The Personalized Medicines in Oncology Market size is estimated to reach $263.86bn by 2025, growing at a CAGR of 11.8% during the forecast period 2020-2025. Oncology is a branch of medicine that deals with the diagnosis, treatment and prevention of different types of cancers like blood cancer, skin cancer, breast cancer, lung cancer and others. According to the WHO reports, cancer is the second leading cause of death with 9.8 million death in 2018, and 70% of cancer deaths are countries with low and middle income. The advancement in science and the increase in the latest technology has driven the best drugs and treatments for the patients to get them cured in less time, the personalized medicines are the medicines that are made depending upon the type of cancer and the type of immunity system of the patient. This modification and advancement in the drugs depending on the patient type is driving the market for personalized medicines in the oncology market
Personalized Medicines in Oncology Market Segment Analysis – By Cancer Type
The Application segment of Personalized Medicines In Oncology Market has Blood cancer, Breast Cancer, Intestinal Cancer, Prostate Cancer, Respiratory/Lung cancer, Skin Cancer, Bone Cancer, and Others. The Blood cancer segment, which is sub-segmented into Leukemia, Lymphoma, Multi-Myeloma, registers for the highest market share in 2019 and is set to continue for the forecast period 2020-2025, owing to the increased number of people suffering from different types of blood cancers and increase in requirement of drugs depending upon the type and cause of cancer. According to the WHO reports, it is set to be that about 17% of deaths in women are caused by breast cancer and the need of manufacturing medicine depending on the patient is driving the growth of personalized medicines during the forecast period 2020-2025.
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Personalized Medicines In Oncology Market Segment Analysis – By Technology Type
The Application segment of the Personalized Medicines In Oncology Market has Fluorescence/ Chromogenic In Situ Hybridization, Next-Generation Sequencing, Immunohistochemistry, High Throughput SNP Analysis, Microarray, Quantitative PCR, and Others. The Next-Generation Sequencing segment registered for the highest market share in 2019, as this process helps in studying the genes of a person and helps in developing medicines so that it can help in curing and as well as in stopping in forwarding of cancer to the next generation. The Immunohistochemistry segment is also set to have growth as this technology helps in finding the antibodies in the body and create medicines to combine with them and fight eh cancer cells. The research made in developing different types of drugs and introducing new types of technology and diagnosis are driving the personalized market during the forecast period 2020-2025.
Personalized Medicines in Oncology Market Segment Analysis – By Geography
Based on Geography the global Personalized Medicines In Oncology Market is segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America had a dominant share in terms of revenue in 2019 and it holds the largest market share during the forecast period 2020-2025, owing to the increased health care spending by the people and good health care infrastructure in this region. The rise in population and increasing awareness among people about personalized medicines are driving the market for personalized medicines for oncology in the Asia-pacific region. An increase in the prevalence of different types of cancers and the need for medicines to cure cancer in different types of people in different regions is driving the demand of personalized medicines globally as they help in fighting cancer more effectively than that of general
Personalized Medicines in Oncology Market Drivers
High prevalence of cancer
The increase in the prevalence of different types of cancer is driving the growth of the market. According to the reports of the National Centre for Biotechnology Information, the majority of cancers are caused owing to the harmful lifestyles in the past, high consumption of tobacco, unhealthy foods. Such factors are driving the usage of personalized medicines depending upon the type and cause of cancer and the ability of the body to withstand and react to the treatment process.
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Personalized Medicines in Oncology Market Challenges
Lack of awareness among the people
The lack of awareness among the people about the personalized medicines for the cancer treatment is challenging the market. The cost involved in the treatment for cancer, and the cost involved in making personalized medicines depending on the type of patient is hampering the growth of the market during the forecast period 2020-2025.
Personalized Medicines in Oncology Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Personalized Medicines In Oncology Market. Key companies of this market are Biotheranostics, Illumina, Inc., DNA Link, Genomic Health, Inc., Cypher Genomics, Life Technologies Corporation, Fulgent Diagnostics, Caris Life Sciences, Ariana Pharma, Diploid, and others.
In April 2019, FDA approved the Balversa (edafitnib), a targeted therapy that is used in adults for the bladder cancer with a mutation in FGFR3 or FGFR2 gene.
In May 2019, Novartis company got approval from the U.S. Food and Drug Administration for Piqray (alpelisib) which is used in combination with Faslodex (fulvestrant) and it is used to treat HER2-negative breast cancer with PIK3CA mutation.
Geographically, North America’s Personalized Medicines In Oncology Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high disposal income and increased cancer patients.
The increase in health concern and increased prevalence of diseases like cancers, cardiovascular issues, and other infections and allergies are driving the market for Personalized Medicines In Oncology during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Personalized Medicines In Oncology Market report.
The advancement in the latest technology and research being made to develop drugs depending on the ability of the patient to the medicines and tumor are driving the manufacturing of personalized medicines and helping in the growth of the market.
Related Reports :
A. Personalized Medicine Market
B. Oncology Market
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