Precision oncology is revolutionising the way we approach cancer treatment. Unlike traditional methods, which often treat cancers in a more generic way, precision oncology tailors treatments to the individual characteristics of each patient’s cancer. This personalised approach, based on the genetic, molecular, and environmental factors of the cancer, is gaining recognition as one of the most reliable ways to combat various types of cancer.
The global precision oncology market is poised for significant growth. In 2024, the market size was valued at USD 107.82 billion. With an anticipated compound annual growth rate (CAGR) of 9.80% from 2025 to 2034, the market is expected to reach a value of USD 250.11 billion by 2034. This impressive growth is driven by advancements in technology, increased investment in cancer research, and greater awareness of precision medicine’s efficacy.
In this article, we’ll explore the key trends driving the global precision oncology market, the key players involved, and the outlook for the future. Additionally, we will address common questions about precision oncology and its role in transforming cancer treatment.
What is Precision Oncology?
Precision oncology is a form of cancer treatment that uses information about a person’s genetic makeup and the genetic mutations of their tumour to tailor treatments. The idea is to find targeted therapies that can work better for the individual’s specific cancer, increasing the chances of success and reducing side effects.
Traditional cancer treatments like chemotherapy and radiation therapy target cancer cells but can also harm healthy cells, leading to significant side effects. Precision oncology, on the other hand, focuses on the specific changes in the genes of cancer cells that help them grow and survive, offering more targeted and less toxic treatments.
Get a Free Sample Report with Table of Contents : https://www.expertmarketresearch.com/reports/precision-oncology-market/requestsample
Key Market Drivers for Precision Oncology
a) Increasing Prevalence of Cancer
Cancer remains one of the leading causes of death worldwide. The World Health Organization (WHO) estimates that there were 19.3 million new cancer cases and 10 million cancer-related deaths in 2020. The increasing number of cancer cases is one of the major factors driving the growth of the precision oncology market. As cancer cases rise, the demand for more effective and personalised treatments increases.
b) Technological Advancements in Genomics
Recent advancements in genomics and biotechnology have paved the way for more accurate and efficient cancer diagnosis and treatment. Technologies like next-generation sequencing (NGS) allow doctors to identify specific mutations in cancer cells and match patients with the most suitable treatments. The development of liquid biopsy tests is also helping in the non-invasive detection of cancer mutations, further boosting the growth of the precision oncology market.
c) Government Initiatives and Funding
Governments and regulatory bodies across the globe are actively supporting the research and development of precision oncology. For instance, the U.S. government has invested heavily in the National Cancer Moonshot Initiative, which aims to accelerate cancer research. Additionally, there has been an increase in public and private funding, creating more opportunities for innovation in precision oncology.
d) Rising Awareness and Adoption
As precision oncology demonstrates its effectiveness in treating cancer, more healthcare providers are adopting these personalised treatments. Patients are also becoming more informed and seeking out the most advanced options available, further driving the market’s growth.
Key Segments of the Precision Oncology Market
The global precision oncology market is segmented based on the following factors:
a) Technology
- Next-Generation Sequencing (NGS): NGS allows for comprehensive analysis of the cancer genome, providing crucial information for treatment.
- Liquid Biopsy: A non-invasive test to detect genetic mutations in cancer cells by analysing blood samples.
- Molecular Imaging: Used to locate and track cancer cells at the molecular level for more precise treatment.
b) Application
- Diagnostics: Helps identify cancer type, genetic mutations, and specific treatment options.
- Therapeutics: Involves targeted therapies and immunotherapies that specifically target the cancer cells based on their genetic profile.
c) End-User
- Hospitals and Clinics: The largest end-users of precision oncology services, particularly due to their access to advanced diagnostic tools and treatments.
- Research and Academic Institutions: Focus on developing new precision oncology treatments and advancing the overall understanding of cancer biology.
Competitive Landscape: Key Players in the Precision Oncology Market
The precision oncology market is highly competitive, with a mix of established pharmaceutical companies, biotech firms, and diagnostic tool manufacturers. Some of the key players contributing to the market’s growth include:
a) Roche Holding AG
Roche is a leader in the precision oncology space, with its extensive portfolio of oncology treatments and diagnostic tools. The company focuses on targeted therapies and companion diagnostics, ensuring that patients receive the most suitable treatment options.
b) Thermo Fisher Scientific
Thermo Fisher is a prominent player in the global precision oncology market, providing advanced genomic analysis solutions such as NGS. Their platforms are widely used in cancer research and diagnostics.
c) Illumina Inc.
Illumina is one of the world’s leading companies in genomic sequencing, and its NGS platforms are essential for precision oncology. Illumina’s technology is widely used to identify genetic mutations and tailor cancer treatments accordingly.
d) Novartis AG
Novartis has made significant strides in the development of targeted therapies for cancer. Their focus on precision medicine and immunotherapies positions them as a major player in the precision oncology market.
e) Bristol Myers Squibb
Bristol Myers Squibb has invested heavily in cancer research and the development of immunotherapies, including CAR T-cell therapies. Their portfolio is expanding, making them a key player in the global precision oncology market.
f) Merck & Co., Inc.
Merck’s immuno-oncology drugs, such as Keytruda, have been groundbreaking in the treatment of various cancers. The company continues to focus on advancing precision oncology treatments with its innovative therapies.
Market Outlook and Future Trends
The global precision oncology market is expected to experience substantial growth over the next decade. Several factors are contributing to this positive outlook, including advancements in genetic testing, the growth of personalised medicines, and increasing research in cancer biology. By 2034, the market is expected to reach USD 250.11 billion, driven by the growing demand for more effective, targeted treatments.
Key trends to watch out for include:
- AI and Machine Learning: These technologies are increasingly being used to analyse patient data, helping doctors make more informed decisions about treatment options.
- Expansion of Liquid Biopsy: Liquid biopsy is expected to become more widely used as a non-invasive tool for detecting and monitoring cancer.
- Personalised Vaccines: Research into personalised cancer vaccines, which stimulate the immune system to target specific cancer cells, is gaining momentum.
FAQs
Q1: What are the benefits of precision oncology over traditional cancer treatments?
A1: Precision oncology targets cancer cells more specifically, reducing side effects and improving treatment outcomes compared to traditional therapies like chemotherapy.
Q2: How is next-generation sequencing (NGS) used in precision oncology?
A2: NGS helps identify genetic mutations in cancer cells, allowing doctors to tailor treatment based on the specific mutation present in the tumour.
Q3: How is the global precision oncology market growing?
A3: The market is expected to grow from USD 107.82 billion in 2024 to USD 250.11 billion by 2034, with a CAGR of 9.80% due to increased cancer prevalence and technological advances.
Q4: Which are the leading companies in the precision oncology market?
A4: Key players include Roche Holding, Thermo Fisher Scientific, Illumina, Novartis, and Merck & Co., all contributing to advancements in precision oncology.
Q5: What are liquid biopsies and why are they important in precision oncology?
A5: Liquid biopsies are non-invasive tests that detect genetic mutations in cancer cells using blood samples, providing a less painful and more accessible option for diagnosis and monitoring.
Leave a Reply