The global oncology precision medicine market size was estimated to be worth $49.4 billion in 2021, and it is expected to reach $ 124.84 billion by 2030, expanding at a CAGR of 10.85% from 2021 to 2030.
The term "precision medicine" refers to a medical approach that aims to jointly combine the results and efforts of research and clinical practise. The capacity to personalise both the diagnostic and treatment approaches used with individual patients is essential to the practise of precision medicine. The growth of personalised disease-based treatments is largely attributable to the confluence of several factors, including the advancement of biotechnology, the digitalization of healthcare, and public funding.
The idea of precision medicine refers to a methodical approach that is undertaken with the objective of overcoming an illness such as cancer. Based on an individual's compatible genetic profile, precision oncology aims to match the most exact and precise treatment to each cancer patient so that they may eventually benefit from the treatment that is being provided. Numerous precision medicine programmes are centred on treating cancer, and precision oncology aims to provide each cancer patient with the most exact and accurate therapy possible. The worldwide burden of cancer has been steadily increasing over the last few decades, which has put a significant strain on patients, their families, communities, and the healthcare systems that serve them. The precision medicine’s concept medicine emerged as a strategy for providing healthcare worldwide.
This strategy involves making treatment decisions based on patient data in a methodical and organised manner. An developing strategy for the treatment of cancer and the prevention of the disease is known as precision medicine. Precision medicine is a combination of methods from molecular biology and system biology. Oncology precision medicine has emerged as potentially transformational, giving the promise of greater treatment results for all cancer patients throughout the world. This field of medicine has gained prominence across the globe.
It is anticipated that advancements in big data analysis and the information technology industry would result in a reduction in the amount of money and time necessary to produce new precision medications. The creation of novel precision medications will make it easier to provide patients with the appropriate prescription, which in turn will enhance patients' health. Numerous genetic testing and diagnostic tests, which are to be carried out in order to give precision medications, will generate a massive quantity of usable data, which will be necessary for the creation of personalised prescriptions. Because big data analysis and information technology are able to crunch, analyse, and store the required data, it is now possible for doctors to practise precision medicine. The government provides financial support to the primary market participants who are engaged in the process of creating bioinformatics technology for the purposes of precision medicine research applications.
It is anticipated that increasing technological developments, such as the introduction of diagnostic tools that will assist medical professionals in evaluating or carrying out an accurate diagnosis of a disease and, as a result, guiding patients toward the appropriate therapy, will be the primary drivers of market growth over the course of the forecast period.
In precision medicine, the genes and proteins that are already present in the body of the patient are analysed to determine how best to build a tailored therapeutic medication to cure the patient's specific illness. As a result of significant breakthroughs in the field of precision medicine, such as the discovery of single nucleotide polymorphism and the development of microarrays and biochips, analysts anticipate that the industry will enjoy significant growth in the years to come. Understanding a patient's genetics, molecular profile, and clinical characteristics, as well as developing the appropriate treatment to cure a disease, is the goal of research on the human genome, which represents the future of precision medicine. This research also possesses a significant potential to upend the medical treatment of individual patients. In the not-too-distant future, the need for precision medicine is expected to grow as a result of the considerations described above. Aside from this, the increasing incidence of cancer is anticipated to drive up the need for precision medicine for individualised therapies and diagnostics, which would have a favourable impact on the expansion of the market.
The current market for oncology precision medicine is favoured by a number of factors, some of which include an increase in the incidences of cancer as well as the death rates associated with the disease, several initiatives taken by the government, as well as a general population that is becoming more aware of molecular level diagnosis and treatment. Additionally, the increasing number of advancements in molecular diagnostics, the increasing number of FDA approvals for such precision medicine-based oncology drugs, and the improving focus on research and development activities by key healthcare companies are all contributing factors toward market expansion.
It is anticipated that the high cost of precision medicine, in addition to issues in reimbursement systems, will impede the growth of the industry. The utilisation of high-end calculation methods and advanced computing tools results in the addition of several types of costs to the process of treatment, which is one of the primary reasons why precision medicine is sold at such a high price on the market.
Modeling could aid in preventing and controlling infectious diseases by estimating the size of epidemics, highlighting the characteristics of disease transmission, assessing the success of treatments or policies, and issuing alerts or forecasts before the onset of diseases. Consumer goods and nanomedicine are only two examples of the many fields where nanomaterials (NMs) are being used more and more. Target tissue dosimetry is crucial in assessing the safety, effectiveness, and potential toxicity of NMs. The necessity for developing strategies to facilitate the efficient creation of safe and effective NMs is growing.
A logical progression from well-regulated in vitro experimentation is in silico modeling, in which computer programs are used to create simulations of pharmacologic or physiological processes. It is the inevitable outcome of the research scientist's access to an enormous rise in computing power at steadily declining costs. Thus, making a better interpretation of the disease, thereby making the job easier, can provide opportunities for market expansion.
The market for oncology precision medicine is divided into different segments; Type, Application, Ecosystem it supports, End users, Regions.
Based on the product type oncology precision market is divided into two categories, Diagnostics and Therapeutics. Effective therapies are created depending on the peculiarities of a person's cancer progression. Prognosis and specific gene-targeted treatments can help with improved personalization of cancer diseases like breast cancer. Numerous clinical trials are boosting the need for precision oncology qualities to deliver beneficial outcomes. For instance, Reveal Genomics and Dana-Farber Cancer Institute partnered in April 2022 to evaluate the HER2DX genomic test through three clinical trials to gather prospective clinical evidence that could be used to personalize therapy and make better clinical decisions for treating HER2+ breast cancer cases.
Based on applications it serves; breast cancer, lung cancer, colorectal cancer, prostate cancer, cervical cancer, and other applications, the ecosystems it supports; applied sciences, precision diagnostics, digital health and information technology, and precision therapeutics, based on end user it is segmented into, Hospitals, Diagnostics centres, Research and medical institutes, and the regions in which it operates; North America, Europe, Asia-Pacific, Latin America, and Rest of the World.
North America is the dominant region. In the long run, the regional realms of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa have progressed further to utilise complete precision medicine to generate significant gains in patient outcomes. Because of its superior healthcare infrastructure and enormous spending on research and development, North America is now the most dominant stakeholder in the industry. Remarkably, considerable advancements in precision medicine for treating some forms of cancer, such as colorectal cancer and breast cancer, have been made in North America.
In addition, it is anticipated that the Asia-Pacific region's market share in the oncology precision medicine market growth will grow at a significant rate due to the increasing income and expenditure on healthcare, as well as the growing awareness about the implications of precision medicine for the treatment of various types of cancer.
Regarding revenue share, the Asia Pacific region came in second in 2022. Precision medicine and cutting-edge diagnostic products are available in low-cost clinical trials. Additionally, it is anticipated that more significant disposable income and economic expansion in developing nations like India will boost demand for precision pharmaceuticals in Asia. Due to ongoing research and significant investments in medical infrastructure and technology, this area has a wide range of potential for industry expansion.
The current market trends will also be impacted by other business tactics, including as mergers and acquisitions, industry-academia collaboration, and the introduction of more commercialised molecular or sequencing techniques.
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