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Precision Oncology Market Size

Report ID: GMI7628
Published Date: Dec 2023
Report Format: PDF

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Precision Oncology Market Size

Precision Oncology Market size was around USD 68.7 billion in 2022 and is estimated to expand at 10.6% CAGR from 2023 to 2032. Increasing number of cancer cases is a significant driver for the market expansion.

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For instance, according to the Centers for Disease Control and Prevention (CDC), in 2020, in the U.S. 1.6 million new cancer cases were reported and 602,347 people died of cancer. For every 100,000 people, 403 new cancer cases were reported. Therefore, precision oncology involves tailoring treatments based on the specific genetic and molecular characteristics of an individual's cancer. It allows for a more personalized and targeted approach to treatment, maximizing effectiveness and minimizing side effects.

Additionally, advancement in technologies, rising demand for precision medicine, and favourable government initiatives and funding are some of the other factors that are driving the market progression.

Precision Oncology Market Report Attributes
Report Attribute	Details
Base Year:	2022
Precision Oncology Market Size in 2022:	USD 68.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10.6%
2032 Value Projection:	USD 184.8 Billion
Historical Data for:	2018 to 2022
No. of Pages:	160
Tables, Charts & Figures:	262
Segments covered:	Product Type, Cancer Type, End-user, & Region
Growth Drivers:	Increasing prevalence of cancer Advancement in technologies Increasing demand for personalized medicine Rising government initiatives and funding
Pitfalls & Challenges:	High cost of precision medicine Stringent regulatory requirements

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Precision oncology is a specialized approach to cancer care that leverages genomic and molecular information to customize treatments according to the unique characteristics of a patient's tumour. By identifying specific genetic alterations, precision oncology aims to optimize therapeutic strategies, enhance treatment efficacy, and minimize side effects for better patient results. It optimizes therapeutic outcomes by targeting the unique features driving cancer progress.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Precision oncology industry reached around USD 68.7 billion in revenue in 2022 and is projected to be worth USD 184.8 billion by 2032 driven by the rising number of cancer cases globally.

The therapeutics segment held 71.7% of the precision oncology industry in 2022 and is expected to witness high demand through 2032 owing to the ongoing development of various targeted drug therapies.

North America held 43.8% revenue share of the precision oncology industry in 2022 and is estimated to expand at a notable CAGR from 2023-2032 attributed to the presence of advanced healthcare infrastructure with state-of-the-art medical facilities and technology in the region.

Some leading precision oncology companies are Thermo Fisher Scientific Inc., Invitae Corporation, Illumina, Inc., Qiagen N.V., Novartis AG, F. Hoffmann-La Roche AG, Rain Therapeutics Inc, and Strata Oncology, Inc.