Global Oncology Precision Medicine Market to Reach $148.66 Billion by 2030

The global oncology precision medicine market was estimated at $46.90 billion in 2019 and is projected to reach $148.66 billion by 2030, reveals a premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 11.21% during the period 2020-2030.

This evolution within precision medicine will have a profound impact on the biopharmaceutical industry, and multiple players from biopharma to diagnostics companies with multiple functions such as research and development to commercial operations will witness a change.

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With the adoption of big data analytics, the competitive advantage will shift among the companies with such capabilities within the field. However, the data collection, aggregation and impact generation for precision medicine should occur parallelly to allow efficient adoption of it within the ecosystem. Also, the translation of precision medicine into clinical care has lagged behind the pace of scientific discoveries and hence lack the implementation due to the missing evidence generated yet.

The growth of the precision medicine market over the last few years has been monumental. New technologies are rapidly being introduced, expanding the arsenal of tools accessible to support the development and adoption of precision medicine solutions over “one-size-fits-all” therapies.

Advancements in gene therapies, cell therapies, molecular biomarker analysis, and companion diagnostics, have the potential to transform medicine and increase the ability to treat and cure several intractable diseases. Advances in sequencing technologies and non-invasive diagnostics such as liquid biopsy and NIPT, have facilitated the acquisition of real-time data and gained interest for their usage in acquiring by exhibiting the biology of tumors and metastatic tissues.

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Key insights have been drawn from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The key players profiled in the report include Abbott Laboratories, Agilent Technologies, Inc., Almac Group Ltd., ANGLE plc, Asuragen, Inc., Bristol Myers Squibb, bioMérieux SA., BGI Group, Bio-Rad Laboratories, Inc F. Hoffmann-La Roche AG, Gilead Sciences, Inc. Illumina, Inc, Konica Minolta, Inc., Laboratory Corporation of America Holdings, MDx Health, Inc., Myriad Genetics, Inc., Novartis AG, Opko Health, Inc., Pacific Biosciences of California, Inc., Thermofisher Scientific, QIAGEN N.V., and Quest Diagnostics.

Insightful Questions Covered to Enable Companies to take Strategic Decisions
• What are the most common causes of cancer deaths globally?
• What are the emerging technologies that can take over the current technologies for molecular diagnosis within the oncology precision medicine market?
• How are the key market players performing research investments in the respective market?
• Who are the upcoming start-ups within the oncology precision medicine market and their funding scenario?
• What are the key development strategies implemented by the key players to stand out in this market?
• How have the strategic collaborations among the key players and academia, providing a push to product development within the oncology precision medicine market?
• What are the regulations pertaining to precision medicine in oncology among different regions and their impact on the respective market?
• What are the initiatives implemented by different government bodies regulating the development and commercialization of oncology precision medicine products and associated platforms?
• How has COVID-19 impacted the oncology precision medicine market?
• How will the urgency of the pandemic influence the global oncology precision medicine market?
• What are the leading companies dominating the global oncology precision medicine market?
• What is the reimbursement scenario of the products offered in the global oncology precision medicine market?
• Based on the application area, which global oncology precision medicine market application area is anticipated to witness a massive rise in demand in the forecast period?
• How is each segment of the global oncology precision medicine market expected to grow during the forecast period, and what is the revenue expected to be generated by each of the segments by the end of 2030?
• How is the global oncology precision medicine industry anticipated to evolve during the forecast period 2020-2030?
• What are the leading trends and consumer preferences witnessed in the global oncology precision medicine market?

BIS Research Related Market Studies:

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About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies, and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.

BIS Healthcare vertical offers intelligence in the healthcare technology market for Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum. In the past five years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating Top 25 Voices in Precision Medicine on its Insight Monk platform for the past two years successfully.

This release was published on openPR.