Global Oncology Precision Medicine Market Trends and Forecasts Report 2024: A $364 Billion Industry by 2035 Amidst a Clinical Trials Boom with Over 6,500 Trials
Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Oncology Precision Medicine Market: Industry Trends and Global Forecasts, Till 2035: Distribution by Type of Cancer Targeted, Route of Administration, Type of Molecule, Drug Class, Key Geographical Regions, Leading Drug Developers and Sales Forecast" report has been added to * ResearchAndMarkets.com's* offering.
The global oncology precision medicine market size is estimated to grow from USD 130 billion in 2023 to USD 364 billion by 2035, representing a CAGR of 8.93% during the forecast period 2023-2035
This research study consists of industry trends, detailed market analysis, partnerships and collaborations analysis, and clinical trial analysis. The growth in the oncology precision medicine market size over the next decade is likely to be the result of an anticipated increase in patient population and rise in the demand for personalized medicine in oncology for precision cancer care.
One of the key objectives of this market report was to estimate the current market size, opportunity and the future growth potential of the oncology precision medicine market, over the forecast period. Based on multiple parameters, likely adoption trends and through primary validations, the analyst has provided an informed estimate on the market evolution during the forecast period 2023-2035.
Cancer is recognized as one of the deadliest diseases due to the high prevalence and mortality rates across the globe. According to the World Health Organization, in the year 2020, the global cancer burden was estimated to be 20 million new cases and 10 million deaths, annually, and is anticipated to rise by nearly 60%, by 2040. The key factors contributing to the growing prevalence and pathogenesis of cancer include alcohol intake, obesity, viral infections, radiation and chemical exposure.
Currently, there are several conventional approaches, including surgery, radiation therapy, and chemotherapy that are used for the treatment of cancer. In addition, there are several nonconventional or complementary therapeutic methods that are being employed in cancer treatment, such as hormone therapy, immunotherapy and nanotherapy. However, these approaches have been found to be incompetent for dealing with intrinsic carcinogenic genetic abnormalities, which can arise from patient-specific mutations in oncogenes, tumor suppressor genes and DNA repair genes.
In order to address abovementioned limitation of existing treatment options, the concept of precision medicine, often known as personalized medicine, has emerged as a possible solution, which utilizes genomic knowledge to develop gene-targeted therapeutics. The development process of precision medicine involves the study of tumor features, genetic data, lifestyle of patients and environmental effects to provide tailored medicines, which hold significant potential in treating oncological disorders by shifting away from a one-size-fits-all approach. Individuals with a family history of certain types of cancer are more likely to be at risk of inheriting the condition. In such cases, precision oncology aids individuals to take genetic testing and become aware of the associated risk. Further, prior screening for cancer can help in detection of the disease at an early stage, providing a much better chance of successful treatment.
It is worth highlighting that there are number of precision cancer centers, such as MD Anderson Cancer Center in US, Memorial Sloan Kettering Cancer Center in New York and Mayo Clinic Cancer Center in US, that offer advanced technologies and treatments that are suitable for patients with rare or difficult-to-treat cancers.
Further, the oncology precision medicines have shown high efficiency during clinical trials due to which the participation of volunteers in such trials has increased. This has resulted in a higher patient pool in clinical trials, helping the researchers in better decision making for the evaluated drug or technology. With continuous research efforts and innovation in this field, it is anticipated that the adoption of such targeted drugs will increase significantly, driving the oncology precision medicine market growth during the forecast period.
*Oncology Precision Medicine Market Trends Analysis: Increase in Partnership and Clinical Trials Activity Reflect the Rising Interest in this Industry*
The demand for personalized medicines for treating oncological disorders is growing with time. To meet the growing demand, several alliances have been forged by various stakeholders over the past few years. These partnerships have enabled the stakeholders to enhance their existing capabilities and drug portfolios, and strengthen their presence in the oncology precision medicine domain. Drug licensing agreements, clinical trial agreements, and research and development agreements are the most common types of partnerships signed by stakeholders in the precision medicine in oncology domain. Most of these partnerships are focused on targeting cancers, including gastrointestinal cancer (23%), lung cancer (23%), hematologic cancer and breast cancer (15%, each).
