Precision Oncology Market Leading Player 2022-28

The global precision oncology market size was valued at USD 49.5 billion in 2021 and is poised to grow at a significant CAGR of 10.1% during the forecast period 2022-28.. Molecular profiling of tumors is done using precision oncology to find targetable mutations. Based on the molecular features of a cancer situation, an efficient therapy regimen can be created. Numerous genetic signatures are most effectively used as biological markers for diagnostics in order to follow the development of various cancer kinds as well as their adaptive changes in response to a specific treatment plan. In contrast to the standard laboratory-based biochemical testing, the adaptive application of machine learning and artificial intelligence (AI & ML) in oncology research employing genomic databases offers a deeper understanding and ease for developing a therapeutic approach.

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Precision Oncology Market Growth Factors:
New precision drugs are expected to take less time and money to produce as a result of developments in big data analysis and the information technology sector. The development of novel precision drugs will make it simpler to write the right prescription for patients, improving their health in the process. Numerous diagnostic and genetic tests that will be performed in order to provide precision medications will produce a vast amount of useful data that will be required for the development of customized prescriptions. Doctors can now practice precision medicine because big data analysis and information technology can crunch, analyze, and store the necessary data. The key market participants who are developing bioinformatics technology for applications in precision medicine research are given financial support by the government.

Additionally, greater efforts to define genes, growing online collaboration forums and developments in cancer biology are all aspects that are fueling the expansion of the market under study. As the prevalence of life-threatening medical disorders including cancer and rare diseases has increased over the past few years, numerous gene treatments, diagnostics, and medications have been introduced in this field.

Precision Oncology Market Segmentation:
1) By Type: Consumable, Instruments, Services.
2) by End User: Pharmaceuticals Companies, Biotechnology Companies, Diagnostic Companies, CROs.

Precision Oncology Market Regional Analysis:
The North American precision medicine market accounted for a sizeable revenue share because of the rising incidence of cancer and genetic disorders, the expanding usage of precision medicine techniques, and the existence of well-known businesses like Qiagen, Pfizer, Quest Diagnostics, and Roche. According to the American Cancer Society, cancer is the leading cause of death in Canada and the second leading cause of death in the US. In the United States, 1.9 million new cases of cancer were found in 2020. Industry income in the region will be fueled by the high level of precision medical expertise in the area and the growing need for personalized cancer treatment.

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Key player's in the precision oncology market report are Eagle Genomics, ASEBIO, Menarini Silicon Biosystems, NanoString Technologies, Inc., NeoGenomics, QIAGEN, Tepnel Pharma Services

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