer, breast cancer, prostate cancer, liver cancer, esophagus cancer, cervical cancer, kidney cancer and bladder cancer.
Worldwide Oncology Precision Medicine Market Size was US$ 33.40 Billion in 2021
The vision for precision medicine in cancer is transformative. Hence, precision medicine aims to deliver superior outcomes for all cancer patients and ultimately reduce the suffering caused by cancer. Further, fuelled by significant indications, cancer treatment is increasingly shifting towards precision medicine, a healthcare approach that systematically utilizes patient data to inform personalized treatment decisions. By Product Type - Oncology Precision Medicine Market has been segmented into Diagnostics and Therapeutics. However, new therapeutic approaches are getting us closer to a future where cancer becomes a curable disease.
North America the most dominant Market Shareholder
In the long term, regions of North America, Europe, Asia Pacific, Latin America and the Middle East & Africa have evolved further to harness comprehensive precision medicine to drive additional improvements in patient outcomes. The presence of better healthcare infrastructure and massive expenditure on R&D makes North America the most dominant market shareholder. Notably, there have been significant advances in precision medicine in North America for specific types of cancer treatments, such as colorectal cancer and breast cancer.
Furthermore, Asia- Pacific's market share in the oncology precision medicine market is expected to grow due to advancing awareness about the consequence of precision medicine for the treatment of various types of cancer and rising income and expenditure on healthcare.
Key Companies in the Global Precision Medicine Industry:
The Oncology Precision Medicine Market is highly competitive. Further, excitement from pharmaceutical companies also puts a focus on technological breakthroughs over health policy. Hence, several national initiatives to deliver on the promise of precision medicine in oncology exist. The report has covered companies like F. Hoffmann - La Roche Ltd, Novartis AG, Bristol-Myers Squibb, Eli Lily and Co. and AstraZeneca that hold substantial shares in the market. These companies increase their market presence by introducing new technologies at affordable prices with technological advancements and product innovations.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. Oncology Precision Medicine Market
6. Market Share - Oncology Precision Medicine Market
6.1 By Product Type
6.2 By Indication
6.3 By End Users
6.4 By Region
7. Product Type - Oncology Precision Medicine Market
8. Indication - Oncology Precision Medicine Market
9. End Users- Oncology Precision Medicine Market
10. By Region- Oncology Precision Medicine Market
11. Porters Five Forces
12. Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/8qewzq
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005852/en/
Laura Wood, Senior Press Manager
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