Further, it is worth noting that there has been a notable rise in the number of clinical trials evaluating precision medicines for oncology. Around 6,500 clinical trials related to precision medicine in oncology have been registered in the past six years, indicating the substantial research in this domain. Among these, about 60% of these clinical trials are actively recruiting to evaluate drugs for various types of cancer targeted.
*Regional Analysis: North America Emerged as the Hub of Oncology Precision Medicine; Europe to be the Fastest Growing Market*
In 2024, North America is anticipated to capture close to 42% market share of the overall oncology precision medicine market. In recent years, demand for oncology precision medicine has witnessed a tremendous increase in North America. Further, it is worth highlighting that, owing to the rising demand for oncology precision medicines, market in Asia is likely to grow at a higher CAGR as compared to other regions in the coming years.
*Market Share Insights*
The oncology precision medicine market report presents an in-depth analysis of various precision medicine oncology companies in this domain, across different segments, as defined below:
· Historical Trend: 2018-2022
· Base Year: 2022
· Forecast Period: 2023-2035
· Market Size 2023: $130 Billion
· CAGR: 8.93%
· PowerPoint Presentation (Complimentary)
· Customization Scope: 15% Free Customization
· Type of Cancer Targeted
· Bladder Cancer
· Blood / Hematologic Cancer
· Breast Cancer
· Cervical Cancer
· Gastrointestinal Cancer
· Head and Neck Squamous Cell Cancer
· Lung Cancer
· Skin Cancer
· Others
· Route of Administration
· Oral
· Intravenous
· Others
· Type of Molecule
· Small Molecules
· Biologics
· Drug Class
· Kinase Inhibitors
· Enzyme Inhibitors
· Immune Checkpoint Inhibitors
· Others
· Leading Drug Developers
· Merck
· Pfizer
· AstraZeneca
· Johnson $ Johnson Innovative Medicine
· Genentech
· Key Geographical Regions
· North America (US, Canada)
· Europe (France, Germany, Italy, Spain and UK)
· Asia (China, Japan, Korea and India)
· Middle East and North Africa (UAE, Israel, Qatar and Rest of Middle East and North Africa)
· Latin America (Brazil, Argentina, Chile and Rest of Latin America)
· Key Precision Medicine Oncology Companies Profiled
· AbbVie
· Anticancer Bioscience
· Astellas Pharma
· Astrazeneca
· Bayer
· Blueprint Medicines
· Bristol Myers Squibb
· Eli Lilly
· Erasca
· Genentech
· GlaxoSmithKline
· Hutchmed
· IDEAYA Biosciences
· Jiangsu Hengrui Pharmaceuticals
· Johnson & Johnson Innovative Medicine
· Merck
· Novartis
· Pfizer
· Repare Therapeutics
· Roche
· Seagen
· SpringWorks Therapeutics
· Takeda Pharmaceutical
· VERAXA Biotech GmbH
· VRise Therapeutics
· (Full list of >125 precision medicine oncology companies captured in the market landscape analysis of the report)
· Excel Data Packs: (Complimentary)
· Market Landscape
· Partnerships and Collaborations
· Clinical Trial Analysis
· Case Study: Oncology Precision Medicine Assay Kits
· Market Forecast and Opportunity Analysis
*In addition, the research report features detailed transcripts of interviews held with the following industry stakeholders (arranged on the basis of designation):*
· Chief Scientific Officer and Founder, Very Small Company, US
· Vice President, Mid-sized Company, US
For more information about this report visit https://www.researchandmarkets.com/r/pdudfg
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
*Attachment*
· Global Oncology Precision Medicine Market
CONTACT: CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900