NEW YORK, July 21, 2020
- The advancement in healthcare is beneficial for patients, the pharmaceutical industry, and the society
- Market Size – USD 49.98 Billion in 2019, Market Growth - CAGR of 9.9%, Market Trends – Improvement and advancement in cancer biology
NEW YORK, July 21, 2020 /PRNewswire/ -- 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 and 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 recommend more specified prescriptions to fight various tumors types. Although, only a few tumors and tumor types have been correlated with specific genetic mutations, in some forms of breast cancer, doctors are helped by years of expertise in genomic analysis to determine the most appropriate treatment options for their patients.
Physicians can use DNA testing to look for the mutation of the gene; especially in case of women with a family history of breast or ovarian cancer. Additionally, the combination of big data healthcare organizations with pharma & biotech corporations is likely to support precision oncology market growth. The lack of awareness about the possible applications of precision medication, unfavourable compensation policies and regulatory framework that is not yet shaped to include precision medication can be some of the challenges faced by the precision oncology market.
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Europe held a significant share in the global precision medicine market and is anticipated to grow at a uniform rate during the forecast timeframe. The expanding use of certain diagnostic instruments, digital health records, and medicines prescribed, are anticipated to spur precision oncology market expansion. Furthermore, European businesses are focusing on various mergers and acquisitions that are expected to promote the future scope pf precision oncology industry.
The COVID-19 impact:
With the deepening of the COVID-19 crisis, medicine manufacturers various pharmaceutical companies are rapidly changing their practice & purchasing priorities to meet the demand of the pandemic. However, with an increase in investment in healthcare, precision oncology market is anticipated to experience a rise in demand. The forecast report of the precision oncology market will offer in-depth insight into industry parameters based on different factors of the market trends, and several price fluctuations.
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Further key findings from the report suggest:
For the purpose of this report, Reports and Data have segmented the global precision oncology market on the basis of end-user, technology type, application, and region:
End-user Outlook (Revenue, USD Billion; 2017-2027)
Technology Type Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.