Oncology Precision Medicine Market is expected to be around US$ 123.44 Billion by 2028, driven by advancements in genomic research, personalized treatment approaches, and the increasing integration of molecular diagnostics, offering targeted therapies tai
06 Oct, 2023

In a report titled "Oncology Precision Medicine Market, Size, Global Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" published recently by Renub Research, market share insights are included along with a thorough industry analysis. The report also includes research on regions, competitors, and the recent expansion of the Oncology Precision Medicine Market.

The Oncology Precision Medicine Market is anticipated to grow quickly, with a predicted CAGR of 10.50% between 2022 and 2028. The oncology precision medicine market is witnessing the transformative effect of adopting personalized medical procedures and the increasing integration of molecular diagnostics. These trends drive innovation in products and services, increasing the market to reach new patient populations. 

Precision medication, involving tailor-made cancer treatments based on individual genetic and molecular characteristics, utilizes molecular diagnostics to become aware of precise genetic mutations and signalling pathways driving tumour increase. This integration enhances understanding of cancer biology, improving extra-focused and effective treatments. As personalized approaches create new commercial enterprise possibilities, companies imparting precision medicine tests and treatments and helping services like data analytics and clinical trial management are well-established to thrive in this evolving landscape.

Moreover, genomic research is reshaping oncology precision medicine, introducing innovations like next-generation sequencing (NGS) for cost-effective identification of new genetic mutations. Liquid biopsy, a breakthrough non-invasive method, detects cancer cells and DNA in the bloodstream, enabling less invasive monitoring. These advances drive targeted therapies, as seen in lung cancer treatments addressing specific mutations for increased efficacy and reduced toxicity compared to traditional methods. Crucially, genomic strides lead to personalized cancer treatment plans, tailoring interventions based on individual genetic and molecular characteristics to improve outcomes while minimizing side effects.

Lung cancers have garnered significant attention in the oncology precision medicine market because of their molecular heterogeneity and varied genetic mutations.

Precision medicine enables tailored treatment strategies, considering specific genetic alterations in individual tumours. This approach identifies targeted therapies and immunotherapies, enhances treatment efficacy, and minimizes adverse effects. As lung cancer continues to be a leading cause of cancer-related deaths globally, the demand for personalized, precise interventions drives research and investment in oncology precision medicine.

Report Details:

Hospitals are unequivocally gaining dominance in the oncology precision medicine market due to their central role in patient care and treatment.

With the increasing adoption of precision medicine, hospitals are essential hubs for molecular diagnostics, genetic testing, and personalized treatment planning. This integrated approach enables healthcare providers to offer tailored therapies based on individual patients' genetic profiles. The hospital setting facilitates collaboration among multidisciplinary teams, ensuring seamless coordination in delivering precision oncology interventions and solidifying their pivotal role in advancing this transformative paradigm.

China oncology precision medicine market is set for sustained growth, driven by a rising cancer incidence and significant progress in genomic research.

The China oncology precision medication market is poised for continued growth, fuelled by factors such as the country's high cancer incidence rates, with an estimated 4.57 million new cases diagnosed and a growing awareness of precision medicine. The Chinese government's support, exemplified by the "Precision Medicine Initiative" launched in 2015, further accelerates the development and adoption of precision medicine technologies. With the increasing availability of precision medicine tests and treatments from domestic and international companies, expanding the market creates opportunities for businesses, particularly those involved in developing precision medicine solutions and supporting services like data analytics and clinical trial management.

Competitive Landscape

The most prestigious companies operating in the oncology precision medicine market are F. Hoffmann-La Roche Ltd., Novartis AG, Bristol-Myers Squibb, Eli Lilly and Co., and AstraZeneca.

Market Summary

• Indication - The report analyses the Oncology Precision Medicine Market by indication from eleven different angles (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Esophagus Cancer, Cervical Cancer, Kidney Cancer, Bladder Cancer, and Other Cancers).
• End-User - Renub Research report on the Oncology Precision Medicine Market looks at end-user from four angles (Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others).
• Countries - There are 22 perspectives on the Oncology Precision Medicine Market by countries (North America (USA, Canada), Europe (United Kingdom, France, Germany, Italy, Spain & Others in Europe), Asia (Japan, China, Korea & Others in Asia) South America (Brazil, Mexico, Argentina, Colombia & Others in Latin America), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa)).
• Key Players - Every significant player in the Oncology Precision Medicine Market has been discussed from three perspectives (Overview, Recent Developments, and Revenue) F. Hoffmann-La Roche Ltd., Novartis AG, Bristol-Myers Squibb, Eli Lilly and Co., and AstraZeneca.

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