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Personalized Cancer Treatment Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Personalized Cancer Treatment Market Trends
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According to The Business Research Company's, The personalized cancer treatment market size has grown rapidly in recent years. It will grow from $163.95 billion in 2023 to $181.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to advancements in genomics and molecular biology, increasing prevalence of cancer, a rise in personalized medicine adoption, growing awareness about cancer treatment options, and improved cancer diagnostics and monitoring technologies.
The personalized cancer treatment market size is expected to see rapid growth in the next few years. It will grow to $237.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to the expansion of targeted therapies, advancements in AI and machine learning for treatment planning, increasing investment in cancer research, growing demand for precision medicine, and the development of new biomarkers for personalized treatments. Major trends in the forecast period include the rising use of combination therapies, increased integration of digital health tools, growth in the adoption of liquid biopsy techniques, expansion of immunotherapy options, and enhanced focus on patient-centric care models.
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Market Drivers and Trends:
The increasing cancer prevalence is expected to propel the growth of the personalized cancer treatment market going forward. The rise in cancer is largely attributed to increasing life expectancy, which leads to more people reaching an age where cancer is more common and growing exposure to risk factors such as tobacco, alcohol, and obesity. Personalized cancer treatments provide targeted and effective therapies to manage diverse cancer types and stages, and this growing burden stimulates investment and innovation in precision medicine, aiming to improve patient outcomes through customized treatment plans. For instance, in February 2024, according to the World Health Organization, a Switzerland-based United Nations agency dedicated to global health and safety, the global cancer burden is projected to rise significantly, with an anticipated 77% increase in new cancer cases, reaching over 35 million by 2050 compared to 20 million in 2022. Therefore, increasing cancer prevalence is driving the growth of the personalized cancer treatment market.
Major companies operating in the personalized cancer treatment market are focusing on developing innovative solutions, such as artificial intelligence (AI)-enabled multimodal immune profile algorithmic tests, to predict patient responses to immunotherapy and improve personalized treatment strategies. An AI-enabled multimodal immune profile algorithmic test analyzes multiple types of data, including genomic, transcriptomic, and clinical biomarkers, to assess a patient's immune profile and predict their response to immunotherapy to help stratify patients and guide personalized cancer treatments. For instance, in July 2024, Tempus AI, Inc., a US-based health technology company, launched its AI-enabled multimodal immune profile algorithmic test (IPS), marking its first offering in the immunotherapy diagnostics space. The test, available for research use only (RUO), assesses a range of immunotherapy-related biomarkers to generate a score that helps predict patient response to immunotherapy, supporting personalized cancer treatment. The AI-driven immunotherapy-focused diagnostics enhance patient stratification and treatment selection in oncology.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche, Merck & Co. Inc., Bristol Myers Squibb Company, Thermo Fisher Scientific Inc., AstraZeneca Plc, Novartis AG, BioNTech SE, Illumina Inc., Artera, Exact Sciences Corporation., Moffitt Cancer Center, Myriad Genetics, NeoGenomics Laboratories, Guardant Health, Caris Life Sciences, Tempus AI Inc., Foundation Medicine, Immatics, Fate Therapeutics, CureVac AG, TScan Therapeutics, CureMetrix, PDC*line Pharma
Personalized Cancer Treatment Market 2024 Key Insights:
• The personalized cancer treatment market size is expected to see rapid growth in the next few years. It will grow to $237.92 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Surge In Cancer Prevalence Fuels Expansion Of Personalized Cancer Treatment Market
• AI-Driven Analytics Revolutionizing Personalized Cancer Treatment
• North America was the largest region in the personalized cancer treatment market in 2023
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