GVR Report cover Precision Oncology Market Size, Share & Trends Report

Precision Oncology Market Size, Share & Trends Analysis Report By Product Type, By Cancer Type, By End-use (Hospitals & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies), By Region, And Segment Forecasts, 2022 To 2030

  • Report ID: GVR453618
  • Number of Pages: 0
  • Format: Electronic (PDF)

Precision oncology is used for the molecular profiling of tumors for the identification of targetable mutations. It helps to devise an effective therapeutic regime based on the molecular characteristics of a cancer condition. Numerous genomic signatures are most efficiently used as biological markers for diagnostics so as to monitor the progression of different types of cancers as well as track their adaptive modifications with a given therapeutic regime.

Researchers and pharmaceutical giants are working extensively towards carrying out high-end cancer research studies that involve devising novel therapeutics to find a potential cure using precision oncology. For instance, in August 2022, Guardant Health, Inc. collaborates with Merck KGaA, to leverage the GuardantINFORM real-world evidence portal. The collaboration helps acceleration of the development of Merck KGaA’s precision oncology products with a focus on therapeutics for primary cancer conditions.

Clinical trial studies for precision oncology-based research are essentially designed to compare a well-known and most effective treatment based on the stage of progression with a novel therapeutic approach under investigation with the aid of genomics data. For instance, in February 2021, Parexel and NeoGenomics, Inc. signed a collaboration for the advanced application of precision oncology clinical trials by using real-world genomics data. The collaboration is intended to study subject compatibility and optimize clinical development, translational research, and trial design.

Due to increased technological emergence, the adaptive use of artificial intelligence and machine learning (AI & ML) in oncology research using genomic databases offers deeper understanding and ease for devising a therapeutic strategy, in comparison to the normal laboratory-based biochemical tests. For instance, in February 2022, Curesponse and Rafael entered into a collaboration for the utilization of artificial intelligence technology attributes on the precision oncology interface. The collaboration is intended to integrate Rafael's combat-proven machine learning capabilities with Curesponse's personalized oncology expertise to derive effective drug Response and Tumor Microenvironment (TME) to thereby yield a combined genomic-functional drug sensitivity profile.

Effective diagnostics is pivotal to oncology healthcare and clinical decisions. The shortfall of skilled researchers, outdated technology, and increased incidence of cancer cases, make the diagnostic procedures expensive and time consuming. For instance, in December 2020, Philips declared the introduction of advancements in its digital diagnostics at the European Congress of Pathology to support oncology clinical decision-making, by utilizing the power of genomics and imaging to yield individually predictable outcomes.

The potency profile of a drug candidate on potential tumor targets is crucial to gauge tumor inhibition effects on a broad range of cancer types that are highly aggressive. Pharmaceutical giants collaborate to study the efficacy of a drug candidate on the specific target group of cells. For instance, in February 2022, SEngine Precision Medicine Inc., and Oncodesign signed into a research collaboration to advance therapeutics for aggressively progressing tumors by using SEngine’s PARIS Test to pre-screen drugs on tumor cells extracted from biopsies of cancer survivors.

Cancer therapeutics are effectively designed based on the characteristics of cancer progression in an individual. Cancer conditions like breast cancer can be better personalized by prognosis and specific gene-targeted therapeutics. Numerous clinical trials are driving the need for precision oncology attributes to yield favorable outcomes. For instance, in April 2022, Reveal Genomics collaborated with Dana-Farber Cancer Institute for the evaluation of the HER2DX genomic test with three clinical trials to seek prospective clinical evidence so as to personalize the therapy and devise better clinical decisions to treat early-stage HER2+ breast cancer cases.

Precision oncology is increasingly trending due to numerous research studies that are supported by government and the research institutes in collaboration with pharmaceutical giants in the U.S. For instance, Lantern Pharma signed into an agreement with the Developmental Therapeutics Branch of the National Cancer Institute (NCI) to advance the identification of genetic markers for the prediction of a potential responses to Lantern's drug candidates, majorly in pancreatic cancers.

                                       Precision Oncology Market Segmentation

Segments

Details

By Product type

  • Diagnostics
  • Therapeutics

By Cancer type

  • Breast cancer
  • Colorectal cancer
  • Cervical cancer
  • Prostate cancer
  • Lung cancer
  • Other cancers

By End use

  • Hospitals & Diagnostic Laboratories
  • Pharmaceutical & Biotechnology companies
  • Healthcare data companies

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Major companies operating in the market include F Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Invitae Corporation, Bristol-Myers Squibb, QIAGEN, Illumina, Inc., Quest Diagnostics, Novartis AG, AstraZeneca, Laboratory Corporation of America Holdings, Eli Lilly and so on.

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