Oncology Precision Medicine Market Is Driven By Targeted Therapies

Precision medicine involves the use of various precision diagnostic tools to screen and profile tumors, analyze genetic mutations to predict prognosis and response to treatment. These help in developing targeted therapies that inhibit specific molecules involved in tumor growth and progression. Oncology precision medicine products include next-generation sequencing tools, cancer panels for comprehensive genomic profiling, companion diagnostics and targeted therapies. They provide significant advantages over conventional chemotherapy by selectively targeting cancer cells while minimizing toxicity to normal cells.

The Oncology Precision Medicine Market is estimated to be valued at US$ 130 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the oncology precision medicine market are AstraZeneca, Novartis, Pfizer, Bristol-Myers Squibb, and Roche. These companies are leveraging advanced diagnostic tools and their expertise in oncology drug development to improve treatment outcomes and expand their product portfolios.

Growing cancer prevalence globally and increased demand for targeted therapies are expected to drive the growth of precision oncology market during the forecast period. With advancements in genomics and targeted therapies, precision medicine is gaining prominence and reducing over-reliance on conventional chemotherapy.

Major pharmaceutical players are partnering with diagnostic companies and expanding their geographical presence through strategic M&A activities to leverage opportunities in emerging markets like Asia Pacific and Latin America. Increased regulatory approvals and healthcare reforms worldwide are strengthening global expansion strategies.

Market Key Trends

One of the key trends witnessed in the oncology precision medicine market is the rising adoption of targeted therapies. These therapies inhibit specific molecules that fuel cancer progression and growth much more selectively than conventional chemotherapy. Drugs like Ibrance, Tagrisso and Herceptin have revolutionized the treatment of breast cancer, lung cancer and HER2 positive breast cancer respectively by significantly increasing survival rates and reducing toxicity.

Other major trends include growing popularity of liquid biopsy, growing adoption of companion diagnostics and bioinformatics. Liquid biopsy utilizes blood samples for non-invasive detection of cancer mutations and has potential to transform cancer screening and monitoring. Use of companion diagnostics that profile tumor biomarkers helps match patients to appropriate targeted therapies, improving outcomes. Increased capabilities of bioinformatics are enhancing data analytics to enable precision treatment decisions.

Porter’s Analysis

Threat of new entrants: High capital requirements for R&D and clinical trials pose entry barriers.

Bargaining power of buyers: Growing prevalence of cancer increases buyer power to demand personalized therapies.

Bargaining power of suppliers: Suppliers of advanced genomic technologies can negotiate prices with presence of alternative precision diagnostic tools.

Threat of new substitutes: Emerging alternatives like liquid biopsy and companion diagnostics increase substitution risks.

Intense competition: Global players compete on innovation, clinical evidence, and specialized drug portfolios.

Geographical Regions

North America dominates the oncology precision medicine market with the highest market share currently. This is attributed to the presence of well-established healthcare facilities, strong biopharma industry, and favorable reimbursement structure supporting precision oncology adoption in the US and Canada.

Asia Pacific is poised to exhibit the fastest growth during the forecast period driven by rising healthcare spending, increasing cancer incidence, growing biopharma investments, and expanding diagnostics and research infrastructure in China, India, and Japan. Widening medical insurance coverage and improving access to targeted therapies will further catalyze the regional market.

What Are The Key Data Covered In This Oncology Precision Medicine  Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Oncology Precision Medicine ‘s growth between 2024 and 2031.

:- Accurate calculation of the size of the Oncology Precision Medicine  and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Oncology Precision Medicine  Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Oncology Precision Medicine  vendors

FAQ’s

Q.1 What are the main factors influencing the Oncology Precision Medicine ?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Oncology Precision Medicine  companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Oncology Precision Medicine ’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it