- The advancement in healthcare is beneficial for patients, the pharmaceutical industry, and the society
- Market Size – USD 49.98 Billion in 2019, Market Growth - CAGR of 9.9%, Market Trends – Improvement and advancement in cancer biology
NEW YORK, July 21, 2020 /PRNewswire/ -- The global Precision Oncology Market is forecast to reach USD 99.72 billion by 2027, according to a new report by Reports and Data. Precision oncology and recent advances in cancer care have been closely associated with genomic medicine. Knowing the genetic mutations of unique tumors holds the promise of giving practitioners a higher capacity to recommend more specified prescriptions to fight various tumors types. Although, only a few tumors and tumor types have been correlated with specific genetic mutations, in some forms of breast cancer, doctors are helped by years of expertise in genomic analysis to determine the most appropriate treatment options for their patients.
Physicians can use DNA testing to look for the mutation of the gene; especially in case of women with a family history of breast or ovarian cancer. Additionally, the combination of big data healthcare organizations with pharma & biotech corporations is likely to support precision oncology market growth. The lack of awareness about the possible applications of precision medication, unfavourable compensation policies and regulatory framework that is not yet shaped to include precision medication can be some of the challenges faced by the precision oncology market.
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Europe held a significant share in the global precision medicine market and is anticipated to grow at a uniform rate during the forecast timeframe. The expanding use of certain diagnostic instruments, digital health records, and medicines prescribed, are anticipated to spur precision oncology market expansion. Furthermore, European businesses are focusing on various mergers and acquisitions that are expected to promote the future scope pf precision oncology industry.
The COVID-19 impact:
With the deepening of the COVID-19 crisis, medicine manufacturers various pharmaceutical companies are rapidly changing their practice & purchasing priorities to meet the demand of the pandemic. However, with an increase in investment in healthcare, precision oncology market is anticipated to experience a rise in demand. The forecast report of the precision oncology market will offer in-depth insight into industry parameters based on different factors of the market trends, and several price fluctuations.
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Further key findings from the report suggest:
- The global precision oncology market size amounted to USD 49.98 billion in 2019 and is expected to grow at a CAGR of 9.9% over 2019-2027.
- Application of precision oncology is anticipated to reach USD 22.33 billion by 2027 and is expected to record high growth rate over the forecast period.
- The end-user segment dominated the market in 2019, with an estimated USD 99.72 billion.
- The biotechnology companies are the largest end-user segment and are estimated to generate revenue of over USD 43.08 billion by 2027.
- Demand for precision oncology in defence is anticipated to witness moderate growth over the forecast period.
- North America is expected to be an active region for the expansion of precision oncology market over the forecast period. Numerous enterprises and several new players have been investing in advanced sensor manufacturing. The regional market is expected to exhibit a CAGR of 12.7% over the forecast period.
- Companies considered and profiled in this market study include Eagle Genomics, ASEBIO, Menarini Silicon Biosystems, NanoString Technologies, Inc. NeoGenomics, Novartis AG, Pfizer Inc., QIAGEN, Tepnel Pharma Services, Teva Pharmaceuticals Industries Ltd, among others.
For the purpose of this report, Reports and Data have segmented the global precision oncology market on the basis of end-user, technology type, application, and region:
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceuticals Companies
- Biotechnology Companies
- Diagnostic Companies
- Healthcare Data Companies
Technology Type Outlook (Revenue, USD Million; 2017-2027)
- Big data Analytics
- Gene Sequencing
- Drug Discovery
- Companies Diagnostics
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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About Reports and Data
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