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Global Oncology Precision Medicine Market

July 25, 2020

Global Oncology Precision Medicine Market, By Ecosystem (Applied Sciences (Genomics, Pharmacogenomics and Other Applied Sciences), Precision Diagnostics (Molecular Diagnostics (MDx) and Medical Imaging), Digital Health and Information Technology (Clinical Decision Support Systems (CDSS), Big Data Analytics, IT Infrastructure, Genomics Informatics, In-Silico Informatics, and Mobile Health), Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery and Research and Gene Therapy)), By Application (Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Cervical Cancer, Ovarian Cancer, and Other Cancers), By Region (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa)- Global Forecast, 2021-2027

Report Code :FMR742      
Pages :260 Pages
Format :   PPT Format   PDF Format

The global oncology precision medicine market was valued at US$ xx million in the year 2019. This market is estimated to be valued at US$ xx million in the year 2020 and is expected to reach US$ xx million by the year 2027, with an estimated CAGR of 11.31% during the forecast period (2021-2027). Oncology precision medicine refers to the approach being employed for improved patient care that enables healthcare experts to select oncology treatments that are expected to help patients based on genetic understanding of cancers. Rising cancer prevalence, rising usage of predictive biomarker for effective diagnosis, declining cost of genomic sequencing, and rapid technological advancements are some key market dynamic factors. In addition, reduction in error and trial-based drug prescription through the use of pharmacogenomics is also expected to fuel market growth.

Table 1. Global Oncology Precision Medicine Market Synopsis

Parameters

Description

Market Value (US$ Mn) for the Period

2019-2027

Base Year

2019

Forecast Period

2021-2027

Market Segmentation (By Ecosystem)

Applied Sciences (Genomics, Pharmacogenomics and Other Applied Sciences), Precision Diagnostics (Molecular Diagnostics (MDx) and Medical Imaging), Digital Health and Information Technology (Clinical Decision Support Systems (CDSS), Big Data Analytics, IT Infrastructure, Genomics Informatics, In-Silico Informatics, and Mobile Health), Precision Therapeutics (Clinical Trials, Cell Therapy, Drug Discovery and Research and Gene Therapy)

Market Segmentation (By Application)

Breast Cancer, Lung Cancer, Colorectal Cancer, Prostate Cancer, Cervical Cancer, Ovarian Cancer, and Other Cancers

Regions Covered

North America, Latin America, Europe, Asia-Pacific, Middle East and Africa

Key Players Coverage

Abbott Laboratories, Agilent Technologies, Inc., Almac Group Ltd., ANGLE plc., ASURAGEN INC., BGI Group, BioMérieux S.A., Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Gilead Sciences, Inc., Illumina, Inc., Konica Minolta, Inc., Laboratory Corporation of America Holdings, MDx Health, Inc., Myriad Genetics, Inc., Novartis AG, OPKO Health, Inc., Pacific Biosciences of California, Inc., Quest Diagnostics, QIAGEN N.V., and Thermo Fisher Scientific Inc.

Key Insights

  • Latest Updates
  • Analyst Views
  • Future Outlook of the Market

Market Dynamics

Notable initiatives undertaken by the companies to accelerate oncology precision medicine research and development drives global market growth. For instance, according to the HealthITAnalytics October 2019 publication, the computer scientists from Microsoft Corporation are partnering with researchers at the Jackson Laboratory in order to boost development of artificial intelligence (AI) technology for cancer treatment, enhancing the process of precision medicine development while improving upon patient care. The laboratory has developed a tool referred to as the Clinical Knowledge (CKB), which is a searchable database and medical experts can store, sort and interpret complex genomic data to share crucial information regarding effective treatment options and related clinical trials. Such initiatives are expected to contribute to market growth.

Moreover, substantial grants awarded to support precision medicine research for cancer also drives global market growth. For instance, according to the HealthITAnalytics October 2019 publication, National Institutes of Health (NIH) has awarded nearly $3.7 million of grant to Washington University School of Medicine. This grant is provided to boost precision medicine and genomic research for cancer. This funding would be used to expand the clinical interpretations of variants in cancer (CIViC) database that would support healthcare experts to match cancer mutations discovered in tumor of cancer patients to develop appropriate treatment.

However, the lack of awareness, education, and expertise for oncology precision medicine implementation and inadequate reimbursement scenario for oncology precision medicine are certain major market growth restraining factors.

Figure 1. Oncology Precision Medicine Market Scenario Forecast (Likely, Conservative, and Optimistic Scenario), 2020 and 2027 (US$ Mn)

Note: The above figure is shown for illustrative purposes only, the actual data may vary and will be incorporated in the report.

North America is expected to hold majority of the share in the global market which is followed by Europe and Asia-Pacific regions. North America market growth is attributed to the presence of a majority of key companies that are headquartered in this region such as Thermofisher Scientific, Inc., Pacific Biosciences of California, Inc., Opko Health, Inc., Myriad Genetics, Inc., and Gilead Sciences, Inc, among others.

