Advancements in the healthcare sector and increasing applications of precision oncology are boosting market growth in the coming years.
Market Size – USD 49.98 Billion in 2019, Market Growth – CAGR of 9.9%, Market Trends – Improvement and advancement in cancer biology.
The Global Precision Oncology Market is expected to be valued at USD 99.72 Billion in 2027 from USD 49.98 Billion in 2019, registering a CAGR of 9.9% through the forecast period. Precision oncology is an outcome of the fast advancement in cancer care, which is associated with genomic medicine. Understanding the tumors’ genetic mutations hold the promise to provide practitioners with the capacity for commanding specific prescriptions in order to fight certain types of tumors. Although, only a few types of tumors are correlated with certain genetic mutations. In different types of breast cancer, medical professionals have achieved expertise by practicing for years in genomic analysis for determining the appropriate methods of treatment.
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Physicians are relying on the DNA testing to identify the gene mutation. Furthermore, the collaboration of healthcare organizations with biotech & pharma enterprises is further supporting the industry’s growth. However, the lack of awareness regarding the precision medications’ possible applications, and the regulatory framework with compensation policies are hampering the industry’s extension.
With the global COVID-19 crisis, manufacturers are acquiring different strategies along with rapidly changing their purchasing priorities for meeting the pandemic’s demand. However, with the rising investment in healthcare, the overall industry is experiencing a surge in demand.
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Further key findings from the report suggest
- The market registered worth USD 49.98 Billion in the year 2019 and has been foreseen to rise at a CAGR of 9.9% during the estimated period.
- The application segment is projected to touch worth USD 22.33 Billion in 2027.
- The end-user segment led the industry in 2019, with a valuation of USD 99.72 Billion.
- Biotechnology companies are the biggest segment and this segment is predicted to generate a grand revenue of USD 43.08 Billion in the year 2027.
- The precision oncology demand in defense is foreseen to observe moderate growth during the projection period.
- North America is an active region due to the presence of several enterprises and numerous market entrants who have been highly investing in the manufacturing of advanced sensor. The market is foreseen to occupy a CAGR of 12.7% during the analysis period.
- Leading companies include ASEBIO, Eagle Genomics, Menarini Silicon Biosystems, NeoGenomics, NanoString Technologies, Inc., Novartis AG, Teva Pharmaceuticals Industries Ltd, QIAGEN, Pfizer Inc., and Tepnel Pharma Services.
For the purpose of this report, Reports And Data has segmented into the Global Precision Oncology Market on the basis of end-user, technology type, application, and region:
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceuticals Companies
- Biotechnology Companies
- Diagnostic Companies
- Healthcare Data Companies
Technology Type Outlook (Revenue, USD Billion; 2017-2027)
- Big data Analytics
- Gene Sequencing
- Drug Discovery
- Companies Diagnostics
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Table of Content
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Precision Oncology Market Segmentation & Impact Analysis
4.1. Precision Oncology Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Healthcare industry shift towards personalized medicines
22.214.171.124. An opportunity to introduce new scientific, medical and business model
126.96.36.199. Modernized trend in health care industry.
4.2.3. Market restraints analysis
188.8.131.52. Reimbursement of channel and high cost of medicine
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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