Personalized Cancer Medicine Market By Product (Personalized Medicine Therapeutics, Personalized Medicine Diagnostics), By End User (Hospitals and clinics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The Personalized Cancer Medicine Market was valued for $179.99 billion in 2022 and is estimated to reach $507.23 billion by 2032, exhibiting a CAGR of 10.9% from 2023 to 2032. Personalized medicine, also known as precision medicine, refers to an approach in healthcare that considers an individual's unique genetic, molecular, and clinical characteristics to guide the prevention, diagnosis, and treatment of diseases, including cancer. Personalized cancer medicine involves analyzing the genetic and molecular makeup of a patient's tumor to tailor treatment strategies specific to their disease. It aims to optimize therapeutic outcomes by selecting therapies that target specific genetic alterations, biomarkers, or molecular pathways associated with the individual's cancer, thereby enhancing treatment effectiveness while minimizing potential side effects. The goal is to provide patients with personalized and targeted therapies that offer the greatest likelihood of success based on their specific cancer characteristics.
The personalized cancer medicine market growth is being driven by several key factors such as the increase in prevalence of cancer, resulting in a greater demand for effective treatment options. Precision medicine has emerged as a promising approach for treating cancer, thus driving its adoption and growth. In addition, the aging population is another factor that drives the demand for precision medicine. The geriatric population is more prone to developing cancer, creating a larger pool of potential patients. Furthermore, advances in biotechnology and genetic engineering have made it possible to develop more targeted and personalized cancer therapies, which are likely to drive the market growth. In addition, personalized medicines have shown promising results in clinical trials, leading to increased investment in research and development activities.
Moreover, the rise in key strategies adopted by the key market players such as product launch, agreement, and collaborations further drive the growth of the market during the forecast period. For instance, on February 2021, Qiagen and Inovio Pharmaceuticals, a biotechnology company announced an extension of their partnership with a new master collaboration agreement to develop liquid biopsy-based companion diagnostic products based on next-generation sequencing (NGS) technology to complement INOVIO’s therapies.
Furthermore, a rise in approvals from regulatory organizations further provides opportunity for market growth. For instance, on October 2021, F. Hoffmann-La Roche AG , a global pioneer in pharmaceuticals and diagnostics, received U.S. Food and Drug Administration (FDA) approval of the VENTANA PD-L1 (SP263) Assay in non- small cell lung cancer (NSCLC) as a companion diagnostic test for Tecentriq, advancing the company's commitment to guide clinical decision making through innovative, high quality assays that improve patient access to personalized healthcare. Thus, the adoption of such strategies by key manufacturers can potentially increase the demand and adoption of personalized medicine arena and provide lucrative opportunity to market growth.
However, the high cost of personalized medicines hinders the growth of the personalized medicine market. High cost of diagnosis and treatment makes it inaccessible for the patients with poor financial conditions and restrains the market in developing regions. Furthermore, many patients are unaware about the concept of personalized medicines, which acts as a restrain to the market. On the other hand, government and non-government organizations create awareness about the advanced healthcare options among the population, which may increase the adoption of personalized cancer medicines, thus, driving the market expansion during the forecast period.
The personalized cancer medicine market is segmented into product, end user, and region. By product, the market is categorized into personalized medicine diagnostics and personalized medicine therapeutics. By end user, the market is bifurcated into hospitals & clinics and others. Region wise, the market is analyzed across North America (the U.S., Canada), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (Japan, China and rest of Asia-Pacific), and LAMEA (Latin America, Middle East & Africa).
Major key players that operate in the global personalized cancer medicine market are Abbott Laboratories, ARIEL Precision Medicine, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Inc, Aadi Bioscience, Inc., Illumina, Inc., Qiagen, Novartis AG, Thermo Fisher Scientific Inc., Bristol-Myers Squibb Company. The key players operating in the market have adopted product approval, agreement, partnership, product launch, and collaboration as their key strategies to expand their product portfolio.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the personalized cancer medicine market analysis from 2022 to 2032 to identify the prevailing personalized cancer medicine market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the personalized cancer medicine market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global personalized cancer medicine market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ProductPersonalized Medicine Diagnostics
Personalized Medicine Therapeutics
By End UserHospitals and clinics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East And Africa
Key Market Players
Aadi Bioscience, Inc.
Abbott Laboratories
ARIEL Precision Medicine, Inc.
Bristol-Myers Squibb Company
F. Hoffmann-La Roche Ltd.
General Electric
Illumina, Inc.
Novartis AG
Qiagen NV.
Thermo Fisher Scientific Inc.
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