Precision Oncology Market Revenue Report with Forecast to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Precision Oncology Market Size, Share & Trends Analysis Report By Product Type (Diagnostics, Therapeutics), By Cancer Type (Breast Cancer, Cervical Cancer, Prostate Cancer, Lung Cancer), By End-use (Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Healthcare Data Companies)- Market Outlook And Industry Analysis 2031"

The Global Precision Oncology Market Size is valued at 94.27 billion in 2022 and is predicted to reach 230.71 billion by the year 2031 at a 10.68% CAGR during the forecast period for 2023-2031.

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Increased attempts to define genes, an increase in online collaboration forums, and developments in cancer biology are the reasons propelling the market's expansion. While the prevalence of life-threatening medical disorders, including cancer and rare diseases, has increased over the past few years, numerous gene treatments, diagnostics, and medications have been introduced in this field. For instance, the Globocan 2021 fact sheet estimates that by 2025, there will be 21.8 million additional instances of cancer. The rising number of cancer cases is anticipated to increase the demand for precision medicine and, in turn, boost the market's expansion.

Furthermore, the development of the industry under review is being fueled by developments in cell biology and technology. For instance, in May 2021, AdventHealth will launch a data-driven precision medicine initiative as part of the expansion of its genomics programme. This initiative will organise and integrate longitudinal patient data with molecular testing data, resulting in the creation of a dataset and disease network models that will aid the healthcare system in better anticipating the onset of diseases and how they will respond to treatments. Thus, these developments are fueling the expansion of the market under study.

List of Prominent Players in the Precision Oncology Market:
• Acrivon Therapeutics
• AstraZeneca
• Bioserve
• Bristol-Myers Squibb
• Eli Lilly
• Exact Sciences Corporation
• F Hoffmann-La Roche AG
• Illumina, Inc.
• Invitae Corporation
• Laboratory Corporation Of America Holding
• Novartis AG
• Qiagen N.V.
• Quest Diagnostics
• Rain Oncology Inc.
• Relay Therapeutics
• Strata Oncology, Inc.
• Thermo Fisher Scientific Inc.
• Variantyx, Inc.
• Xilis, Inc.

Market Dynamics:

Drivers-
Some important drivers of the market's expansion are innovation and the accessibility of new technology. As a standard of treatment for cancer patients, the Cleveland Clinic, for instance, expanded its advanced genomic testing platform in November 2021. Whole-exome sequencing, which analyses every piece of DNA in the genes involved for producing proteins in the body, and RNA sequencing, which evaluates how these proteins are encoded, are both used in this enhanced capacity to screen tumour samples. The market is anticipated to experience rapid expansion throughout the forecast period thanks to developments in precision medicines and diagnostics, as well as game-changing innovations like Next Generation Sequencing (NGS) and big genomic data.

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Challenges:
Genetic testing, which is necessary to analyse mutations before prescribing precision medicine, is not covered by insurers. Medical professionals and other healthcare professionals will need to thoroughly understand molecular genetics and biochemistry if precision medication procedures are to become a standard part of healthcare. Despite evidence of significant associations between genotype and illness risk or treatment efficacy, several of the tests' lack of clinical value appeared to be the deciding factor for coverage.

Regional Trends:
The largest market share was in North America. Precision Oncology is becoming more and more in demand in well-established end-user activities, and it is anticipated to experience a sizable CAGR throughout that time. Furthermore, Precision Oncology will have profitable chances in the roofing plans industry thanks to the growing domestic and industrial construction activity in the U.S. Due to improvements in gene mapping technologies, which play a crucial role in the expansion of the domestic industry, the Americas are anticipated to entirely control the global precision medicine market throughout the forecast period.

Recent Developments:
• In December 2022, By the end of 2023, according to Roche, a medication for the uncommon autoimmune condition neuromyelitis optica spectrum disease (NMOSD) would be available in India. Precision medicine is the emphasis of this medication.

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Segmentation of Precision Oncology Market-
By Product Type-
• Diagnostics
• Therapeutics
By Cancer Type-
• Breast Cancer
• Colorectal Cancer
• Cervical Cancer
• Prostate Cancer
• Lung Cancer
• Others
By End Use -
• Hospitals & Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• Healthcare Data Companies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.