Personalized Medicines in Oncology Market Size Estimated to Reach $272.1 Billion by 2027
Personalized Medicines in Oncology Market size is estimated to reach $272.1 billion by 2027, growing at a CAGR of 10.6% during the forecast period 2022-2027. Personalized medicines are also demarcated as precision medicines which are fabricated on the basis of molecular profiling and medical imaging of individual patients to enlarge the effectiveness of cancer treatments. The principal objective behind the usage of precision medicine or predictive biomarker is to customize the correct treatment for the correct patient. Several contemporary sequencing techniques such as cancer genome sequencing and next-generation sequencing help study the genes and provide genomic data. Additionally, measures like biomarkers play a significant role in the development of personalized medicines as they are proficient in identifying the patient’s response to certain medical drugs. Chemotherapy, immunotherapy, hormonal therapy, and others are commonly used in treating patients afflicted with different types of cancers. However, the bodies of some patients do not adapt to particular treatments such as chemotherapy and eventually worsens their situation. Therefore, precision medicines make it easy for doctors to understand which therapy should a person undergo to avoid further health complications. Accruing cases of cancer worldwide is one of the prominent factors set to drive the growth of Personalized Medicines in the Oncology Market for the period 2022-2027.
Personalized Medicines in Oncology Market Segment Analysis – By Cancer Type
The Personalized Medicines in Oncology Market based on the cancer type can be further segmented into endometrial cancer, breast cancer, esophageal cancer, prostate cancer, lung cancer, neuroendocrine tumor, colorectal cancer, cervical cancer, blood cancer, and others. The Breast cancer segment held the largest share in 2021. The growth is owing to widescale prevalence among both men and women around the globe. Breast cancer is 2nd biggest reason behind the deaths of women in the US. Moreover, it claimed more than 600,000 lives in 2020. Therefore, the demand for precision medicines in the treatment of breast cancer is swelling. These medicines help in tailoring a perfect treatment by studying the genetic mutation in cancer cells and the genetic makeup that a person is born with. Nevertheless, the lung cancer segment is estimated to be the fastest-growing segment with a CAGR of 11.3% over the forecast period 2022-2027. This growth is owing to the heightening prevalence of lung cancer. Smoke from vehicles, CO2 emission from industries, burning plastic items, and augmenting smoking trends are prime factors increasing the spread of lung cancer worldwide.
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Personalized Medicines in Oncology Market Segment Analysis – By End User
The Personalized Medicines in Oncology Market based on end-user can be further segmented into hospitals, diagnostics facilities, and research institutions. The hospital segment held the largest share in 2021. The growth is owing to the far-reaching presence of hospitals as compared to other medical facilities. The hospitals are the first point of contact for the people suffering from such life-threatening illnesses. In addition to that, hospitals extend several benefits to patients such as 24/7 patient care, top-of-the-line medical professionals, the availability of vital tools and techniques to execute cancer procedures. Putting aside hospitals the cancer treatment centers also provide better quality treatment to patients, but their lower presence and expensive treatments are the biggest obstructions in their growth.
Moreover, the pharmaceutical and biotechnology companies segment is estimated to be the fastest-growing with a CAGR of 11.6% over the forecast period 2022-2027. The growth is owing to the robust backing of various governments and private venture capitalists. For example, mRNA vaccines which have been heavily deployed for COVID-19 vaccinations have been long under trial to eliminate cancer cells. Pfizer and BioTech are under phase-2 experimental trial for their vaccine which can target the cancer cells. Moreover, the vaccine would target the protein on the tumor cell.
Personalized Medicines in Oncology Market Segment Analysis – By Geography
The Personalized Medicines in Oncology Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 42% of the overall market in 2021. The growth in this segment is owing to the factors such as the high pervasiveness of breast and lung cancer in the US. Besides, to curve the rising demand North American nations like Canada, US have world-class healthcare infrastructure which includes state-of-the-art research laboratories and hospitals like Mayo clinic. Due to high salary offers the US have proper availability of top-flight doctors and researcher Moreover, high health awareness among people and decent purchasing capacity to undergo expensive cancer treatments is a preeminent factor in the growth of the respective market in the North American continent. Further, the US experiences a cost worth of $208.9 billion for cancer care, which has increased by around 10% from the year 2015.