Further, substantial clinical research in the North American region that is focused on implementation of precision medicine approach for identifying effectiveness or suitability of cancer drug on patients also contributes to market growth in this region. For instance, according to the Mayo Foundation for Medical Education and Research (MFMER), October 2020 publication, Mayo Clinic researchers have extensively researched and identified a blood test that is capable of indicating whether the breast cancer drug, tamoxifen would be effective for patients. And, this oncology precision medicine approach allows healthcare experts to proactively prescribe another medication for patients who may not respond to tamoxifen drug in treatment of breast cancer. Additionally, up-gradation of gene mapping technologies, patient affordability and higher acceptance rate of oncology precision medicines are some other major factors that boost market growth in the North American region.

The Asia-Pacific is anticipated to rise at the highest CAGR over the forecast period due to the notable prevalence of genetic diseases such as down syndrome, angelman syndrome and albinism coupled with substantial investments by the governments specifically in China, India and Japan to boost research on precision medicine for cancer treatment. For instance, according to the Innovate UK, December 2019 publication, Chinese Government has declared the China Precision Medicine Initiative in 2016. This key initiative is a 15-year program that has received approximately $9.2 billion of strategic funding from the Chinese Government. This program is focused on implementing cloud-based genomics to enable precision medicine revolution and develop precision medicine for cancer treatment.

Figure 2. Regional Analysis

 

Note: The above figure is shown for illustrative purposes only, the actual data may vary and will be incorporated in the report.

Competitve Landscape

Key players in global oncology precision medicine market include: Abbott Laboratories, Agilent Technologies, Inc., Almac Group Ltd., ANGLE plc., ASURAGEN INC., BGI Group, BioMérieux S.A., Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Gilead Sciences, Inc., Illumina, Inc., Konica Minolta, Inc., Laboratory Corporation of America Holdings, MDx Health, Inc., Myriad Genetics, Inc., Novartis AG, OPKO Health, Inc., Pacific Biosciences of California, Inc., Quest Diagnostics, QIAGEN N.V., Thermo Fisher Scientific Inc., and among others.

The market players have primarily adopted acquisition and getting Food and Drugs Administration (FDA) approval as strategies to strengthen their position in the global market. For instance, in June 2020, Predictive Oncology Inc. has acquired BioDtech, Inc. and Soluble Therapeutics, Inc. for an undisclosed amount. This acquisition has strengthened the oncology precision medicine development capabilities of the Predictive Oncology Inc. Additionally, in January 2019, Eli Lilly and Co. has acquired Loxo Oncology Inc. for approximately $8 billion and this acquisition has further solidified the market position of the Eli Lilly while enabling it to boost its precision medicine portfolio for oncology drugs. In addition to this, in January 2020, Blueprint Medicines has received the U.S. FDA approval for its Ayvakit (avapritinib) that is used as a precision therapy for unresectable or metastatic gastrointestinal stromal tumors (GIST). These developments have enabled companies to strengthen their product portfolio and expand their geographical presence across different countries and regions.

Figure 3. Market Share of Key Players, 2020

 

Note: The above figure is shown for illustrative purposes only, the actual data may vary and will be incorporated in the report.

By Ecosystem

  • Applied Sciences
    • Genomics
    • Pharmacogenomics
    • Other Applied Sciences
  • Precision Diagnostics
    • Molecular Diagnostics (MDx)
    • Medical Imaging
  • Digital Health and Information Technology
    • Clinical Decision Support Systems (CDSS)
    • Big Data Analytics
    • IT Infrastructure
    • Genomics Informatics
    • In-Silico Informatics
    • Mobile Health
  • Precision Therapeutics
    • Clinical Trials
    • Cell Therapy
    • Drug Discovery and Research
    • Gene Therapy

By Application

  • Breast Cancer
  • Lung Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Cervical Cancer
  • Ovarian Cancer
  • Other Cancers

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
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Note: This report provides in-depth analysis of the global oncology precision medicine market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2021-2027), considering 2019, as the base year.

  • What are the trends adopted by key players in the global oncology precision medicine market?
  • What key factors are expected to increase the demand for oncology precision medicine market during the forecast period 2021-2027?
  • What is the short-term, mid-term, and long-term impact of COVID-19 on oncology precision medicine market?
  • What are the major challenges inhibiting the growth of the global oncology precision medicine market?
  • What is the total market value (US$ Mn) generated in global oncology precision medicine market by ecosystem in 2019 and what are the forecasts by 2027?
  • Which application is expected to dominate the oncology precision medicine market in the coming years?
  • What was the total revenue generated by the global oncology precision medicine market across different regions (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) in 2019, along with CAGR (%) for the period (2021-2027)?
  • Who are the key players contributing to the growth of the global oncology precision medicine market, and what are the new strategies adopted by them to retain a market share in the industry?
  • What is the competitive strength of the key players in the oncology precision medicine market?
  • What new products are going to be approved or launched in the coming years, which may have a huge impact on the market?
  • What insights are derived through the analysis of key players on following parameters: company overview, financial performance, product portfolio, geographical presence, key highlights, and strategies?

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