Precision Oncology Market Analysis

Precision Oncology Market Analysis

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Based on product type, the market is bifurcated into therapeutics and diagnostics. The therapeutics segment held the largest market share at 71.7% in 2022.
 

• The development of various targeted drug therapies has contributed to the growth of the therapeutics segment. For instance, in 2021, the U.S. FDA approved the precision medicine, dostarlimab as a progression after platinum therapy to treat endometrial cancer. Thus, availability of such therapy is expected to spur the segment progression.
   
• Furthermore, precision oncology enhances treatment effectiveness by addressing multiple aspects of cancer biology. As clinicians witness improved responses in patients receiving targeted therapies, the utilization of precision oncology therapeutics becomes standard practice, thereby driving the dominance of the therapeutics segment.
   

Based on cancer type, the precision oncology market is classified into breast cancer, lung cancer, colorectal cancer, prostate cancer, skin cancer, stomach cancer, and other cancer types. The breast cancer segment dominated the market with USD 14.6 billion in 2022.
 

• Breast cancer is one of the most common cancers globally, with a high incidence and prevalence, affecting many individuals. For instance, according to WHO, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world's most prevalent cancer. Thus, the sheer number of breast cancer cases creates a substantial market for precision oncology interventions targeting the specific genetic and molecular features of breast tumors.
   

Based on end-user, the precision oncology market is classified into hospitals, diagnostic centers, research & academic institutes, and other end-users. The hospitals segment is expected to reach the largest market revenue of USD 81.6 billion by 2032.
 

• Hospitals serve as integrated healthcare delivery systems, providing a range of services, including diagnostics, treatment, and follow-up care.
   
• As precision oncology involves a continuum of care, from molecular diagnostics to targeted therapies and ongoing monitoring, hospitals are well-positioned to deliver integrated precision oncology care.
   
• Furthermore, hospitals often actively participate in clinical trials, including those focused on precision oncology. These trials are essential for validating the efficacy of new precision therapies.
   

In 2022, North America held a significant share of 43.8% in the global precision oncology market.
 

• High market share can be attributed to the presence of advanced healthcare infrastructure with state-of-the-art medical facilities and technology. Also, the availability of cutting-edge infrastructure facilitates the implementation of precision oncology, including advanced diagnostics and targeted therapies.
   
• Moreover, North America is a global hub for biomedical research and pharmaceutical development. The region's leadership in research and development contributes to the discovery and commercialization of precision oncology drugs and technologies.