Oncology Precision Medicine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 By Ecosystem (Precision Diagnostics, Precision Therapeutics, Applied Sciences, Digital Health, and Information Technology), Precision Diagnostics (Molecular Diagnostics v/s Medical Imaging), Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery & Research, Gene Therapy), A

Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format

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Oncology Precision Medicine Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 By Ecosystem (Precision Diagnostics, Precision Therapeutics, Applied Sciences, Digital Health, and Information Technology), Precision Diagnostics (Molecular Diagnostics v/s Medical Imaging), Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery & Research, Gene Therapy), A

The global oncology precision medicine market is expected to grow at an impressive CAGR in the forecast period, 2023-2027. Precision medicine represent the medical approach for the prevention of disease and diagnosis which is based on genetic, environmental, and behavioural variability. It helps in illnesses susceptibility prediction, diseases diagnosis, and progression, as well as medicine prescription. It assists in taking healthcare related decisions, improving quality care, and declining inefficiencies due to the trial-and-error is also augmenting the market growth. Precision medicine is widely utilized to diagnose the chromosomal abnormalities in the foetus and cancer and works for therapy for chronic diseases. The escalating demand of oncology precision medicine methods owing to the growing prevalence of cancer and the expanding number of treatment candidates in clinical trials are fueling the growth of the market.

Increasing Risk of Chronic Diseases in Geriatric Population Drives the Market Growth

Most cancer diagnoses occur in adults over the age of 65 years which demands the accurate treatment plan for this age group. Several oncologists use recommended and found at geriatric assessments to help in evaluating older patients and guide their cancer treatment planning. The concept of precision medicine extends beyond tumour-specific markers to incorporate host factors that are assessed as part of a routine geriatric assessment. Oncologists are always careful to stage the cancer in creating cancer treatment plans by giving the importance of staging the aging to ensure that cancer treatments are personalized to as per the patient condition. Assessing the health status of older adults is as important and essential to optimizing treatment as assessing tumour biology and should be included alongside other precision medicine initiatives. I applaud the authors on a well-written and insightful article on implementing geriatric assessment and encourage oncology providers to use geriatric assessments in the routine care of their older patients and to apply this knowledge to individualize their care of this growing and vulnerable population.

Rise in Use of Targeted Gene Therapy is Expected to Propel the Market Growth

Gene therapy considered as one of the most lucrative markets for precision medicine organizations. Genome sequencing is an unavoidable stage of gene therapy, the extensive investments that are being made in this field drives the growth of the precision medicine market. The increase in number of cancers is escalating the demand for gene therapy as an effective personalized treatment choice across the globe. The significant growth in the number of patients necessitates gene therapy as a potential treatment approach addressing the increasing global burden of the disease. With this, the expanding adoption of emerging genomic technologies, including NGS and high-density microarray, along with the several government initiatives is propelling the market growth.

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Market Segmentation

The global oncology precision medicine market is segmented into

Market Players

Novartis AG, F. Hoffmann-La Roche AG, Merck & Co., Inc., Danaher Corporation, Abbott Laboratories, Inc., Quest Diagnostics Inc, Eurofins Genomics LLC, Laboratory Corporation of America Holdings, Thermos Fischer Scientific, Inc., bioMérieux SA are the leading market players contributing the growth of the global oncology precision medicine market.

Attribute

Details

Base Year

2021

Historic Data

2017 â€“ 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

·         Ecosystem

·         Application

Regional scope

North America; Asia Pacific; Europe; South America; Middle East & Africa

Country scope

United States; Canada; Mexico; China; India; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Poland; Denmark; Brazil; Argentina; Colombia; Poland; Denmark; Saudi Arabia; South Africa; UAE; Iraq; Turkey

Key companies profiled

Novartis AG, F. Hoffmann-La Roche AG, Merck & Co., Inc., Danaher Corporation, Abbott Laboratories, Inc., Quest Diagnostics Inc, Eurofins Genomics LLC, Laboratory Corporation of America Holdings, Thermos Fischer Scientific, Inc., bioMérieux SA

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