The global personalized cancer medicine market is driven by factors such as a rise in prevalence of cancer, increase in demand for ideal therapeutics for treatment and rise in adoption of Artificial Intelligence (AI) based diagnosis.
PORTLAND, Ore., July 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Personalized Cancer Medicines Market by Product (Personalized Medicine Diagnostics and Personalized Medicine Therapeutics), End User (Hospitals & clinics and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032" According to the report, the global personalized cancer medicine market generated $180 billion in 2022, and is anticipated to generate $507.23 billion by 2032, witnessing a CAGR of 10.9% from 2023 to 2032.
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Prime determinants of growth
Growing prevalence of cancer and technological advancement drive the growth of the global personalized cancer medicine market. However, the high cost of personalized cancer medicine presents a significant challenge and hampers market growth. On the contrary, the growing healthcare infrastructure and adoption of strategies by key manufacturers are expected to offer remunerative opportunities for expansion of the personalized cancer medicine market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $180 billion |
Market Size in 2032 | $507.23 billion |
CAGR | 10.9 % |
No. of Pages in Report | 209 |
Segments covered | Product, End Users, and Region. |
Drivers | Rise in prevalence of cancer Increase in demand for ideal therapeutics for treatment Rise in adoption of Artificial Intelligence (AI) based diagnosis |
Opportunities | Increase in research and development activities in personalized cancer medicine |
Restraints | High cost of personalized medicine Limited Reimbursement and coverage |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the personalized cancer medicine market faced a downturn.
- However, as the global situation started ameliorating and the prevailing cases of cancer has highlighted the need for innovation in the healthcare sector and thus shown positive impact on the growth of the market.
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The personalized medicine diagnostics segment to maintain its leadership status throughout the forecast period
Based on product, the personalized medicine diagnostics segment held the highest market share in 2022, accounting for more than half of the global personalized cancer medicine market revenue, and is estimated to register highest CAGR of 11.3% throughout the forecast period. This growth is attributed to advancements in genomic technologies, growing collaborations between diagnostic companies, pharmaceutical companies, and academic institutions, regulatory support, and the increasing demand for personalized treatment approaches. These diagnostics are essential in identifying the most effective treatment options for individual patients, leading to improved outcomes and personalized care in the field of medicine.
The hospitals and clinics segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment held the largest market share in 2022, accounting for more than half of the global personalized cancer medicine market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the rise in number of patients receiving personalized treatment in hospitals, as it owns advanced genomic and proteomic technologies that are needed to analyze patient data and identify disease biomarkers. However, others segment is projected to manifest the highest CAGR of 11.3% from 2023 to 2032, owing to contribution of CROs, research institutes, bio and health informatics companies, pharma & biotech companies, and diagnostic tool companies in advancements in personalized cancer medicine. Their collective efforts contribute to the development of new therapies, precision diagnostics, and research insights that improve patient outcomes and propel the growth of the market.
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North America to maintain its dominance by 2032
Based on region, North America dominated the personalized cancer medicine market in 2022 more than half of the global personalized cancer medicine market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed rise in prevalence of cancer cases, growth in investment by private and public agencies and well-established research & commercialization base. In addition, the increase in the geriatric population in North America has led to a higher prevalence of cancer, leading to increased demand for ideal therapeutics.
The healthcare system has made significant investments in improving healthcare infrastructure and facilities, which has enabled better access to healthcare services and treatments for patients with cancer. However, Asia-Pacific is expected to register the highest CAGR of 14.9% during the forecast period, owing to rising incidence of relapse cancer, increase in healthcare expenditure, growth in awareness about the importance of early detection and treatment of cancer and rise in adoption of precision medicine arena is expected to boost the market growth.
Leading Market Players: -
- Abbott Laboratories
- ARIEL Precision Medicine, Inc.
- F. Hoffmann-La Roche Ltd.
- GE Healthcare, Inc
- Aadi Bioscience, Inc.
- Illumina, Inc.
- Qiagen
- Novartis AG
- Bristol-Myers Squibb Company
- Thermo Fisher Scientific Inc.
The report provides a detailed analysis of these key players of the global personalized cancer medicine market. These players have adopted different strategies such as product approval , expansion, agreement, product approval , collaboration and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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