The precision medicine concept is a systematic process aiming to achieve victory over a disease such as cancer. Cancer is the major focus of various precision medicine initiatives, and precision oncology centers around matching the most accurate and precise treatment to each cancer patient on the basis of an individual's matching genetic profile that could ultimately let them benefit from the treatment offered.
The global oncology precision medicine market was valued at $45,174.2 million in 2020 and is expected to reach $1,28,891.6 million by 2031, growing at a CAGR of 10.05% during the forecast period 2021-2031.
Factors fueling the growth of the market include increasing incidence of cancer globally, decreasing trial and error-based drug prescription through pharmacogenomics, increasing usage of predictive biomarkers for cancer diagnostics, and rapid technological advancements related to oncology precision medicine.
Global Oncology Precision Medicine Market, Market Dynamics
Oncology Precision Medicine Market: Segmentation
The market is segmented between Ecosystem and Application, further it is segmented by Regions.
Market Segmentation
• Ecosystem - Precision Therapeutics, Applied Sciences, Digital Health and Information Technology, Precision Diagnostics
• Application - Solid Tumor and Hematological Malignancies
Regional Segmentation
• North America: U.S., Canada
• Europe: Germany, France, Italy, U.K., Spain, and Rest-of- Europe
• Asia-Pacific: Japan, China, India, Australia, South Korea, and Rest-of-Asia-Pacific
• Latin America: Brazil, Mexico, and Rest-of-Latin America
• Rest-of-the-World
Competitive Landscape
The exponential rise in the prevalence of cancer globally has created a buzz among companies to invest in oncology precision medicine.
Based on region, North America holds the largest share, owing to rising cancer prevalence and improvised regulatory policies pertaining to precision oncology in the region. However, the Asia-Pacific and Europe regions are anticipated to grow at the fastest CAGR during the forecast period.
Key Companies Profiled
Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., Pacific Biosciences of California, Inc., PerkinElmer Inc., QIAGEN, Thermo Fisher Scientific Inc., BGI Group, ASURAGEN, INC., Almac Group Ltd., MDxHealth, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Gilead Sciences, Inc., Myriad Genetics, Inc., OPKO Health, Inc., Quest Diagnostics Incorporated, Novartis AG
Key Questions Answered in this Report:
• How is each segment of the market expected to grow during the forecast period 2021-2031, and what is the anticipated revenue to be generated by each segment?
• What are the major market drivers, restraints, and opportunities in the global oncology precision medicine market?
• What are the underlying structures resulting in the emerging trends within the global oncology precision medicine market?
• How is each segment of the global oncology precision medicine market expected to grow during the forecast period, and what will be the expected revenue generated by each of the segments by the end of 2031?
• What are the key developmental strategies implemented by the major players to sustain in the competitive market?
• What are the key regulatory implications in developed and developing regions for oncology precision medicine?
• Who are the leading players with significant offerings to the global oncology precision medicine market? What is the current market dominance for each of these leading players?
• What would be the compound growth rate witnessed by the leading players in the market during the forecast period 2021-2031? Which ecosystem in the oncology precision medicine type has the most promising growth?
• What are the best applications employed in the global oncology precision medicine market? Which is the dominating application?
• Who are the key manufacturers in the global oncology precision medicine market, and what are their contributions? Also, what is the growth potential of each major oncology precision medicine manufacturer?
• What is the scope of the global oncology precision medicine market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World? Which oncology precision medicine technology and end user dominate these regions?
• What are the emerging trends in the global oncology precision medicine market? How are these trends revolutionizing the diagnostic procedure?
• Which technologies are anticipated to break through the oncology precision medicine regimen?
• Which companies are anticipated to be highly disruptive in the future and why?
• What are the regulatory procedures that are required to unify the approval process for the emerging oncology precision medicine market? How will these enhance the reimbursement scenario?
• What are the gaps in regularizing oncology precision medicine adoption in regular healthcare routines? How are these gaps being tackled?
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Within the research report, the market has been segmented based on ecosystem, application, and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
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