However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to intensification in the spread of cancer due to augmenting the old-age population. Around 18.7% of the total population of China is aging above 60 years and the number is plunging upward at a swift pace. On another hand, several south Asian states including China and India have the worst air quality in the world which is prompting the overall prevalence of cancer in both teenagers and adults.
Personalized Medicines in Oncology Market Drivers
Broadening research and development activities and advancement in technologies is Anticipated to Boost Product Demand
The presence of technologies such as Next-generation sequencing (NGS), FISH, and Genomic sequencing play their noteworthy contribution in the research and synthesis of prescribed medicines. In addition to that, escalating number of mergers and acquisitions market players in order to gain a competitive advantage over their competitors are helping the market in abundant ways. Moreover, companies are increasing spendings on research activities to fabricate more effective drugs and techniques. For instance, Pfizer’s research and development spending has touched almost $10 billion.
Heightening the number of cancer cases is Expected to Boost Product Demand
The extensive incidences of cancer are the foremost driver in the growing demand for personalized medicines. There are numerous reasons behind people diagnosing with cancer. Some of them are; worsening air quality, cigarette smoking, growing elderly population, the smoke of unburnt vehicle fuel, and contaminated water. ascribing to an upsurge in smoking the number of people inflicted with it is augmenting. It’s the main reason behind cancer deaths around the globe. In 2021 around 1.9 million cases of cancer were found which eventually led to more than 600,000 fatalities. Moreover, over 130,000 deaths are reported every year in the US due to lung cancer. Besides, a major faction of the world population is turning old. The elderly population has reached over 700 million in 2021 and is estimated to reach 2 billons before long.
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Personalized Medicines in Oncology Market Challenges
Lack of awareness about precision medicines, expensive cancer treatments are Anticipated to Hamper Market Growth
Cancer treatments don’t come easy. With growing success rates of personalized drugs, their prices are elevating also. People are supposed to spend a fortune if they want to cure themselves by undergoing various curative procedures. Breast cancer has the most expensive treatments. Even the average treatment can cost a person up to $100,000 which the majority of the people cannot afford. Moreover, lack of consciousness among people about personalized medicines can be also cripple the growth of the personalized medicines market.
Personalized Medicines in Oncology Market Competitive Landscape:
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-
Abbott
Exact Science Corporation
GE Healthcare
Illumina
Celera Diagnostics
Biogen
Decode Genetics
Danaher Corporation
Novartis
Genelex Corporation
Recent Developments/Product Launches:
In December 2021, Excellent outcomes for new leukemia and lymphoma drug have been found by the researchers. The first-ever clinical trial of a blood cancer drug known as LOXO-305 or Pirtobrutinib was conducted. The trials took place on people suffering from multiple forms of leukemia and lymphoma, which also included chronic lymphocytic leukemia, small lymphocytic lymphoma, and mantle lymphoma as well as other forms of non-Hodgkin lymphoma. Furthermore, the drug has been focused on people who have stopped responding.
In September 2021, Pfizer-BioNTech launched a serosurvey to find out the efficacy of vaccines on the people afflicted and fighting with cancer. The results so far have been reassuring in many aspects. The researchers had compared COVID-19 antibody levels between two groups right after the second dose and then after 6 months. After the six months, post-dose of vaccine, 79% of the people receiving treatment for cancer had COVID-19 antibodies while 84% of the healthcare workers who have had no cancer maintained high antibody levels. Owing to the said study, people can be encouraged for vaccination.
In May 2021, First-ever KRAS Inhibitor has been approved for an “undruggable” lung cancer target. The name of the targeted medicine has been named Sotorasib. Further, the treatment of certain advanced non-small cell lung cancers in patients who have already received at least one other treatment. The approval was based on clinical trials co-led by MSK medical oncologist Bob Li. This approval marks a major milestone in targeted therapies and changes the treatment paradigm for patients with KRAS-G12C-mutated non-small cell lung cancer.
Key Takeaways
Geographically, the North America Personalized Medicines in Oncology Market accounted for the highest revenue share in 2021. It is owing to the steep presence of robust Med-tech companies often supplemented by backings of both government and private venture capitalists. However, Asia-Pacific is poised to dominate the market over the period 2022-2027. It is owing to the steep rise in research and development activities especially pertaining to cancer.
Proliferating geriatric population is said to be a preeminent driver driving the growth of Personalized Medicines in the Oncology Market. The extortionate price of cancer treatments is said to reduce the market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Personalized Medicines in Oncology Market report.
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