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Precision Oncology Market Top Companies Study - Thermo Fisher Scientific Inc.; Invitae Corporation, Qiagen N.V.; Illumina, Inc.; Laboratory Corporation of America Holding.
Precision Oncology Market
The global Precision Oncology market is estimated to reach over USD 230.71 billion by 2031, exhibiting a CAGR of 10.68% during the forecast period.
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The expansion of the market is being driven by increased efforts to define genes, the rise of online collaborative platforms, and advancements in cancer biology. The growing prevalence of life-threatening medical conditions, such as cancer and rare diseases, has led to the introduction of numerous gene-based therapies, diagnostics, and treatments in recent years. According to the Globocan 2021 fact sheet, the number of new cancer cases is projected to reach 21.8 million by 2025. This increase in cancer incidence is expected to drive demand for precision medicine, thereby supporting market growth.
Additionally, advancements in cell biology and technological innovations are contributing to the industry's progress. For example, in May 2021, AdventHealth announced the launch of a data-driven precision medicine initiative as part of the expansion of its genomics program. This initiative aims to organize and integrate longitudinal patient data with molecular testing results, creating a comprehensive dataset and disease network models. These models will enhance the healthcare system's ability to predict disease onset and treatment response, further driving market expansion.
List of Prominent Players in the Precision Oncology Market:
• Acrivon Therapeutics
• AstraZeneca
• Bioserve
• Bristol-Myers Squibb
• Eli Lilly
• Exact Sciences Corporation
• F Hoffmann-La Roche AG
• Illumina, Inc.
• Invitae Corporation
• Laboratory Corporation Of America Holding
• Novartis AG
• Qiagen N.V.
• Quest Diagnostics
• Rain Oncology Inc.
• Relay Therapeutics
• Strata Oncology, Inc.
• Thermo Fisher Scientific Inc.
• Variantyx, Inc.
• Xilis, Inc.
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Market Dynamics
Drivers:
Key drivers of market growth include technological advancements and increased access to innovative solutions. For example, in November 2021, the Cleveland Clinic enhanced its advanced genomic testing platform, establishing it as a standard of care for cancer patients. This expanded capability includes whole-exome sequencing, which analyzes all DNA segments involved in protein production, and RNA sequencing, which examines how these proteins are encoded. The market is expected to experience significant growth during the forecast period, driven by advancements in precision medicine and diagnostics, along with transformative innovations such as Next-Generation Sequencing (NGS) and large-scale genomic data analysis.
Challenges:
A significant challenge facing the market is the lack of insurance coverage for genetic testing, which is essential for identifying mutations before prescribing precision medicine. To integrate precision medicine into standard healthcare practices, medical professionals will need a deep understanding of molecular genetics and biochemistry. Despite strong correlations between genetic profiles and disease risk or treatment response, the perceived lack of clinical utility in some tests remains a key barrier to obtaining insurance coverage.
Regional Trends:
North America holds the largest market share and is expected to achieve a substantial compound annual growth rate (CAGR) during the forecast period, driven by increasing demand for precision oncology in established healthcare systems. Furthermore, the rising adoption of precision oncology within healthcare infrastructure in the United States is creating significant growth opportunities. Advances in gene mapping technologies, which are critical to the domestic industry's expansion, are expected to enable the Americas to maintain a dominant position in the global precision medicine market throughout the forecast period.
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Recent Developments:
• In December 2022, By the end of 2023, according to Roche, a medication for the uncommon autoimmune condition neuromyelitis optica spectrum disease (NMOSD) would be available in India. Precision medicine is the emphasis of this medication.
Segmentation of Precision Oncology Market-
By Product Type-
• Diagnostics
• Therapeutics
By Cancer Type-
• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Prostate Cancer
• Lung Cancer
• Others
By End Use -
• Hospitals & Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• Healthcare Data Companies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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