Oncology Precision Medicine Market Size to Hit USD 364 Billion by 2035 | Roots Analysis

According to a recently published report by Roots Analysis, the growing prevalence of cancer worldwide has led to a surge in the demand for tailored therapies to treat patients, which is anticipated to drive the market. 

LONDON, Jan. 18, 2024 /PRNewswire/ --

Global Oncology Precision Medicine Market Overview

The global oncology precision medicine market is growing exponentially; it is estimated to be worth USD 130 billion in 2023 and is anticipated to reach USD 364 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 8.93% during the forecast period from 2023 to 2035.

Precision medicine in oncology refers to the study of utilizing an individual's genetic data to develop a tailored treatment plan according to the molecular makeup of their cancer. In recent years, cancer has been the most common cause of death across the globe. According to the American Cancer Society report, in 2022, an estimated 1.9 million new cancer cases have been diagnosed worldwide, and around 609,360 deaths have occurred due to cancer. Presently, numerous conventional drug approaches have been developed, including surgical methods, chemotherapy, and radiation therapies. These cancer treatment approaches are predicted to be incompetent to fight against intrinsic carcinogenic genetic abnormalities that arise from patient-specific mutations in oncogenesis tumor suppressor genes. To address these concerns, the concept of precision medicine has been introduced, which involves the utilization of genomic knowledge for the development of gene-target therapeutics. It is interesting to note here that several precision centers, such as MD Anderson Cancer Center in the US, Mayo Clinic Cancer Center in the United States, and Memorial Sloan Kettering Cancer Center in New York, offer advanced treatment and technologies that are ideal for patients having difficult to treat cancer forms. Owing to the significance of precision medicines and ongoing technological advances, the oncology precision medicine market will witness substantial growth during the forecast period.

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Oncology Precision Medicine Market Report Scope:

Market Drivers

The market is propelled by the increasing incidence of cancer across the globe and the growing demand for tailored therapies to treat intrinsic cancer that are not cured with existing methods. The advancements in genomic technologies, such as next-generation sequencing, enabled the identification of genetic mutations, allowing researchers to develop target-based therapies according to specific genomic profiles. Further, the oncology precision market is also driven by a growing emphasis on personalized medicines to treat individuals suffering from cancers.

Market Restraints

Several factors that restrict the growth of the market include the high cost of precision medicines and reimbursement challenges. In some regions, reimbursement policies may not cover the cost of targeted therapies and genetic testing, leading to financial burdens on patients. Precision medicines rely on data analysis and collection for detailed study of genomics. The lack of standardization may lead to data privacy and security concerns, resulting in slowing down the market growth.

Growth Factors

Several factors that are contributing to the growth of the market include a supportive regulatory framework and rising partnerships between key market players. The growing demand of patients for personalized therapies has led to the adoption of tailored therapies in the oncology field, which is anticipated to drive the market in the future. Moreover, ongoing research efforts for the identification and validation of biomarkers for detailed analysis of patient genomics to develop therapies are a major growth factor that drives the market.

Recent Developments in Continuous Manufacturing Market

It is interesting to note here that the oncology precision medicine market witnesses several collaborations and development activities, some of which are listed below:

• In September 2023, Exscientia and Merck entered into a licensing agreement to provide its AI-powered precision drug design and discovery-driven technologies. The collaboration will enable Merck to emphasize the development of drug design for neuroinflammatory and oncological disorders.
• In August 2023, IDEAYA Biosciences announced the FDA clearance of an investigational new drug application of GSK101 (IDE705). GlaxoSmithKline has sponsored this clinical trial for the treatment of cancer patients with BRCA, homologous recombination, and homologous recombination deficiency mutations.
• In April 2023, Tango Therapeutics received IND clearance from the FDA for TNG260 (a Co-repressor of Repressor Element-1 Silencing Transcription) to treat STK11-mutant cancers.

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Oncology Precision Medicine Market Segments 

Based on the type of cancer targeted, oncology precision medicine is segmented into bladder cancer, blood / hematologic cancer, breast cancer, cervical cancer, gastrointestinal cancer, head and neck squamous cell cancer, lung cancer, skin cancer, and others.

• Blood / hematologic cancer will dominate the market and is anticipated to capture 27.25% of the revenue share by 2035.
• Lung cancer will grow during the forecast period at a higher CAGR of 11.32%

Based on the route of administration, the oncology precision medicine market is segmented into oral, intravenous, and others.

• Based on the route of administration, intravenous will dominate the market, capturing 56% of the overall revenue share by 2035.
• The oral route will grow at a higher CAGR of 9.18% during the forecast period.

Based on the type of molecules, the oncology precision medicine market is segmented into small molecules and biologics.

• Based on the type of molecules, oncology precision medicine is dominated by small molecules and is poised to hold 51.72% of the overall revenue share by 2035.
• Small molecules will grow at a higher CAGR of 10.63% during the forecast period.

Based on Drug Class, the oncology precision medicine market is segmented into kinase inhibitors, enzyme inhibitors, immune checkpoint inhibitors, and others.

• Based on the drug class, the kinase inhibitor will dominate the market, capturing 50.60% of the overall revenue share by 2035.
• Enzyme inhibitors will grow at a higher compounded annual growth rate (CAGR) of 11.43% during the forecast period.

Based on the key geographical region, the oncology precision medicine market is segmented into North America (US, Canada), Europe (France, Germany, Italy, Spain, and UK), Asia (China, Japan, Korea, and India), Middle East and North Africa (UAE, Israel, Qatar and Rest of the Middle East and North Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America)

• Based on the key geographical region, the oncology precision medicine market will be dominated by North America, holding 46.36% of the revenue share by 2035. 
• In Asia-Pacific, the oncology precision medicine market will grow at a higher compounded annual growth rate of 9.99% during the forecast period. 

Key Companies Profiled 

The oncology precision medicine market report also includes detailed profiles of key players (listed below) that provide solutions to cell line development services.

• AbbVie
• Anticancer Bioscience
• Astellas Pharma
• AstraZeneca
• Bayer
• Blueprint Medicines
• Bristol Myers Squibb
• Eli Lilly
• Erasca
• Genentech
• GlaxoSmithKline
• Hutchmed
• IDEAYA Biosciences
• Jiangsu Hengrui Pharmaceuticals
• Johnson & Johnson Innovative Medicine
• Merck
• Novartis
• Pfizer
• Repare Therapeutics
• Roche
• Seagen
• SpringWorks Therapeutics
• Takeda Pharmaceutical
• VERAXA Biotech GmbH
• VRise Therapeutics

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Key Benefits of Buying this Report

• The report offers market leaders and newcomers valuable insights into revenue estimations for both the overall market and its sub-segments.
• Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
• The report gives stakeholders a pulse on the spectrometry market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.

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