Precision Oncology Market to Surge at 10.68% CAGR by 2031 | Industry Size, Share Analysis and Competitive Trends | By Product Type, Cancer Type and End-User

The global Precision Oncology market is anticipated to exceed USD 230.71 billion by 2031, with a compound annual growth rate (CAGR) of 10.68% during the estimated forecast period.

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The market's expansion is being driven by an increase in online collaboration forums, attempts to define genes, and advancements in cancer biology. Despite the increased prevalence of life-threatening medical disorders, such as cancer and rare diseases, in recent years, a plethora of gene remedies, diagnostics, and medications have been developed in this field. For example, the Globocan 2021 fact summary predicts that there will be an additional 21.8 million cases of cancer by 2025. It is anticipated that the demand for precision medicine will increase as a result of the increasing number of cancer cases, which will, in turn, drive the market's expansion.

In addition, advancements in technology and cell biology are spurring the industry's growth under examination. For example, AdventHealth will implement a data-driven precision medicine initiative as part of its genomics program's expansion in May 2021. This initiative aims to organize and integrate longitudinal patient data with molecular testing data, resulting in the development of a dataset and disease network models that will assist the healthcare system in more accurately predicting the commencement of diseases and their anticipated therapeutic responses. Consequently, these advancements are promoting the growth of the market under investigation.

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List of Key Players in the Precision Oncology Market-

• Rain Oncology Inc.
• Strata Oncology, Inc.
• AstraZeneca
• Bioserve
• Acrivon Therapeutics
• Bristol-Myers Squibb
• Exact Sciences Corporation
• F Hoffmann-La Roche AG
• Thermo Fisher Scientific Inc.
• Eli Lilly
• Illumina, Inc.
• Invitae Corporation
• Laboratory Corporation Of America Holding
• Relay Therapeutics
• Qiagen N.V.
• Novartis AG
• Quest Diagnostics
• Xilis, Inc.
• Variantyx, Inc.

Market Dynamics:

Drivers-
The accessibility of new technology and innovation significantly influences the market's expansion. In November 2021, the Cleveland Clinic, for example, expanded its advanced genomic testing platform as a standard of treatment for cancer patients. Whole-exome and RNA sequencing are employed in this enhanced capacity to screen tumour samples. Whole-exome sequencing analyzes every piece of DNA in the genes responsible for producing proteins in the body, while RNA sequencing evaluates the encoding of these proteins, due to advancements in precision diagnostics and pharmaceuticals, as well as game-changing innovations such as Next Generation Sequencing (NGS) and big genomic data.

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Challenges:

Insurers do not provide coverage for genetic testing, which is essential for analysing mutations before the prescription of precision medicine. For precision medication procedures to become a standard component of healthcare, medical professionals and other healthcare professionals must possess a comprehensive understanding of molecular genetics and biochemistry. Although there is evidence of substantial correlations between genotype and the risk of illness or the efficacy of treatment, several tests' dearth of clinical value appeared to be the determining factor in their coverage.

Regional Trends:
North America possessed the most significant market share. It is anticipated that Precision Oncology will experience a substantial CAGR during this period, as it is becoming increasingly in demand in well-established end-user activities. Moreover, the expanding domestic and industrial construction activity in the United States will provide Precision Oncology with profitable opportunities in the roofing plans industry. The Americas are expected to maintain complete control of the global precision medicine market during the forecast period as a result of advancements in gene mapping technologies, which are essential for the growth of the domestic industry.

Segmentation of Precision Oncology Market-

By Product Type-
• Therapeutics
• Diagnostics

By Cancer Type-
• Colorectal Cancer
• Breast Cancer
• Prostate Cancer
• Cervical Cancer
• Lung Cancer
• Others

By End Use -
• Pharmaceutical & Biotechnology Companies
• Healthcare Data Companies
• Hospitals & Diagnostic Laboratories

By Region-
North America-
• The US
• Mexico
• Canada

Europe-
• The UK
• Rest of Europe
• Germany
• Spain
• France
• Italy

Asia-Pacific-
• Rest of Asia Pacific
• Japan
• India
• South Korea
• China
• South East Asia

Latin America-
• Rest of Latin America
• Brazil
• Argentina

Middle East & Africa-
• Rest of Middle East and Africa
• GCC Countries
• South Africa

Recent Developments:

• In December 2022, Roche announced that a medication for the rare autoimmune condition neuromyelitis optiprescribing (NMOSD) would be available in India by the end of 2023. This medication prioritizes precision medicine.

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This release was published on openPR.