Press release
Precision Oncology Market Top Players- 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 growth of the market is being fueled by enhanced efforts to map genes, the rise of online collaborative platforms, and advancements in cancer biology. The increasing prevalence of life-threatening medical conditions, such as cancer and rare diseases, has led to the development of a wide range of 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, a trend expected to drive the demand for precision medicine and further support market growth.
Moreover, advancements in cell biology and technological innovations are accelerating the progress of the industry. For instance, in May 2021, AdventHealth launched 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 the expansion of the market.
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:
The growth of the market is primarily driven by technological advancements and the increasing accessibility of innovative solutions. For instance, in November 2021, the Cleveland Clinic enhanced its advanced genomic testing platform, establishing it as the standard of care for cancer patients. This enhancement includes whole-exome sequencing, which analyzes all DNA segments involved in protein production, and RNA sequencing, which studies how these proteins are encoded. The market is anticipated to experience significant growth during the forecast period, propelled by developments in precision medicine and diagnostics, as well as transformative innovations such as Next-Generation Sequencing (NGS) and large-scale genomic data analysis.
Challenges:
One of the main challenges faced by the market is the limited insurance coverage for genetic testing, which is crucial for identifying mutations before prescribing precision medicine. To fully integrate precision medicine into standard healthcare practices, medical professionals will require a comprehensive understanding of molecular genetics and biochemistry. Despite the strong correlations between genetic profiles and disease risk or treatment response, the perceived lack of clinical utility in some tests continues to be a significant barrier to securing insurance coverage.
Regional Trends:
North America commands the largest market share and is expected to experience a notable compound annual growth rate (CAGR) during the forecast period, driven by the growing demand for precision oncology in well-established healthcare systems. Furthermore, the increasing adoption of precision oncology within the healthcare infrastructure in the United States is generating substantial growth opportunities. Advancements in gene mapping technologies, which are vital for 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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