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Oncology Precision Medicine Market Trends

  • Report ID: GMI11876
  • Published Date: Oct 2024
  • Report Format: PDF

Oncology Precision Medicine Market Trends

The market is evolving with significant advancements in technology and data analytics, reshaping how cancer is diagnosed and treated. One key trend is the increasing integration of artificial intelligence (AI) and machine learning into oncology. AI is now used to analyze complex genetic, clinical, and demographic data, identifying patterns that were previously undetectable. These insights help oncologists determine the most effective treatment plans for individual patients, enhancing diagnostic accuracy and reducing trial-and-error approaches.
 

  • Another prominent trend is the growing use of liquid biopsies, a non-invasive method for detecting cancer-related genetic mutations in the bloodstream. Unlike traditional tissue biopsies, liquid biopsies are faster, less painful, and can be used to monitor disease progression or treatment response more frequently. This technique enables earlier intervention and more adaptive treatment approaches, enhancing the quality of care for patients with advanced or metastatic cancers.
     
  • In addition, the development of multi-omics approaches, which integrate genomics, proteomics, metabolomics, and other omics data, is also propelling the growth of oncology precision medicine. By examining the molecular landscape of cancer from multiple angles, multi-omics provides a comprehensive understanding of each patient's cancer, leading to more precise and effective treatments.
Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global oncology precision medicine industry was valued at USD 41.7 billion in 2023 and is expected to grow at a 9.1% CAGR from 2024 to 2032, driven by increasing cancer incidences and advancements in genomic sequencing.

The breast cancer segment generated USD 12.8 billion in revenue in 2023, benefiting from the development of targeted therapies and personalized treatment approaches.

The North America oncology precision medicine market recorded USD 19.3 billion in 2023 and is anticipated to grow at a 9.4% CAGR from 2024 to 2032, supported by a robust healthcare infrastructure in the U.S. and Canada.

Key players in the industry include AbbVie, AstraZeneca, Bayer, Blueprint Medicines Corporation, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche, and GlaxoSmithKline.

Oncology Precision Medicine Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 131
  • Countries covered: 19
  • Pages: 138
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