Oncology Precision Medicine Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis

Oncology Precision Medicine Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis

Over the years, the burden of cancer continues to grow globally, creating substantial pressure on patients, their families, communities and healthcare systems. Hence, precision medicine has been derived as a global healthcare approach, systematically using patient data to inform personalized treatment decisions. Precision medicine, a blend of molecular biology techniques and system biology, is an emerging approach in the medication and prevention of cancer. Prominently, around the world, oncology precision medicine has emerged as potentially transformative, offering promising superior treatment outcomes for all cancer patients. According to Renub Research, Global Oncology Precision Medicine Market is expected to reach US$ 64.66 Billion by 2027.

Covid-19- disrupted Progress in Oncology Precision Medicine Market:

Globally, the Covid-19 pandemic has severely impacted healthcare. Majorly for people living with cancer, the pandemic posed a unique set of challenges. Despite extraordinary advancements in precision medicine in helping reduce cancer mortality over the past years. The pandemic yielded early detection, workup, treatment, and biomarker testing trials and interrupted initiatives intended at extending access to targeted remedies that can improve patient consequences. However, with the ongoing vaccination program, the industry is gaining pace.

Global Oncology Precision Medicine Market is expected to grow at a CAGR of 11.6% during 2021-2027

Precision medicine, a novel approach to the treatment and prevention of cancer, uses a patient’s complete medical profile from genetic data, medical history, environmental factors, and even lifestyle. Further, precision medicine aims to create a customized and unique treatment and prevention protocol for every patient. Hence, precision medicine is resonated to be known as personalized medicine as well. Besides, the concept of precision medicine with recent advances and new technology allows the pace of research to accelerate, further breaking new ground in cancer diagnostics.

Major Indications Revolving in Oncology Precision Medicine Market:

In the last two decades, knowledge of cancer has improved vastly, revealing the huge amongst cancer types and between patients of the same cancer type. Further, it highlights the need for and the promise of tailoring cancer care to handle individual patient characteristics through precision medicine. Remarkably, in our report, we have studied significant indications revolving in the Oncology Precision Medicine market, such as Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Oesophagus Cancer, Cervical Cancer, Kidney Cancer and Bladder Cancer.

Worldwide Oncology Precision Medicine Market Size was US$ 33.40 Billion in 2021

Notwithstanding, the vision for precision medicine in cancer is transformative. Hence, precision medicine aims to deliver superior outcomes for all cancer patients and ultimately reduce the suffering caused by cancer. Further, fuelled by significant indications, cancer treatment is increasingly shifting towards precision medicine, a healthcare approach that systematically utilizes patient data to inform personalized treatment decisions. By Product Type – Oncology Precision Medicine Market has been segmented into Diagnostics and Therapeutics. However, new therapeutic approaches are getting us closer to a future where cancer becomes a curable disease.

North America the most dominant Market Shareholder

In the long term, regional realms of North America, Europe, Asia Pacific, Latin America and the Middle East & Africa have evolved further to harness comprehensive precision medicine to drive additional improvements in patient outcomes. The presence of better healthcare infrastructure and massive expenditure on R&D makes North America the most dominant market shareholder. Remarkably, there have been significant advances in precision medicine in North America for specific types of cancer treatments, such as colorectal cancer and breast cancer.

Furthermore, the Asia- Pacific’s market share in the oncology precision medicine market is expected to grow at a vital rate due to advancing awareness about the consequence of precision medicine for the treatment of various variants of cancer and rising income and expenditure on healthcare.

Key Companies in the Global Precision Medicine Industry:

The Oncology Precision Medicine Market is highly competitive. Further, excitement from pharmaceutical companies also puts a focus on technological breakthroughs over health policy. Hence, several national initiatives to deliver on the promise of precision medicine in oncology exist. Our report has covered companies like F. Hoffmann – La Roche Ltd, Novartis AG, Bristol–Myers Squibb, Eli Lily and Co. and AstraZeneca that hold substantial shares in the market. These companies increase their market presence by introducing new technologies at affordable prices with technological advancements and product innovations.

Renub Research latest report “Oncology Precision Medicine Market, Global Forecast By Product Type (Diagnostics and Therapeutics), Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Oesophagus Cancer, Cervical Cancer, Kidney Cancer and Bladder Cancer), End Users (Hospitals, Diagnostic Centers, Research & Academic Institutes and Others), Region (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa), Companies (F. Hoffmann – La Roche Ltd, Novartis AG, Bristol–Myers Squibb, Eli Lily and Co. and AstraZeneca)” provides a detailed analysis of Oncology Precision Medicine Industry.

Product Type – Oncology Precision Medicine Market have been covered from 2 viewpoints:

1. Diagnostics
2. Therapeutics

Indication – Oncology Precision Medicine Market have been covered from 11 viewpoints:

1. Lung Cancer
2. Stomach Cancer
3. Colorectal Cancer
4. Breast Cancer
5. Prostate Cancer
6. Liver Cancer
7. Esophagus Cancer
8. Cervical Cancer
9. Kidney Cancer
10. Bladder Cancer
11. Other Cancers

End Users – Oncology Precision Medicine Market have been covered from 4 viewpoints:

1. Hospitals
2. Diagnostic Centers
3. Research & Academic Institutes
4. Others

Region – Oncology Precision Medicine Market have been covered from 5 viewpoints:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa

Company Insights:

• Overview
• Recent Development & Strategies
• Financial Insights

Companies Covered:

1. F. Hoffmann – La Roche Ltd
2. Novartis AG
3. Bristol–Myers Squibb
4. Eli lily and Co.
5. Astrazeneca