Oncology Precision Medicine Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis
As per the latest report by Renub Research titled "Oncology Precision Medicine Market, Size, Global Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Company Analysis" the Global Oncology Precision Market Size will reach USD 64.66 Billion by 2027. Oncology precision medicine is an emerging trend in the healthcare industry that has been growing quickly in recent years. It makes the diagnosis of cancer and other diseases more accurate and evaluates the specific genetic makeup of their tumors to select the safest and most effective treatments for them. In cancer, precision medicine involves sampling DNA from patients' tumors to determine the mutations or other genetic changes that drive their cancer. Physicians then may select a treatment for a particular patient's cancer that best matches, or targets, the culprit mutations in the tumor DNA.
Likewise, some of the more common cancers where precision medicine is being used to help with treatment decisions include Lung Cancer, Stomach Cancer, Prostate Cancer, Liver Cancer, Oesophagus Cancer, Colorectal Cancer, cervical cancer, Kidney Cancer, and Bladder Cancer. Notwithstanding, the existing oncology precision medicine market is preferred by multiple factors, including several government initiatives, rising cancer incidences, and death rates, coupled with the general population's growing awareness about molecular-level diagnosis and treatment. Besides, the increasing number of advancements in molecular diagnostics, increasing FDA approvals for such precision medicine-based oncology drugs, enhancing focus on research and development activities by crucial healthcare companies also led to market expansion. Furthermore, the development of newer therapeutic approaches, including gene therapy for cancer treatment and a rising number of patients undergoing predictive diagnosis, will propel the market growth.
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COVID-19 Impact on Oncology Precision Market
COVID-19 has impacted the oncology precision medicine market. This impact was mainly due to disturbance of the supply chain and lockdowns imposed in many countries. Nevertheless, as the lockdowns were raised and supply was restored, the market has recovered quickly. As precision medicine deals majorly with fatal disorders like cancer involving life-saving drugs, the COVID-19 pandemic is poised to impact the market during the assessment period. Majorly for individuals living with cancer, the pandemic posed a unique set of challenges. The pandemic has certainly hindered surgeries and testing on biopsy tissue and has also impacted cancer patients' ability to receive provider-administered drugs. Thus, the volume of oncology precision drugs and services declined notably in 2020.
Hospital end-users accounted for the largest share of the global oncology precision medicine market
On the basis of end-user, the global oncology precision medicine market is categorized into Hospitals, Diagnostic Centers, Research & Academic Institutes, and Others. The hospital's segment accounted for the most significant market. The large share of this segment is primarily attributed to the rising number of tertiary/specialty care hospitals, rising incidence of cancer diseases, growing healthcare infrastructure, increasing demand for quality healthcare, and shift towards personalized/precision medicine. As per our research findings, Worldwide oncology precision medicine market was USD 33.40 Billion in 2021
North Americans raise oncology precision medicine production:
Geographically, North America is leading the oncology precision medicine market. The number of cancer patients in North America is growing notably. According to the (ACS) American Cancer Society, cancer is the leading reason of death in Canada and the second leading cause of death in the U.S. In U.S, about 1.8 million new cancer cases were diagnosed in 2020. High awareness in the region regarding precision medicine and increasing demand for personalized cancer treatment will drive the industry revenue in the region. The level of medical procedures, such as radiation, chemotherapy, and immunotherapy required, will depend upon the stage and type of cancer. Precision medicines play an essential role in helping physicians determine a suitable treatment plan based on the current genetic mutations of the patient.
Similarly, oncology precision medicine treatments have gained momentum among clients in the Asia-Pacific region in the past few years. They utilize advanced technologies and innovative methods to create personalized medicines that cater to patients' medical needs. The global precision medicine market players are Eli Lily and Co., F. Hoffmann – La Roche Ltd, Novartis AG, Bristol–Myers Squibb and AstraZeneca.
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- Product Type – We have covered Global Oncology Precision Medicine Market breakup by 2 viewpoints by- product type (Diagnostics and Therapeutics)
- Indication – Renub Research Report covers by Indication in the 11 viewpoints (Lung Cancer, Stomach Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, Oesophagus Cancer, Cervical Cancer, Kidney Cancer and Bladder Cancer)
- End Users – Our Report has covered Global Oncology Precision Medicine Market breakup by 4 End Users (Hospitals, Diagnostic Centers, Research & Academic Institutes and Others)
- Region - This Report covers by Region in the 5 viewpoints (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa)
- All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Eli Lily and Co., F. Hoffmann – La Roche Ltd, Novartis AG, Bristol–Myers Squibb and AstraZeneca.
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