The global Precision Oncology market is forecast to reach USD 99.72 Billion by 2027, according to a new report by Reports and Data. Precision oncology categories, recent advances in cancer care have been closely associated with genomic medicine. Knowing the genetic mutations of unique tumors holds the promise of giving practitioners a higher capacity to command specific prescriptions to fight specific tumors types. Although, only a few tumors and tumor types have been correlated with specific genetic mutations. In some forms of breast cancer, doctors instantly have years of expertise in genomic analysis to determine the most appropriate methods for their patients.
Physicians immediately can use DNA testing to look for the mutation of the gene; meanwhile, women with a family story of breast or ovarian cancer. Additionally, the combination of big data healthcare organizations with pharma biotech corporations is likely to support market growth. On the other hand, the lack of awareness about the possible applications of precision medication and the compensation policies and regulatory framework is expected to hamper the market extension.
Precision Oncology Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
Further key findings from the report suggest:
- The global Precision Oncology market accounted for USD 49.98 billion in 2019 and is expected to grow at a CAGR of 9.9% from 2019 to 2027.
- The Application is anticipated to reach USD 22.33 billion by 2027 and is expected to grow at a high rate over the forecast period.
- The End-user segment dominated the market in 2019, with an estimated USD 99.72 billion.
- The Biotechnology companies are the largest segment and are estimated to generate revenue of over USD 43.08 billion by 2027.
- Demand for Precision oncology in defense is anticipated to witness moderate growth over the forecast period.
- North America is expected to be an active region over the forecast period. Numerous enterprises and several new players within and have been investing in advanced sensor manufacturing. The regional market is expected to exhibit a CAGR of 12.7% over the forecast period.
Top Companies Profiled in the Report Include:
Eagle Genomics, ASEBIO, Menarini Silicon Biosystems, NanoString Technologies, Inc. NeoGenomics, Novartis AG, Pfizer Inc., QIAGEN, Tepnel Pharma Services, Teva Pharmaceuticals Industries Ltd, among others.
Additionally, the report consists a detailed analysis of the segmentation of the PTA Balloon Cathetery tests Market based on product types and end-use/application offered in the PTA Balloon Cathetery tests Market –
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceuticals Companies
- Biotechnology Companies
- Diagnostic Companies
- Healthcare Data Companies
Technology Type Outlook (Revenue, USD Million; 2017-2027)
- Big data Analytics
- Bioinformatics
- Gene Sequencing
- Drug Discovery
- Companies Diagnostics
Application Outlook (Revenue, USD Billion; 2017-2027)
- Consumable
- Instruments
- Services
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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